Do you not have bike insurance yet? It is important to know that if you are riding a bike in India, you must have bike insurance. This saves you from financial and legal liabilities. Understandably, not everyone can buy comprehensive motor insurance. That is why the Motor Vehicle Act of 1988 has mandated third-party bike insurance to ensure you are safe from any liabilities while driving on the road.
Not having bike insurance can lead to several drastic outcomes. So, in this blog, we will discuss why motor insurance is essential.
Why is it Essential to Buy Bike Insurance?
Accidents are unpredictable and prevalent on Indian roads. Thus, it is important to get two wheeler insurance online while driving. It saves you from several disastrous outcomes, such as -
- Legal liabilities: If an accident occurred because of your bike, for example - if you have hit a pedestrian or damaged someone’s vehicle or property, you might be legally liable for the damage. Thus, third-party bike insurance protects you against such consequences. Here, the insurance provider will take care of the legal matter as per the terms and conditions. Also, the insurance company does the compensation offered to the third party.
- Financial expenses: If your bike is damaged due to flood, landslides, earthquake, theft, riots, etc., the insurance company will cover the cost of the damage. In case of a total loss, the insurer will provide the compensation per the policy's terms. Whereas, in the case of bike repair, the company will pay for the expenses incurred due to bike repair.
- Covers pillion rider: Sometimes you are out with your friends, and if mishaps occur, you and your friend will be covered. The insurance company provides coverage for the pillion rider per the terms and conditions of the policy.
- Covers personal accident: You do not want to fall prey to certain unforeseen circumstances. So, a two wheeler insurance policy is important as it covers you from personal losses. However, for this, you must purchase a Personal Accident Cover and a comprehensive motor insurance policy. Though the premium might spike a little, it is worth the penny. This is because it protects you from any injury incurred in an accident.
- Save premium: If you think purchasing bike insurance is a hectic task and you have to renew it again every year - there is something you need to know. Buying bike insurance online can help you avail yourself of the No Claim Bonus - this means, for every claim-free year, you will be getting some discounts on your next policy renewal. When you do not raise claims for the entire policy tenure, you can save up to 50% of the premium after a few years. There are several other ways to save premiums, but this is one of the best methods.
- More coverage: With comprehensive two wheeler insurance, you can benefit from broader coverage by adding more add-ons or riders. However, selecting the riders you need rather than what you want is advisable. Adding more riders can lead to high premiums - which can be heavy on your pockets. There are several add-ons that you can select as per your requirements.
Now that you know the necessity of bike insurance, it is time to get one if you haven’t already. With the increase in the smartphone and internet, buying two wheeler insurance online is easier. You do not require a middleman or an insurance agent. Thus, reducing the extra fee charged by them. You can check the quotes by visiting the insurance provider's official website and adjusting the add-ons and the information to get the best quotes online.