5 Mistakes to Avoid When Buying Bike Insurance can save you time, money, and frustration. Bike insurance is more than just a legal requirement in India. It’s your financial safety net in case of accidents, theft, or damage. Yet, many riders make costly errors when purchasing their policies, often due to a lack of information.
In this guide, we’ll cover the 5 Mistakes to Avoid When Buying Bike Insurance. We will explain how to get it right. We will also provide useful resources so you can make an informed decision.
Mistake 1: Not Comparing Multiple Policies
One of the biggest 5 Mistakes to Avoid When Buying Bike Insurance is purchasing the first policy you find without comparing options. Different insurers offer varied coverage, premiums, and claim settlement ratios.
💡 How to Get It Right:
- Compare plans online for premium affordability and coverage
- Look at add-ons such as zero depreciation, roadside assistance, and personal accident cover
📌 External Link: Use the IRDAI list of registered insurers to ensure you’re buying from an approved company.
Mistake 2: Choosing Only the Mandatory Third-Party Cover
Many riders opt for only the legally required third-party liability cover. While it’s cheaper, it doesn’t protect your own bike in case of damage or theft.
💡 How to Get It Right:
- Go for a comprehensive plan that includes own damage cover
- Consider add-ons for enhanced protection
Mistake 3: Ignoring Policy Exclusions
Another common mistake when buying bike insurance is not reading the exclusions. This can lead to claim rejections later.
💡 How to Get It Right:
- Check for exclusions like wear and tear, mechanical breakdown, and unauthorised usage
- Ask your insurer to clarify any unclear terms
Mistake 4: Not Using No Claim Bonus (NCB)
If you haven’t made a claim during your policy period, you’re eligible for a No Claim Bonus. This bonus can reduce your premium. Many policyholders forget to claim it during renewal.
💡 How to Get It Right:
- Keep track of your NCB percentage
- Ensure it’s applied when renewing your policy
Mistake 5: Waiting Until the Last Minute to Renew
Letting your policy lapse can result in losing benefits like NCB and may require bike inspection before renewal.
💡 How to Get It Right:
- Set reminders to renew before expiry
- Consider multi-year policies to avoid yearly renewals
📌 External Link: Read HDFC ERGO Two-Wheeler Renewal Options for quick online renewals.
Extra Tips to Get Bike Insurance Right
- Check the Insurer’s Claim Settlement Ratio – Higher ratios mean better chances of successful claims
- Go Paperless – Digital policies are easier to store and access anytime
- Choose Cashless Garages – Makes repairs faster without upfront payments
💡 Internal Link: Explore our Acko Bike Insurance: Fast, Easy, and Digital Experience guide. This guide shows how digital-first insurers make buying insurance simple. Managing bike insurance is also hassle-free.
FAQs – 5 Mistakes to Avoid When Buying Bike Insurance
Q1: Is third-party bike insurance enough?
A: It’s legally enough, but a comprehensive policy offers better protection for your own bike.
Q2: How can I reduce my bike insurance premium?
A: Use NCB, install anti-theft devices, and compare plans before buying.
Q3: Can I switch insurers during renewal?
A: Yes, and your NCB will carry over if you switch.
Q4: Is it safe to buy bike insurance online?
A: Yes, as long as it’s from an IRDAI-registered insurer.
Final Thoughts
Knowing the 5 Mistakes to Avoid When Buying Bike Insurance can save you money. It ensures your coverage is adequate. It also makes the claims process smoother. Compare policies and choose comprehensive coverage. Read exclusions carefully and use your NCB. Renewing on time ensures you’ll be a more informed and protected rider.
Last Updated on August 16, 2025 by Singh sumit
So good
yes