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Why Do You Need A Bike Insurance Policy?

Updated On Jan 28, 2022

A bike insurance protects you from legal liability and it protects you from financial losses caused by bike-related accidents. Read along to know the importance of bike insurance policy.

In India, it is mandatory to get at least a Third-Party Liability Two-Wheeler Insurance Policy for people who are unfamiliar with the rules governing bike insurance. The Motor Vehicles Act governs this regulation. You will risk financial fines if you do not follow the law. Non-compliance might potentially lead to jail time. Worse still, an uninsured bike accident might result in serious legal ramifications. In India, though, why is bike insurance required? Continue reading to learn the answer to this question, as well as additional details about India's mandated auto insurance.

Why Do You Need A Bike Insurance Policy?

What Is The Purpose Of A Bike Insurance Policy?

Choosing the appropriate insurance plan for your requirements is a big choice because any mistake can lead to future problems. As a result, you must exercise caution when purchasing. Before making a decision, it is usually a good idea to think about a few key factors. Use a neutral third-party financial website to research and evaluate the numerous options on the market, and then pick the one that best fits your demands and budget.

Why is it necessary to get bike insurance in India?

The short answer to the question "why is bike insurance compulsory in India" is that accidents happen. Because of this unpredictability, it is critical to have insurance for both yourself and people who may be harmed by your car. As a result, in the Indian market, there are two basic types of bike insurance policies: third-party liability and comprehensive bike insurance. The Liability Plan is the only one that is required. The Comprehensive Plan provides comprehensive coverage as well as the necessary coverage. As a result, regardless of the plan you choose, you will have the required coverage.

What Are the Benefits of Bike Insurance?

A bike insurance coverage protects you in two ways: it protects you from legal liability and it protects you from financial losses caused by bike-related accidents.

  • Legal Responsibilities

If your bike loses control and injures a pedestrian or damages someone's property, you are legally responsible. Third-party Liability coverage protects you from such obligations by allowing the insurance company to manage your legal liabilities according to the terms and conditions.

  • Expenditure on Money

A Comprehensive Bike Insurance Plan can assist you in getting your bike repaired without having to pay a large number of money out of pocket if your bike is destroyed in a flash flood or by fire caused by rioting. The repair work will be handled by the insurance company in accordance with the policy's terms and conditions.

Consider These Points When Buying Two-Wheeler Insurance

Here are some helpful hints for buying bike insurance online:

  • Before you go out and get a policy, be sure you know what you need.
  • Examine the policy's coverage, cost, and features in-depth.
  • Take a look at the plan's terms and conditions.
  • Digital-first insurers are recognized for providing comprehensive coverage at extremely low costs.
  • Choose a Comprehensive plan if you want comprehensive coverage.
  • Choose just the Add-ons that will improve the value of your coverage.

Take Away

Two Wheeler Insurance, often known as Bike Insurance, is a policy that protects the owner of a motorcycle against financial loss in the event of a collision, theft, or natural catastrophe. The Motor Vehicle Act of 1988 now mandates the purchase of third-party two-wheeler insurance.

Bike insurance is recommended since it will assist you in covering any unexpected expenditures coming from damage to your two-wheeler caused by accidents, natural disasters, or third-party incidents or liabilities.

Also read - Tips To Help You Choose A Good Bike Insurance Online

What To Check When Purchasing A Used Bike?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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