When you are perched on top of the seat straddling your bike close to your body, that feeling is a very liberating one. No wonder, bikes are seen as a means of choice to commute for a huge portion of population, and rightfully so. But remember, riding a two-wheeler is as much fun as it can be dangerous.
Even if you go wrong in the turn that you take atop your bike, do not mess up with the bike insurance that should protect you. On that, do you know there are many common mistakes that are committed when buying bike insurance? Below are some of the common ones to keep in mind before you finally decide to get and compare motorbike insurance quotes.
NotDetermining The IDV Correctly
TheIDV is the maximum sum assured agreed upon by the insurance provider to be reimbursed to the bike owner and policyholder in the event of its theft or total loss. When buying bike insurance, IDV is the supposed current market worth of the vehicle.
The IDV value is arrived at based on themanufacturer’s present value and depreciation based on the bikes age. Some bike owners tend to think that it is best to declare an IDV lower than the market value. So, make an effort to declare the logically correct IDV.
NotVerifying The Personal Details
This may sound obvious to check the details on your insurance documents but unfortunately, a lot of people forget to do it. It can be a costly mistake later. Whether you are buying a bike insurance online or from broker, make sure to double check your personal details. You need to include the name, age, address, bike details, etc. and inform the insurer if there is any mistake and get it rectified to avoid any discrepancy while you file a claim.
Bottom Line
Finally, while filling the bike insurance claim, it is important that you disclose every information related to the plan honestly. A small degree of dishonesty can have serious implications later. To sum up, be extra careful while you buy or renew a policy.
