For any two-wheeler owner, having an insurance plan is mandatory. For this reason, one needs to have it renewed every year. In the current market, one can find several agents who help the bike owners get insurance for their two-wheelers. But due to some wrong practices, they have their role in a circle of doubt. Many times these agents focus on their commission rather than the requirements of the client.
That is why one has to be a little careful from their tricks and techniques. These agents are smart, and hence those who do not know much about insurance are easily fooled by them. If one wants to avoid such smart techniques by the agents, he needs to keep below points in mind while going for the insurance.
Points to consider when buying bike insurance
- Know what you exactly want: as the first step for taking an insurance policy, one needs to know what all he needs as a part of coverage from his insurance policy. One can go for third party coverage or a comprehensive plan. The third-party coverage covers only the damage to the third party because of the vehicle. It does not cover the damage to the vehicle due to any unforeseen reason.
In a comprehensive plan, one can have protection against theft, damage to the vehicle due to man-made or natural causes and total loss of the vehicle. In the natural causes, it offers protection against damage due to flood, fire, lightning, earthquake or storm. In man-made causes, it protects against damage to the vehicle due to riots, fire, theft or any other reason. Hence as per the experts, a Comprehensive Plan is better to go for. Here one needs to note that the premium in both cases varies a lot. If the client knows what he wants, the agent does not have any chance to excuse for offering a different plan.
- Check premium from different companies: The premium of the plan is a significant concern for every buyer. One needs to check different plans from different companies. With the features of the plan, the amount of premium to be paid also varies and one needs to compare the same only. To check various plans from different service providers, one can check third party platforms on the internet. It can help the buyer have a better picture. Plus, it is also helping in avoiding any extra amount quoted by the agent and avoid this mistake where the agent can fool a client.
- Go for those clauses only which are essential: While buying a policy, one can see various add-ons that help one to save the cost of the vehicle such as zero depreciation and extra discount. At the stage of checking the policy, one needs to see what he truly needs and avoid unnecessary add-ons as they can contribute much to the premium payable. By buying necessary coverage, only the buyer can save a handsome amount from paying as a part of the bonus. This is the major point where the agents have chances to fool the client, but if one knows it well, he can avoid buying such add-ons and go for a simple plan which can prove not only beneficial to the buyer and vehicle but also cost-effective.
- Check the terms and conditions well: The agents claim that they know the products and companies well and win the trust of the buyer. Here one needs to act prudently and read all the conditions and terms offered by the company in the policy document. The company, while clearing the claim, follows these terms and conditions only and not what the agent may have told the buyer.
Hence instead of relying on what the agent has said, it is better to depend on the words mentioned in the policy document. This can help one much to save his back from any miscommunication by the agent. One also needs to know the claim settlement ratio as well as the policy for a claim where certain companies offer cashless claim while others provide reimbursement. One needs to check if the company offers the value of original parts or identical parts as it makes a massive difference to the vehicle as well as the premium of the concerned insurance plans.
These are a few facts where the agents can fool the clients, but if one reads the policy thoroughly, he can avoid such an incident and get a good plan.