Why A Two-Wheeler Insurance Is Mandatory
September 9, 2022
toc impalement
A two-wheeler offers convenience and benefits, especially in the case of saving your time and resources. In fact, two-wheelers are getting popular as a mode of transportation in cities.
But as a two-wheeler offers plenty of benefits, it also comes with its own set of risks. For instance, even the slightest chance of an accident can leave the pillion or the rider with major injuries.
This can not only result in financial burden but also leave severe mental trauma to deal with. So, how can you be prepared for such a risk? Well, the answer is two-wheeler insurance. A two-wheeler or bike insurance ensures that you are financially protected.
Why Should You Get Your Two Wheeler Insured?
When buying a new two-wheeler, most companies offer bike insurance along with it. However, most people do not take bike insurance to get that additional discount. Or you can even say that they are not aware of the two-wheeler’s insurance importance.
It is important to know that buying two-wheeler insurance is imperative for financial protection and security caused during any accident. In addition, if you can claim for the damages, recovering from the accident will become easier.
With two-wheeler insurance, policyholders gain the following benefits:
1. Third Party Liability Coverage
Buying two-wheeler insurance is important and mandatory. This is because it protects the driver against third-party liability that arise from person to person or damage to property. Thus, with an insurance cover, the insurer can pay for the damage and handle legal liabilities that will arise from accidents.
2. No Claim Bonus/Discount
In any policy year, if you have not made any claim on the insurance, it will be added to your account in the form of a discount for the next year’s policy renewal. This is the no-claim bonus that is automatically adjusted against the premium.
This proves that you are a safe driver, and the insurer trusts you to ride safely. So, the next time you apply for two-wheeler insurance, you get a discount on the premium.
3. Zero Penalties
As per law, third-party insurance is mandatory for two-wheelers. If any traffic police stop you by any chance, they have the authority to ask for the driver’s license and insurance papers of the bike. Those not possessing insurance papers can accrue hefty fines from the police officers. So keep your insurance paper ready all the time and enjoy zero penalties.
4. Risk-Free & Stress-Free
Insurance provides two-fold benefits. Relief from the potential risk of stress. If you are insured, you know that any type of physical damage will be covered financially.
The insurance cover not only extends to your bike but also to personal injuries. There are a few injuries that are covered in two-wheeler insurance and help cover medical expenses.
5. Comprehensive Protection
You can choose to buy a third-party insurance policy that only covers a few damages to your bike. Or you can go with a comprehensive policy that covers almost every scenario. For instance, it covers damage caused by natural calamities, theft, man-made disasters, and much more.
What Does Your Insurance Policy Cover?
To insure your bike, you must first know the different types of policies. For example, there are two insurance policies – Liability Only Insurance Policy and Comprehensive policy.
The only difference between these two policies is that comprehensive insurance policies cover almost every event that can happen with your bike.
Here is an exhaustive list of what two-wheeler insurance policies cover under the comprehensive policy:
- Man-Made Disasters: Man-made disasters are unfortunate events that are caused by the man himself. This refers to the destruction caused by vandalism, strikes, riots, and other territorial activity. Any travel-related damage is also covered in this policy.
- Natural Calamities: natural calamities are referred to as the natural event responsible for damaging your two-wheeler. This can be fire, earthquake, cyclone, tsunami, and others.
- Coverage For Personal Accidents: The risk of accidents with two-wheelers is high. In extreme conditions, it can cause permanent disability or death. This is where coverage of personal accidents allows compensation for health damage or at least covers the medical bills.
Conclusion
A Two-wheeler insurance policy is important. This protects not only your two-wheeler but also you in case any accident happens. It is a fact that bikes are more dangerous than riding a car. This is because, while you ride a bike, your body is more exposed to danger.
Having two-wheeler insurance ensures your bike is safe from harm or malicious activities. In fact, if you go with comprehensive insurance, the rider’s injury is also covered to some extent.
Now that you have understood the importance of two-wheeler insurance, what are you waiting for? If you still have not got two-wheeler insurance, do it now!
Additionals:
Related Articles
Comments Are Closed For This Article