Knowledge Centre

Myths about Buying Bike Insurance

Published on September 23, 2019. EST READ TIME: 5MIN

Third party or liability only policy is mandatory under the Motor Vehicle Act, 1988. Yet, there are many bike owners who do buy the policy but do not renew it. One of the main reasons that can be cited is the myths people believe in about bike insurance. However, the IRDAI and the insurance companies have made it all simple and have kept the interests of the insured in mind to make the process easy. Let us talk about some of the common myths and know what the facts actually are:

Buying Is Complicated

Many people think buying insurance for a bike is complicated and thus, do not do it. The reality is that it is very simple.

With the option to buy insurance online, the whole process is simplified to a large extent. The insurance companies only require basic details and the insurance can be bought online from the comfort of your home or office.. Many people think they need to be very tech-savvy to buy the policy online. This is also not true, as only basic computer knowledge is required.

Lack of Assistance

People feel there is no one to help them when they need assistance while buying bike insurance. This is completely untrue.

All insurance companies today offer online assistance and 24 X 7 customer care service to answer all questions related to bike insurance. The representatives online or the ones in the offices of the companies are well equipped to handle all your queries and help in the best manner possible.

Online is Not Safe

Most insurance companies today offer online policies, but many people feel it is not safe to provide their personal information on the website. On the contrary, it is very safe.

This is because your personal information is never disclosed to anyone and is stored safely with the insurance company. All websites are secure and have their systems in place to ensure maximum protection against any kind of fraud.

Buying Insurance is Expensive

It is a common belief that buying bike insurance is expensive. But, it is not so.

Insurance is not expensive when you buy the right policy. You can easily compare insurance policies and its coverages offered by various insurers and can go for the best plan available in terms of coverages online.. Remember that while saving money on insurance, you might end up spending a lot more when it comes to an emergency situation and you don’t have insurance or lack ample coverage. A short term goal of saving money is not wise and one must look at the bigger picture. It is a small investment you are making to make your future easier and stress free.

Buying insurance is not as complicated as many people consider it to be. One must understand the whole process and the advantages and make an informed decision to be able to get the best policy for their bike

The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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