You must get a two-wheeler insurance third-party plan as soon as you purchase your new vehicle because it is required by law. Most people do not see the necessity to purchase the policy since they are confident in their driving abilities. Accidents, on the other hand, are unpredictable, and the money you’ve been saving for a long time may end up being used to repair a damaged vehicle. You don’t have to worry about a sudden financial problem caused by an accident if you have appropriate coverage. ##
A few advantages of having a valid two-wheeler insurance policy are listed below:
- Own Damage Coverage
The mandatory third-party liability coverage does not cover vehicle repairs if your vehicle is damaged in an accident. As a result, there is more comprehensive protection available on the market, namely comprehensive coverage for a bike that covers both its own damage and third-party liabilities. Not only that, but it also covers your two-wheeler in the event of a natural or man-made disaster. Vehicle theft is also covered under this coverage. Finally, if you believe your current policy is insufficient, you can purchase additional add-ons to broaden the extent of coverage. Minor scratches, wear and tear, and random object hitting your vehicle can all cause significant damage. Having a comprehensive insurance policy helps limit these financial losses. *
- Financial Coverage for Third-Party Liabilities
If you believe you do not want such broad two-wheeler insurance coverage since you do not ride your bike frequently, you can always go for third-party bike insurance. If you are liable for injuring a third party or damaging their property while riding your insured bike, the insurance company will cover all expenditures and legal formalities. If you attempt to cope with this scenario without having a bike insurance policy, the problem may spiral out of control and become costly at times. As a result, never take that risk and purchase the coverage. You should also purchase a third-party policy because it is illegal to drive on Indian roads without an insured vehicle. *
- Stay Away from Penalties
Just as it is vital to wear a helmet and carry your driver’s licence while riding your bike, it is also critical to have a legal insurance policy with you whenever you ride your two-wheeler on public roads. Understand that just as a helmet keeps you safe physically, an insurance policy keeps you safe financially. You will be breaking the law if you ride a bike without having bike insurance. If this law is not obeyed, you will face penalties, including imprisonment for a specified number of months or both.
- Premium Reductions
Getting insurance for your motorcycle does not usually cost a lot of money. If you drive carefully and do not file a claim on your insurance, the insurer will give you a concession on your premium upon renewal in the form of a No Claim Bonus (NCB). The concession grows for each claim-free year, eventually reaching 50%. *
Mishaps can happen at any moment and in any place, no matter how cautiously you drive. All of the benefits listed above, as well as peace of mind, are available if you have insurance coverage. Most significantly, you will remain on the right side of the law and will not suffer an unexpected financial burden in the event of an unpleasant occurrence. As a result, if you haven’t already, buy a vehicle insurance policy for your motorcycle online. When doing so, make sure you refer to a two-wheeler insurance premium calculator. This can help you select the right insurance policy for your scooter or motorbike.
* Standard T&C Apply
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
