Do I need two-wheeler insurance?

January 16, 2019

two-wheeler-insurance

Two-wheelers are one of the most convenient modes of transport in India. They are highly economical and can keep up with the not-so-hospitable roads of India. However, there is no denying the fact that two-wheelers are also risky. More than 1,000 road accidents occur in India every day and majority of them involve two-wheelers.

One of the best ways to protect yourself from the financial risks of an accident is to invest in bike insurance. But is this insurance a necessity or an unwanted expense? Let us have a look at five reasons why two-wheeler insurance is an absolute must in India-

1. Mandatory by law

As per the Indian Motor Vehicles Act, it is compulsory for every mechanised vehicle, including two-wheelers, on Indian roads to have a valid 3rd party insurance. Bike insurance is generally of two different types- 3rd party liability and comprehensive.

While comprehensive 2- wheeler insurance is optional, it is compulsory to have a 3rd party liability insurance. If you are caught without valid insurance, you'll be required to pay fine, or your license can be temporarily suspended.

2. Protects you against financial liabilities

With a 3rd party liability insurance, you will not be required to pay the hospital expenses or for damages of any 3rd party involved with you in the road accident. Your insurance provider will pay these expenses.

Moreover, if you go with the comprehensive policy, even your bike, as well as your health, would be covered by the policy. In other words, when you purchase a bike insurance online, you are protected against the financial liabilities that can arise due to a road accident.

3. Protection against natural and manmade calamities

Most of the comprehensive bike insurance policies also protect your bike against a host of natural and manmade calamities like earthquake, fire, theft, burglary, etc.

If any of such events damage your vehicle, your insurance provider will pay for the repairs. In case your bike is totalled (total loss), the insurance company will pay the IDV to help you purchase a new bike.

4. Highly affordable

For people who think that bike insurance online in India is an unwanted expense, it is essential to know that these policies are highly affordable too. You also get discounts like No Claim Bonus to reduce the premium amount further.

When compared with the valuable benefits, there is no denying the fact bike insurance is a highly value-for-money product.

5. Online purchase and renewal

Gone are the days when you had to visit the branch office of an insurance provider to purchase and renew your bike insurance. You can now get bike insurance online in a highly convenient and hassle-free manner.

Just fill the application or renewal form, pay the premium online and the insurance provider will send you the policy documents. So, if you want to skip the bike insurance due to the time-consuming purchase or renewal process, you now have nothing to worry about.

Ride safely and legally with a two-wheeler insurance

As you can see, there are several important reasons for you to invest in a bike insurance from a reputed insurance provider. After purchasing the policy, make sure that you regularly renew the policy too to remain protected at all times.

 

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