Benefits of Two Wheeler Insurance

Two-wheeler is the country’s preferred means of transport. With increasing traffic congestions, having a two-wheeler offers the convenience of saving on time as well as reduces stress. Navigating through traffic becomes easy with the convenience of a vehicle of your own. But buying a two-wheeler does not end your hassle. You also need to invest in an insurance cover. The Motor Vehicles Act of 1988 makes it mandatory for all vehicles to have an insurance policy. Thus, bike insurance is mandatory for all two-wheeler owners. But there are some two-wheeler insurance benefits you get when you buy the right insurance policy.

5 Benefits of Two-Wheeler Insurance

1. Coverage for third-party liabilities

The first and foremost two-wheeler insurance benefits include protection for third-party liabilities. Accidents are unpredictable and without any intent, but they can have an impact on others. Not only do these accidents and damages require you to compensate for the injuries but also face legal consequences; but not when you have third-party coverage. Thus, the law mandates to have at least third party bike insurance cover for all vehicles.

2. Comprehensive coverage

You can choose between third-party coverage or a comprehensive policy. Since a third-party plan has limited coverage for liabilities caused to third persons, a comprehensive policy makes up for this limitation by extending its coverage to include own damages. In the event of an accident, it is not only a third person who faces the loss, but it may also result in damages to your vehicle. With the help of a comprehensive bike insurance policy, these repairs can be insured. Moreover, comprehensive two-wheeler insurance benefits include customising the policy as per your requirements. Add-ons help to add such coverage. Although these add-ons are available at an additional cost, the benefits offered by these covers are far superior.

3. Renewal benefits

It is not always that you will end up raising an insurance claim. At times, there are no claims made for the entire policy tenure. For these tenures with no claims, insurance companies offer a concession at the time of two wheeler insurance renewal in the form of no-claim bonus. This no-claim bonus is a renewal benefit that is adjusted against the premium payable at the time of renewal of your bike insurance plan.

4. Avoiding fines and penalties

Since a bike insurance policy is mandatory by law, it attracts hefty penalties for not having one. Thus, you can enjoy a hassle-free ride without worrying about the consequences which include a monetary fine as well as imprisonment for not having insurance. Now with digital technology catching up fast, you no longer require carrying a physical copy of the insurance policy. Mobile applications like mParivaahan and DigiLocker are valid proofs of your bike insurance documents. Also Read: Standalone Own Damage Bike Insurance

5. Free of risk and stress

Lastly, two-wheeler insurance benefits include safeguarding from potential risk and stress of legal hassles. Further, there is mental peace knowing you are complying with the laws and you have a safety net in the form of your insurance cover to take care of any financial worries. Thus, do not skip to avail the right insurance cover since it relieves you of stress and safeguards in times of accidents and injuries. Also Read: Everything You Need To Know About Electric Scooter/Bike Insurance

Conclusion

These are some ways of how investing in the right two-wheeler insurance coverage can benefit you. Thus, ensure the two-wheeler insurance policy is not an option but a form of investment for you and your bike’s security.  Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

FAQs

Why is insurance important for a two-wheeler?

Two-wheeler insurance provides financial protection against accidents, theft, or damages. It also covers third-party liabilities and ensures compliance with legal requirements in India.

Can I ride a bike without insurance?

No, riding a bike without insurance is illegal in India. A valid third-party insurance policy is mandatory as per the Motor Vehicles Act, 1988.

What is the cost of bike insurance?

The cost of bike insurance depends on factors like the bike's model, age, engine capacity, location, and the type of policy (third-party or comprehensive).

Is it good to claim bike insurance?

Yes, claiming bike insurance is beneficial for covering repair costs or damages. However, frequent claims can impact your No Claim Bonus (NCB) and future premiums.