Why Should You Have A Bike Insurance?
Why Should You Have A Bike Insurance?
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You can save time by getting two-wheeler insurance online. A few clicks are all that are needed to get an insurance policy since the internet's invention. Anywhere and at any moment, one can obtain an insurance policy. It only takes a few clicks to browse the available policies on the insurance provider's official website and buy the one that best meets your needs.
Why Should You Have A Bike Insurance?
Here is a list of the reasons you should think about spending the time and money to get good bike insurance coverage.
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It Is Required By Law
The Motor Vehicles Act of 1988 covers all rules and laws pertaining to vehicles. According to this law, all bike owners are required to purchase bike insurance. You will be penalised if you don't follow the law.
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It Enables You To Pay Compensation To Third Parties
As was previously indicated, bikes pose a greater risk than the enclosed-door security provided by a car or other vehicle. Additionally, while riding, you must maintain the bike's balance at all times. You might not be the only person who gets hurt in an accident. There can be other victims, such as a third party.
According to the law, if you caused the accident, you must pay for the loss a third party incurred. Depending on the severity of the accident and the degree of the damage inflicted, this loss could reach lakhs of rupees. Having bike insurance will help you cover any expenses resulting from accidents, fatalities, or property damage. Consequently, you can give the victims prompt recompense.
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It Enables You To Cover Repair Costs In The Event Of Accidents
If they are temporarily experiencing financial hardship, people occasionally tend to put off bike repairs. Other modes of transportation are frequently chosen in these circumstances. Let’s look at this with the help of an example.
Rajat met with an accident. He put off the repairs because of a lack of money and chose to travel for over a month in a shared auto-rickshaw. He occasionally had to wait in line for a very long period to hire the ride. Additionally, he spent a lot more money overall using this means of transportation than he would have paid for fuel for the bike.
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Legal Action In Case of Theft
You can feel secure against the possibility of bike theft by purchasing a Comprehensive Bike Insurance Policy. In the event that your bicycle is stolen, you can file a claim by gathering evidence. Bike insurance has a feature known as IDV (Insured Declared Value).
This quantity must be set, and setting it correctly is essential.
The secret is to put the IDV between the bike's approximate current market worth and that amount. If the claim is accepted, your insurer will reimburse the IDV of your motorcycle. Thus, even in the event of bike theft, you sustain little financial loss.
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Compensation In Case Of Natural Calamity
One common myth is that bike insurance does not cover damage caused by natural disasters. Indeed, it is. If your motorcycle is destroyed by a natural or man-made disaster, such as a flood, earthquake, riot, vandalism, landslide, etc., motor insurance can help.
Conclusion
A large percentage of bike owners in India choose not to purchase an insurance policy. According to a research by the General Insurance Council of India, an astounding 60% of the registered bikes (from 2015–16) lack a bike insurance policy in force.
Not insuring your bike might have serious repercussions, ranging from penalties to incarceration, as stated in the article above. If you purchase bike insurance coverage, you are protecting yourself from significant financial loss in the event that you are involved in an accident or cause injury to someone else. Therefore, get a good policy and renew it on time.
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