You have just got your very first two-wheeler and are all set to hit the road. You have all you need for a safe and comfortable ride.
Driving license? Check. Helmet? Check. Vehicle registration? Check.
But, wait! What about motorbike insurance? Having a basic two-wheeler insurance policy is mandatory by law in India. Apart from the legal aspect, this insurance can help protect you financially should any road mishap occur. Unfortunately, there are many myths about two-wheeler insurance out there. These myths can cloud your judgement when selecting the right two-wheeler insurance policy or they may have you believing facts that aren’t true (and probably originated as forwards on WhatsApp).
Today, we take a look at some common two-wheeler insurance myths that you need to stop believing now.
Myth1: The pillion rider is automatically covered under my two-wheeler insurance
Fact: The pillion rider is not automatically covered under a basic two-wheeler insurance policy. If you frequently take your spouse, parent or even a friend as a co-rider along with you, do call up your insurance company and get an add-on so that your two-wheeler insurance also covers the pillion in the event of a road mishap.
Myth 2: Third-party insurance will prove sufficient
Fact: Third-party insurance is the minimum insurance required by law in India. However, it only covers damages to the third-party and will not entertain your own two-wheeler losses/damages. Now, in the event of a road mishap, it would be practical to assume that your own vehicle too would undergo damages to a certain extent. So, it makes sense to opt for comprehensive coverage that will also pay for any losses incurred by your own two-wheeler.
Myth 3: A very old two-wheeler does not need insurance
Fact: People often feel that if their two-wheeler is several years old, its market value is next to nothing and therefore, they can skip on the insurance. This is extremely unwise for you may end up paying a heavy bill from your own pocket should any accident occur. Old or new, your two-wheeler needs to be insured.
Myth 4: The NCB is invalid if the policyholder changes providers
Fact: If you change your two-wheeler insurance from one provider to another, you can still benefit from the no-claim bonus (NCB). It is a common misconception that this bonus lapses when you switch between insurance companies. Just let the new insurance provider know that you have previously never made the claim and they will take things ahead.
Myth 5: A two-wheeler insurance policy covers all damages
Fact: This is not true for there may be exclusions to a two-wheeler insurance policy. For instance, if an accident was proved to be caused by the policyholder driving while drunk, the insurance company will not honour the claims.
This is an overview of some common myths about two-wheeler insurance. Do your research carefully and select a good two-wheeler insurance policy for your bike or scooter. We hope this article proves helpful. Ride safe.