5 Common Myths about Two Wheeler Insurance

While bike riders are familiar with the equipment of their vehicle like helmets, lights, mirror, a few of them know a lot about two-wheeler insurance. Since the financial market embraces new heights and various insurance companies come up with exciting insurance plans, Bike insurance has started gaining the importance among policy buyers.

Two-wheeler Insurance is a standalone insurance plan, which provides coverage for liability, loss, damage or medical expenses during the course of your driving tenure. In every aspect of our lives, more or less, we are surrounded by certain myths. The insurance sector is no exception. Like driving, where abound of misconceptions exist, vehicle insurance also has its share of myths which may misguide you. In this article, we want to make you familiar with certain myths related to two-wheeler insurance, to restrain you from making any mistake by randomly following them.

5 Common Myths Related to Two-wheeler Insurance

1. Bike Insurance is Expensive
   It is a misconception that two-wheeler insurance is expensive. As compared to other insurances, Bike Insurance premium is lesser than the others. Also, one can buy two-wheeler insurance at a lesser price, which starts from Rs. 2
2. Insurance is for Only Professional Cyclists 
   We don’t deny the fact that professional cyclists for sure need vehicle insurance. But it is also mandatory for those who love their bike! Insurance protects the vehicle against liability, damage, or loss. Bajaj Two wheeler Insurance plan provides coverage for loss or damage natural calamities as well. The accidental coverage provides by this plan is INR 2 lakh for the individual driver of the vehicle.
   
   
3. Can’t Renew Policy If It Breaks
   The biggest myth lies around an expired policy is that you can’t renew it. Well, reality says it is not like that. There is another way out to renew your policy even after a long break. With the help of break-in insurance, a vehicle owner can renew a policy. However, it is advisable that the break shouldn’t exceed 90 days.
   
   
4. I Will Lose My No Claim Bonus If Transfer the Policy for One Insurer to Another
   But in reality, your No Claim Bonus follows you, wherever you go! No Claim Bonus is a reward given to a vehicle owner if in case he/she hasn’t filed a claim for insurance for the entire length of the policy. Fortunately, NCB is transferable from one insurance company to another without reducing the benefits. Provided one has to transfer it within 90 days of the expiry of the old insurance policy.
   
   
5. Inspection is Mandatory
   Well, it solely depends on your vehicle type. For two-wheeler, inspection is not required if the break is not more than six months. Your vehicle documents are sufficient. But in the case of car insurance, it is completely opposite and insurance will only be given after thorough inspection of your car.

Over the time, two-wheeler insurance market has changed a lot. Insurance companies are now focusing more on their products to woo their customers. By introducing online insurance policies in two-wheeler sector as well, the companies ensure that their customers continue with them year after year. Myths are always part and parcel of every aspect. Insurance sector also experiences the same. However, it is up to you, how you deal with and come up with a wise decision.