Having your two-wheeler is great because it gives you a cost-effective means of transport, convenience, and freedom. But along with the good parts of having a bike are some risks associated with using one.
If you want the best from your bike, as you master the skills required for riding safely, you also need to have bike insurance to cover you in the case of an accident or if your two-wheeler gets stolen.
Having a two-wheeler means more than only enjoying your vehicle. There are many things to consider even if you buy two-wheeler insurance. Edelweiss Insurance is a good insurance provider to consider.
Insurance policies by this company provide the basic requirements of two-wheeler insurance and offer some useful features. But even here, there are some considerations you need to make before paying the first premium.
Edelweiss Insurance: Mistakes to Avoid
You might think that any bike insurance would be suitable. But differences occur from one bike insurance policy to another and from one insurance company to another. Even when you decide to buy Edelweiss bike insurance, don't make these mistakes while buying it:
All insurance policies are not the same. You could make a big mistake by not comparing what different insurance companies offer. It is a good idea to compare bike insurance of different insurance providers.
You can find the best bike insurance company for your needs, like Edelweiss Insurance which offers customised two-wheeler insurance.
When you are online, go to the review section of various insurance companies. See the comments and feedback section to learn what people who have bought two-wheeler vehicle insurance have to say about their customer experience.
Choosing the Cheapest Bike Insurance
Getting a good deal when you buy two-wheeler insurance is an important factor. But there is a difference between getting a good deal and buying the cheapest insurance policy that comes your way.
It's like driving a hard bargain to buy the cheapest vegetables only to reach home and discover that half are rotten! If you see an insurance provider offering rock-bottom premiums that seem too good to be true, it probably is.
If the premiums seem abnormally low compared to those offered by bike insurance companies like Edelweiss Insurance, then you would do well to steer clear of such offers. At the time of a bike insurance claim, especially when a high value is involved, they may not recompense you adequately, stating your choice of low premiums with restricted benefits.
Not Choosing Your Add-ons Wisely
Every insurance provider offers a mix of what are known as "add-ons" - extra benefits you get for paying a nominal amount above your basic bike insurance premium. It is not mandatory but can be useful to have. Edelweiss Insurance offers a variety of bike insurance add-on covers for you to choose from, such as:
- Engine Protect
- Invoice Value Protect
- Consumable Expenses Protect
- Personal Belonging Protect
- Depreciation Protect
- No Claim Bonus Protect
- Key and Lock Protect
- Mandatory Deduction Protect
- Roadside Assistance
Although each extra benefit seems attractive, it would be prudent for you to choose your add-ons wisely. For example, you might not need "engine protect" if you have a new vehicle, but "roadside assistance" is a convenient, all-time cover.
Selecting an Incorrect IDV
The Insured Declared Value (IDV) in bike insurance is the sum your insurance company considers your bike worth at the time of writing the policy. The IDV is, in effect, the sum assured of your bike insurance policy – the amount you would receive in case of loss or theft of your two-wheeler.
Many companies may tempt you by lowering the IDV, lowering the premium, and decreasing your overall bike insurance price. However, they don't highlight that if your bike is lost or stolen, you will receive an undervalued amount for its replacement. Some of the best insurance companies like Edelweiss Insurance never resort to such underhand tactics.
Excluding a Nominee
Whenever you invest money or buy a financial product, you should always select a nominee, sometimes called a beneficiary, who is the person who will receive a payment if something happens to you. The same applies to bike insurance.
Naming a nominee is not mandatory, and it is something that often gets overlooked. Suppose you haven't selected a nominee in the unfortunate event of an accident or your untimely demise. In that case, your family does not receive the benefits according to your two-wheeler insurance policy provisions.
Omitting to Transfer the Bike Insurance on Second Sales
If you don't buy a new bike but a pre-owned one, you may easily forget to transfer the insurance. Never buy a two-wheeler from someone else without the correct documentation and especially the bike insurance policy.
It is a common mistake that people commit when buying pre-owned vehicles. Using a vehicle without a valid insurance policy is illegal in India under the Motor Vehicles Act, 1988.
So, you need to transfer the existing two-wheeler insurance to your name or buy a new insurance policy from a reliable insurance company like Edelweiss Insurance.
Ignoring the Terms and Conditions
Boring! Maybe, because the terms and conditions of any insurance policy are detailed and lengthy. We seldom read through them. Typically, there is a tick box in a bike insurance policy document that you tick to confirm that you have read and understood the terms and conditions. But have you?
You don't necessarily have to go through the entire terms and conditions section with a fine-toothed comb. But you would do well to read the exclusions mentioned in that section. The list of exclusions may vary from company to company, even with some of the best bike insurance companies like Edelweiss Insurance.
So, read and understand the exclusions section in the terms and conditions and any other parts that you feel are important. That way, you can avoid nasty surprises later on.
Adding Incorrect or Incomplete Information
Your bike insurance application is a legal document. While completing it, any omissions could lead to serious implications later on. It could even be construed as withholding information and being dishonest in an attempt to commit insurance fraud.
For example, if you've moved, ensure that you provide your updated address and telephone number if that has also changed. If you are buying two-wheeler vehicle insurance from a new company, do not hide details of any previous claims filed by you.
Remember, the internet is a powerful tool today that provides insurance companies with all the information they need. Therefore, if you falsify or omit information, it could backfire back on you when they cross-check it from the central database.
Be alert when you buy new bike insurance. When you fill out your application, ensure that all your information is accurate and complete. If in doubt, ask your insurance agent, who will help you fill out the details.
Avoid making the mistakes we have mentioned here, for ultimate peace of mind, with the assurance that some of the best bike insurance companies like Edelweiss Insurance have covered everything you need.
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