6 Reasons Why you Should Definitely buy a 2 Wheeler Insurance

Two-Wheeler is the most preferred method of traveling and getting ahead of traffic in busy streets. Many office goers conveniently choose a bike to commute from their workplace. But the risk and uncertainties can never be judged beforehand, and that is why it is recommended to have two-wheeler insurance. Two-wheeler insurance is a type of financial protection that provides assistance during liabilities incurred intentionally or unintentionally. Therefore, buy 2 wheeler insurance that pays for the damages that you might incur during an accident, man-made or natural disasters, or theft of the vehicle. A valid insurance policy on your two-wheeler will help you get all the financial assistance. It is mandatory to buy two-wheeler insurance as per The Motor Vehicle Act,1988. You are required to renew your bike insurance every year without fail, or else you will be entitled to pay hefty fines.

2 wheeler insurance

Below are a few points which will convince you to get two-wheeler insurance :

  • Protection against third party liability

During an accident, if you injure a pedestrian or a shop, a third party liability arises. Compensating the third party for the damage cost may sometimes become unaffordable. In this scenario, the insurance company will help you pay the compensation, including the legal liabilities associated with the accident. So having an insurance policy for your two-wheeler automatically gets you financial protection from third party liabilities.

  • Protection against personal damage

An insurance policy covers all the repairing and accident costs incurred by an own damage accident. It covers all types of losses with a wide range of coverage including theft, natural or human-made calamities, and acts of vandalism. The insurance policy acts as a safeguard against sudden accidental loss of your bike.

The IRDAI ( Insurance Regulatory and Development Authority of India) has put up guidelines to regulate insurance policies. First-Party insurance or comprehensive insurance is optional, but third party insurance cover is mandatory for all vehicles.

Apart from financial help, you can also choose additional coverage of pillion rider, zero depreciation, personal accident cover as addon benefits for your two-wheeler insurance.

  • Policy Renewal Discounts

Buying an insurance policy for your two-wheeler can be financially draining with yearly premiums on the rise. You could avail discounts on the renewal of your policy if you do not make an insurance claim by driving safely. No claim bonus starts after the first renewal of the policy and gives you a 20% discount on the total premium if no claims have been issued. On the next renewal, the no claim bonus reaches 25% and the next consecutive renewals the premium amount gets a discounted price of 50%.

You may also avail a 5% additional discount if you inform the insurance company that your vehicle has been installed with an anti-theft device.

  • Cost-effective and fewer paper trails

Insurance policies today can also be purchased through online websites which makes them more easily acquirable, and this gives less importance to paper trails. The insurance policy is digitally available to purchase and in this way you do not pay extra charges related to a middle-man. Few insurance companies provide discounts when buying a policy online. Note that you still need to carry a hard copy of your insurance policy.

  • Get immunity from Penalties.

The move by law enforcement for fining traffic offenders without valid insurance has seen a spike in growth. A helmet protects you in physical form, but insurance protects you financially. It is mandatory to produce a hard copy of the insurance policy when demanded by authorities, failing which may attract a penalty of Rs.2000 or imprisonment for up to 3 months, sometimes both.

  • Easy renewal and low risk of policy lapse

An insurance policy can be easily renewed by visiting online websites. One can compare the benefits and premium amounts of different policies and select the insurance policy which suits their needs.

Before purchasing two-wheeler insurance, keep in mind that fraudulent policies are prevalent these days, and a customer could be cheated of with his money. To get assured of the authenticity of the policy, contact the insurer. Always ask for receipts for any purchase made either for policy renewal or new policy and always keep the record safe.

Buy 2 wheeler insurance today as mishaps can happen anytime even when you are riding safely and cautiously. Having an insurance policy puts you on the right side of the law and also free from sudden financial crunch involving your bike.

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