By Ronni Peel
With the insurance market offering a wide array of options to choose from, buying a new bike insurance can be a little daunting. Deciding on the right add-ons also requires an understanding of policy details and coverage options.
Making hasty, uninformed buying decisions can increase your chances of risking financial losses in the future.
Hence, it is essential to be aware of all details, such as the required new bike documents list, the standard pricing and the types of coverage available when you buy new bike insurance.
Mistakes to Avoid When Buying New Bike Insurance
1. Not Selecting the Right Insurer
The bike insurance market is flooded with options when it comes to insurers. However, people often select the first insurer they come across when purchasing a new bike insurance. This may lead to disappointments and unnecessary hassles later when they try to file a claim or renew their bike policy.
Therefore, it is essential to choose an insurer prudently. Opt for an insurer with a high claim settlement ratio, respectable market reputation, positive customer feedback, and transparent policy terms and conditions.
2. Inadequate Research
Along with selecting the right insurer, it is essential to select the right policy, too. With most insurance providers offering details on their websites, it is now easy to browse through the features of their best bike insurance online. However, despite the provision of extensive information, some fail to do their due research and compare the available policies.
In such situations, an uninformed decision can lead to the purchase of a policy that does not offer adequate coverage. Therefore, along with the right insurer, select the right bike policy too.
3. Only Opting for Economical Options
A common mistake people make when trying to buy new bike insurance is focusing on finding the most economical option available on the market. While affordability is a crucial factor when it comes to investing in bike insurance, it is equally important to consider factors like the scope of coverage a policy offers.
Disregarding such factors might align the new bike insurance price with your budget, but it also increases the risk of acquiring inadequate coverage. Hence, instead of solely focusing on the cost of a policy, various other factors should be considered as well.
4. Choosing the Wrong IDV
The Insured Declared Value, or IDV, of your bike plays a crucial role in determining the maximum sum insured offered by an insurer. Opting for a lower IDV when buying new bike insurance may result in inadequate compensation in the event of a total loss or theft of your two-wheeler.
On the other hand, selecting a higher Insured Declared Value could lead to higher premiums. Hence it is essential to choose an accurate IDV that reflects the market value of your bike truthfully.
5. Entering Incorrect Personal Information
Providing inaccurate personal details during the insurance application process can lead to severe complications during claim settlement processes or policy renewals.
It is crucial to ensure that all personal information, including your name, address, vehicle details, and previous insurance history, is provided accurately to the insurance provider during the documentation process.
Conclusion
Purchasing new bike insurance requires careful consideration and in-depth research of various aspects across different policies. The key to finding the best insurance for your bike is to evaluate your insurance needs and then align them with the policies available on the market.
