10 Common Myths About Bike Insurance You Need to Know

Today, a bike is a highly demanding and preferred mode of movement. It is known for its multiple features and advantages over other vehicles. Along with many comforts, there comes some risk on roads, in parking, in traffic, and in different places. Also, many events, man-made and natural, can cause direct financial loss to you. This can be damage or a complete loss to your bike due to flood, earthquake, riots, theft, accidents, and more.

So how can you be prepared for such risks? This is where Two-Wheeler Insurance will benefit you. A Two-wheeler, or Bike Insurance, will ensure you are financially protected.

Like car insurance myths, several bike insurance myths are prevalent among users. In this blog, we’ll explore 10 common myths about bike insurance, debunk the misconceptions, and equip you with accurate information to make informed decisions.

Here are the 10 Common Bike Insurance Misconceptions You Need to Stop Believing:

Buying bike insurance is often surrounded by misinformation. Let’s take a closer look at some common myths, decode the truth behind them, and empower you to make well-informed decisions.

Myth 1: Only Third-Party Bike Insurance is Enough

Reality: While third-party bike insurance is legally mandatory, it only covers damages to others involved in an accident. Your bike, on the other hand, remains uninsured. Imagine having a collision—third-party insurance will pay for the other person’s damages, but you’ll bear the repair costs for your bike entirely on your own. Opting for comprehensive bike insurance ensures protection for you, your bike, and others. It’s always wise to safeguard your own interests along with fulfilling legal requirements.

Myth 2: Electric Two-Wheelers Don’t Need Insurance

Reality: This myth is far from the truth. If your electric two-wheeler has a motor power exceeding 250 watts and can reach speeds over 25 km/h, it is legally required to be registered and insured, just like petrol or diesel bikes. The only difference is that electric vehicles are exempt from needing a pollution certificate. So, whether it’s electric or conventional, insurance is a must to stay compliant and protected.

Myth 3: Claims Involve Complex and Time-Consuming Processes

Reality: Claims today are more seamless than ever. If you visit a network garage of your insurer, the insurer directly settles the repair bills, saving you from upfront payments. If a network garage isn’t accessible, you can get reimbursed later without much hassle. With digital advancements, the claim process is streamlined and far from the tedious reputation it once had. Today, you get your claim applied in minutes and settled in hours and a few days subject to certain terms.

Myth 4: Bike Insurance Premiums Depend Solely on Credit Scores

Reality: Premiums for bike insurance are influenced by several factors, such as the bike’s age, make, model, registration city, engine capacity, and its Insured Declared Value (IDV). Credit score, although crucial for loans, doesn’t play a significant role in determining insurance premiums. So, even if your credit score isn’t perfect, you can still get insurance at a reasonable price. Credit score has nothing to do with your bike insurance. You earn NCB as a reward for a claim-free year which goes on increasing with every claim-free year to a limited extent.

Myth 5: Pre-Insurance Inspection is Necessary for Every Renewal

Reality: Inspections are not mandatory for every renewal. They are only required if your policy lapses, and you need a new one. If you renew your policy before it expires, even when switching insurers, you can complete the process seamlessly online without any inspection or bike photography. Stay proactive about renewals to avoid unnecessary steps.

Myth 6: Old Bikes Don’t Need Insurance

Reality: The law mandates insurance for all vehicles, regardless of age. While an old bike might seem less valuable, an accident can still lead to significant expenses. Without insurance, you could face hefty out-of-pocket costs for third-party damages or repairs. Remember, insurance protects against more than just theft—it’s about managing all potential risks.

Myth 7: Pillion Riders Are Automatically Covered by Bike Insurance

Reality: Standard bike insurance policies do not cover pillion riders by default. If there’s an accident, the pillion rider’s medical expenses aren’t included unless you’ve opted for a personal accident cover. Adding this cover ensures comprehensive protection for everyone riding the bike.

Myth 8: Private Insurance Covers Both Personal and Commercial Use

Reality: A private insurance policy only covers personal use. If your bike is used for commercial purposes, such as deliveries or passenger transport, you must purchase commercial vehicle insurance. Using a private policy for business purposes can lead to claim rejections or legal issues.

Myth 9: Buying Two-Wheeler Insurance is Complicated

Reality: With online platforms, buying or renewing two-wheeler insurance has become a breeze. By visiting websites like InvestKraft, Policybazaar, etc. you can compare plans, choose what suits your needs, and purchase within minutes—all from the comfort of your home. It’s straightforward, fast, and hassle-free.

Myth 10: Buying Bike Insurance Online is Risky

Reality: Online transactions for insurance are secure and transparent. Insurers’ websites and trusted platforms use advanced encryption to protect personal data and financial information. You can confidently buy bike insurance, renew bike insurance, and manage your policy online without fear of fraud or data leaks.

Concluding Thought

Bike insurance isn’t just a legal formality; it’s a safety net that protects you financially in unforeseen situations. Exposing these myths highlights the importance of understanding your insurance policy fully. Whether it’s ensuring comprehensive coverage, clarifying claim processes, or recognizing the need for pillion rider protection, being informed makes all the difference. Today, buying insurance is simple, secure, and accessible. You can visit InvestKraft for better deals and a good buying experience.

Don’t let misconceptions hold you back. Make an educated choice to safeguard your journey on the road. You can also read about car insurance myths for your knowledge. Remember, the right insurance isn’t just about compliance; it’s about peace of mind.

FAQs About Bike Insurance

Q1. What is the difference between third-party and comprehensive bike insurance?

Third-party insurance covers damages to others, while comprehensive insurance covers third-party damages as well as your bike.

Q2. Do I need insurance for my electric bike?

Yes, if it exceeds 250 watts or can go faster than 25 km/h, it needs insurance.

Q3. How does a network garage benefit me during claims?

Network garages enable cashless repair services where your insurer directly settles the bill.

Q4. Can I renew my policy online if I miss the expiry date?

No, in such cases, you’ll need a pre-inspection before getting a new policy.

Q5. Does bike insurance cover theft?

Yes, comprehensive insurance covers the theft of your bike.

Q6. Is online bike insurance purchase secure?

Yes, trusted platforms and insurer websites ensure secure transactions with encrypted systems.

Q7. Does old bike insurance cost less?

Yes, premiums for older bikes are typically lower due to reduced market value.

Q8. Can I switch insurers during renewal?

Yes, you can switch insurers while renewing, even online, without any inspection.

Q9. Is pillion rider insurance mandatory?

It’s not mandatory but recommended for complete coverage.

Q10. How is my bike insurance premium calculated?

It’s based on factors like age, model, registration city, engine capacity, and IDV.

Author: Rajesh Mishra

Rajesh Mishra is a professional and multilingual writer with over 12+ years of versatile experience in content writing.

He has crafted compelling narratives across a diverse array of industries, including BFSI, fintech, IT, pharmaceuticals, e-commerce, education, fashion, and more. He is a commerce graduate from Mumbai University. His strong academic foundation and passion for storytelling enable him to engage audiences and deliver impactful content.

 

He is adept at transforming complex concepts into clear, relatable language, making his work accessible to both, industry professionals and everyday readers. He thrives in dynamic environments, leveraging his extensive knowledge to create articles, blogs, whitepapers, and marketing materials that resonate with target audiences. Driven by a commitment to excellence and a keen eye for detail, Rajesh Mishra continuously explores emerging trends and technologies, ensuring his content remains relevant and thought-provoking.