You must purchase at least a twowheeler insurance third partyplan, as soon as you buy your new vehicle because it is mandatory as per the law. Most people do not feel the need to buy the policy because they trust their driving. However, accidents are unpredictable, and the money that you’ve been saving for a long time, might get over into the repairs of a damaged vehicle. If you have adequate coverage, you don’t have to worry about the sudden financial crisis that arises from an accident.
Mentioned below are a few benefits of having a valid two-wheeler insurance policy:
- Coverage for Own Damage
The compulsory third-party liability will not provide coverage for the repairs of your vehicle in case it gets damaged in the accident. Therefore, there is a more extensive cover available in the market, i.e. the comprehensive policy for a bike that covers own damage along with third-party liabilities. Not just that, it also offers coverage in case anything happens to your two-wheeler during natural or man-made calamities. Under this policy, vehicle theft is covered too. Lastly, if you feel that your existing policy is not sufficient, you can purchase extra add-ons to increase the scope of coverage.
- Financial Protection against Third-Party Liabilities
If you feel that you don’t need such an extensive cover, as you don’t use your bike that much, you can always have only the third party insurance for bike. If you are responsible to cause an injury to the third-party person or damage their property with your insured bike, the insurance provider will take care of all the expenses or legal formalities that arise. If you go to deal with this situation without having a bike insurance policy, the situation could go out of hand and it can get unaffordable sometimes. Therefore, never take that risk and buy the policy.Also, you should buy a third party policy since the law has mandated that plying on Indian roads without an insured vehicleis not legal.
- Save Yourself from Penalties
Just like wearing a helmet or carrying your driving license while driving your bike is important, it is also essential that you have a valid insurance policy with you every time you take your two-wheeler on roads. Understand that, just like a helmet protects you physically, an insurance policy protects you financially. If you’re riding a bike without a bike insurance policy, then you will be disobeying the law. Penalties are charged if this law is not followed, or worse case, you will be imprisoned for a specific number of months or both.
- Concessions on Premium
Purchasing an insurance policy for your bike does not always drain you financially. If you drive safely and do not make a claim against your policy, the insurer will provide you with a concession on your premium in the form of No Claim Bonus (NCB) during renewal. The concession keeps increasing with every claim-free year and reaches up to 50%.
No matter how safe you think you drive, mishaps can occur anytime and anywhere. If you have an insurance policy, you can enjoy all the above-mentioned benefits, along with the peace of mind. Most importantly, you remain on the right side of the law, and you won’t have to face a sudden financial burden in case of unfortunate scenarios. Therefore, don’t think twice, and purchase a motor insurance policy for your bike online, if you haven’t already.