Do’s and Don’ts When Buying Bike Insurance Plans Online

Do’s and Don'ts When Buying Bike Insurance Plans Online

When buying bike insurance online, there are some simple tips to keep in mind. By following a few key do's and don'ts, you can make a smart choice and get the right coverage for your bike. Here’s a quick guide to help you.

Do's

1. Compare Different Bike Insurance Plans

Don't buy the first plan you see. Take some time to compare different insurance options from various providers. Square Insurance allows you to compare plans side by side, so you can see the prices and benefits. This will enable you to discover a plan that provides the most coverage at the lowest cost.

2. Check the Coverage

Make sure to read about what each plan covers. A decent bike insurance policy should cover you for accidents, theft, floods, or other occurrences that could harm your bike. Some plans even include personal accident cover for the rider. Find a plan that suits you and safeguards you against all sorts of risks.

3. Look for Add-On Covers

Add-ons are extra benefits that you can add to your insurance policy. Some useful add-ons include coverage for accessories, zero depreciation, and roadside assistance. Zero depreciation, for instance, guarantees that when you make a claim, you receive more claims since the insurance company does not deduct you for wear and tear on your bike.

4. Read Customer Reviews

Look at reviews for each insurer before you make a purchase. Reviews can also provide insight into whether the plan has a good claims process, responsive customer service, and a track record of dependability. Don't choose providers who have a lot of complaints regarding the claims processes.

5. Check the Claim Settlement Ratio

The claim settlement ratio reflects the percentage of times an insurance company actually pays out claims. The higher the ratio, the more likely the payer is to settle your claim promptly. Choose a company with a high claim settlement ratio to ensure you’re in good hands.

6. Provide Accurate Information

Fill in the accurate details while filling out the online form. That is data about your bike, your name and address, and your driving record. If you give incorrect information, it will cause problems when making a claim and even policy cancellation.

Don'ts

1. Don't Just Go for the Cheapest Option

Affordable plans can be a great way to save money in the beginning, but they can provide little coverage. In this case, it can mean a much higher premium to pay out of pocket if you ever have to file a claim. Instead, choose a plan that balances cost and coverage to ensure good protection.

2. Don't Skip Reading the Terms and Conditions

The terms and conditions may seem a bit lengthy, but they are necessary. They list what is and is not covered, deductibles, and other important facts. If you don't read this carefully, later on, it might come back at you in some way, especially if you try to claim something that it doesn't cover.

3. Don't Ignore the Renewal Date

Bike insurance is valid for a certain period, after which it needs renewal. Don't let your policy expire, as this leaves your bike uninsured and puts you at risk of fines. Many insurers offer reminders for renewal, and renewing online is quick and easy.

4. Don't Forget to Update Your Policy

If you add new accessories or modify your bike, let your insurer know. Updating your policy ensures that these new additions are covered. Otherwise, you may not be compensated for them if they are damaged or stolen.

5. Don't Provide Incorrect Information

Giving false data, such as lying about where you park your bike or claiming you are a better rider than you are, can cause problems down the line. If the insurance company finds out, they'll probably deny your claim. Always be truthful to avoid these problems.

6. Don't Ignore No-Claim Bonuses

If you didn't make a claim in the previous year, many insurers offer a discount called a “no-claim bonus.” Don't forget to check if you’re eligible for this. It’s an easy way to save money on your premium each year.

Following these do's and don'ts can make buying bike insurance online easy and stress-free. By choosing the right plan and avoiding common mistakes, you’ll be able to keep your bike well-protected while saving time and money.

Conclusion

Buying 2-wheeler insurance online is now quick and simple, thanks to digitization. Keeping these tips in mind will help you make a safer choice. Always remember to compare, review, and choose wisely!