A bike insurance policy provides financial protection against the damages that impact a third–party and your own two–wheeler after an accident. This kind of protection is needed now more than ever with statistics showing that 6 bike riders die each hour in our country.
Today, we take a look at the many benefits of two–wheeler insurance for bike owners.
Helps stay legally compliant
As per the Motor Vehicles Act of 1988, you must have at least a valid third–party bike insurance policy if you wish to ride your vehicle legally on Indian roads. Failing to adhere to this law can attract penalties. It is important to remember that while having at least a third–party bike insurance is mandatory by law, it does not provide you with extensive coverage against own damages in an accident. For better coverage, you may want to opt for a comprehensive bike insurance policy.
Offers protection against third–party liabilities
This is one of the major benefits of bike insurance. Whether you buy a comprehensive bike insurance policy or a third–party insurance policy, you get financial protection against the damages that affect the third party in an accident. Furthermore, if the third–party files a lawsuit against you for the damages they incur in an accident, a bike insurance policy will help you pay the legal fees and other charges that you need to bear due to the lawsuit.
Gives protection against own damage (comprehensive insurance)
One of the major advantages of bike insurance is that you get covered for own damages under a comprehensive bike insurance plan. Since these damages can often run into lakhs of rupees, you really benefit by paying a relatively small premium for protection. Comprehensive bike insurance can also be customised. You can add various riders to your insurance policy for a marginal increase in your insurance premium and get coverage according to your preferences.
Gives coverage against natural calamities and manmade disasters
A comprehensive bike insurance plan will also cover you against a range of natural and manmade disasters, such as landslides, floods, riots, and theft.
Get complete peace of mind
Buying an insurance policy can help you enjoy peace of mind while riding on the roads. You can travel with the assurance that your insurance policy will protect your financially if things go awry.
Disclaimer: The above information is indicative in nature. For more details on the risk factor, terms and conditions, please refer to the Sales Brochure and Policy Wordings carefully before concluding a sale.