Buying bike insurance is not just a legal need in India. It is also a financial safety net. Many bike owners rush through the process. They focus only on price. This often leads to wrong choices. A small mistake can cause claim rejection or high repair costs later.
Bike insurance should protect you, your bike, and your money. To do that, you must understand what to avoid. This guide explains the most common mistakes people make when buying bike insurance. It also tells you how to stay safe and choose the right policy.
Buying Only Third-Party Insurance
Many riders buy only third-party insurance because it is cheap. It is also mandatory by law. But this cover is very limited.
Third-party insurance pays only for damage to others. It does not cover damage to your own bike. It also does not cover theft, fire, or floods.
If you want full protection, you should choose a comprehensive bike insurance policy. It covers third-party risks and own damage. It also allows add-ons for extra safety.
Ignoring Add-On Covers
Add-ons improve your bike insurance. But many buyers skip them to save money. This is a common mistake.
Important add-ons include zero depreciation, engine protection, roadside assistance, and return to invoice. These covers help during real-life claims.
For example, without zero depreciation, you pay part of the repair cost. With engine protection, damage due to waterlogging is covered. Always check add-ons before buying.
Choosing the Wrong IDV
IDV means Insured Declared Value. It is the market value of your bike. Your claim amount depends on it.
Some people choose a very low IDV to reduce premium. Others select a very high IDV without reason. Both are mistakes.
A low IDV reduces claim payout. A high IDV increases premium without benefit. Choose an IDV close to the bike’s actual market value.
Not Comparing Policies
Many buyers renew insurance from the same insurer every year. They do not compare plans. This can lead to higher premiums and fewer benefits.
Different insurers offer different prices and features. Some provide better claim service. Others offer more add-ons.
Always compare bike insurance policies online. Check premium, coverage, exclusions, and claim settlement ratio. This helps you get the best deal.
Skipping Policy Terms and Conditions
Policy documents are often ignored. People do not read exclusions and rules. This leads to confusion during claims.
Some damages are not covered. Some claims need documents within a time limit. Some repairs need prior approval.
Read the policy wording carefully. Focus on exclusions, claim process, and deductibles. This avoids surprises later.
Giving Wrong Details
Providing incorrect information is a serious mistake. Even a small error can reject your claim.
Wrong details may include bike model, registration year, fuel type, or previous claim history. Insurers verify details during claims.
Always give accurate information. Be honest about past claims. This keeps your policy valid.
Forgetting to Renew on Time
Bike insurance renewal delays are common. Some riders forget the expiry date. Others renew after the policy lapses.
A lapsed policy means no coverage. You may also lose your No Claim Bonus. In some cases, bike inspection is required again.
Renew your bike insurance before expiry. Set reminders or choose long-term policies to avoid gaps.
Losing No Claim Bonus Benefits
No Claim Bonus (NCB) reduces your premium every year you do not claim. Many riders do not protect it.
Making small claims can cancel your NCB. This increases future premiums.
For minor repairs, consider paying from your pocket. You can also buy an NCB protection add-on to keep your bonus safe.
Not Checking Network Garages
Cashless repair is a big benefit. But it works only at network garages.
Many buyers do not check the garage list. Later, they struggle with reimbursement claims.
Before buying, check if good garages near you are in the insurer’s network. This makes claims smooth and fast.
Choosing Premium Over Service Quality
Low premium looks attractive. But service quality matters more during claims.
Some insurers delay claims. Some have poor support. A cheap policy with bad service causes stress.
Check customer reviews and claim settlement record. Choose an insurer with good support, not just low price.
Conclusion
Buying bike insurance needs attention. Small mistakes can lead to big losses. Do not rush the process. Understand coverage, compare plans, and read terms.
Choose the right policy based on your bike usage and needs. Add useful covers. Renew on time. Give correct details.
When you avoid these mistakes, your bike insurance truly protects you. It saves money and gives peace of mind on every ride.