Two-Wheeler Insurance Myths Debunked!

In case your bike gets stolen or you attract financial liability due to an accident, you wouldn’t know what step to take next or where to get the money from. The best solution for this would be to purchase a two-wheeler insurance policy. You might go around asking people about two-wheeler insurance and believe everything that they tell you. However, due to lack of research and blind faith, there are chances of you misunderstanding the concept.

To clear your doubts, a few myths concerning two-wheeler insurance have been debunked with logical reasoning below:

  1. Insurance is not needed for old bikes

Whether your bike is old or new, it is mandatory by law to have a two wheeler insurance third party policy at least. People assume that they don’t require an insurance policy for old vehicles because even if any part gets damaged due to accident, it can be replaced easily without having to spend much as the bike does not have much value itself. However, if you happen to get involved in an accident, the repairs can cost you a lot. Also, in case you’ve damaged the third-party’s property, you might have to spend money from your pocket to repair that as well.


  1. No-Claim Bonus (NCB) is lost upon switching insurers

No-Claim Bonus is a concession you receive for making zero claims during your term period. If you wish to change your insurer, you need not worry about losing your accumulated NCB as it belongs to you and not your vehicle. Therefore, the transfer can be done easily.

  1. Two-wheeler insurance will only provide coverage for accidents where the policyholder is not at fault

If you’re a two wheeler insurance policyholder, then you will receive coverage for any type of accident. The most important thing is ensure that you always carry a valid driving license, your policy papers, and not drive under the influence of drugs or alcohol. If there are cases of damage, terrorism, theft, natural calamities, riots, etc., a comprehensive policy will cover all of it.

  1. Third-party liability coverage is sufficient

A third-party liability policy will only cover the damages caused to the third-party or their property. Any damage to your vehicle due to an accident or a man-made or natural calamity, won’t be covered under this plan. So, if you feel that you require more extensive coverage than this, you can opt for a comprehensive policy.

  1. Your credit score determines the two-wheeler insurance premium amount

Another common myth people believe in is that your premium amount is based on your credit score. This would make sense if you wanted to take a loan, but when it comes to buying a two-wheeler insurance policy, factors that determine the premium amount are registration location, make and model, age of the vehicle, engine capacity, and Insured Declared Value (IDV) of your bike.

Beware of the above-mentioned myths and don’t let them mislead you. They say ‘research is the key to understanding everything. On that note, go through your policy documents thoroughly just to be aware of the inclusions and exclusions. This will help you during claims and ensure fewer chances of rejection. Reading the terms and conditions is equally important to know what you’re getting into.

Lastly, before you purchase any bike insurance policy, get the quotes from various policies first using the two wheeler insurance premium calculator. Use it while comparing various insurance companies and finally buy a policy that best suits your needs.

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