Why is it mandatory to have bike insurance in India?

Why is it mandatory to have bike insurance in India?

New Delhi (India), March 25: The Motor Vehicles Act of India makes it mandatory for every vehicle travelling on the Indian roads to have an insurance policy, and two-wheelers are no exceptions. Therefore, current as well as prospective motorcycle owners need to renew or purchase a bike insurance policy online or offline to comply with the Government regulations. Otherwise, they need to bear heavy penalties and fines.

But why is motor insurance policy compulsory in India? Read on to know more.

Reasons to purchase bike insurance policy

Here are a few reasons that make purchasing a bike insurance online:

  1. Bad road conditions and rash driving increases the risk of accidents. Such mishaps can damage the bike and cause injuries to the driver or a third party. These can result in heavy medical bills and repair costs. Purchasing a bike insurance policy ensures that you do not have to worry about covering such expenses and safeguard your financial interests.
  2. With third party bike insurance policies, you as a policyholder can raise a claim for damages caused to another vehicle or a third party involved in an accident. It may also cover the expenses of any legal action taken against you.
  3. Modern two-wheeler insurance plans with their add-on services ensure extensive coverage from any incident. For instance, the roadside assistance extended by such policies comes to your rescue when your vehicle is not working.
Things that a bike insurance policy covers

When you purchase any policy such as the Honda, Hero or Bajaj bike insurance, online or offline, you become entitled to receive certain coverage benefits. However, these benefits depend upon the type of plan. For instance, you can choose between a third party bike insurance plan and a comprehensive bike insurance plan. A comprehensive plan also offers a range of add-on features, which come at an extra cost.

Here’s a detailed review of the things that bike insurance policies cover:

●     Third-party insurance policy

This plan covers the following:

1.    Legal cover

If you cause damage or injuries to another motorist (third party), you are liable to pay for the damages or medical bills. In this regard, third party bike insurance provides monetary compensation to the third party and safeguard your financial interests.

2.    Personal accident cover

The personal accident cover is clubbed with the third party bike insurance policy. This is an add-on provided to you as a policyholder that offers financial protection in case you face injuries or damages during any mishap.

●     Comprehensive cover

A comprehensive bike insurance plan extends the following coverage benefits:

1.    Loss due to natural calamity

A comprehensive bike insurance policy covers the insured vehicle against natural calamities, such as floods, earthquakes, cyclones, fires, etc.

2.    Loss due to man-made disasters

Apart from natural calamities, this policy also protects your financial interests against man-made disasters. For example, a big-scale riot can cause significant damages to a two-wheeler. If your bike suffers damage due to such an incident, you can raise a claim to receive the required compensation.

3.    Lost due to theft

In case of theft, the insurance company compensates you based on the Insured Declared Value (IDV).

●     Add-on services for a comprehensive plan

You, as a policyholder, also get the option to purchase add on plans to maximise their coverage benefits when purchasing a bike insurance plan online or offline. Here’s a list of a few most-sought-after add-on facilities offered by leading insurance companies:

  • Zero depreciation cover
  • Pillion rider cover
  • Invoice protection
  • Consumable expenses
  • Roadside assistance cover
  • Protection for no claim bonus
  • Tyre damage cover
  • Daily allowance
  • Loss of personal belongings
  • Coverage for key loss

You can get a list of all the add-on covers and compare different insurance companies online. In addition, you can also consider purchasing Bajaj bike insurance that comes with extensive coverage benefits from this portal, among others.

To conclude

Internet has made life easier and now we can compare, buy and learn about insurance policy in just a click. At the stage when blockchain is flourishing, it is quite relevant that we start using technology for our benefit, especially when it comes buying vehicle insurance. The risk factors involved with driving is one of the most crucial reasons why purchasing bike insurance is mandatory in India. That said, when purchasing a bike insurance policy online individuals must examine the policy’s coverage benefits and terms and conditions before finalising.

dsprime

4 thoughts on “Why is it mandatory to have bike insurance in India?

  1. The part in Star Wars where Yoda says, There is do, or do not.
    Life is too short to surround yourself with toxic people.
    People often use this quote when discussing health, but Franklin was talking about fire safety.
    Skilled writers use aphorisms to evoke big ideas in a relatable way.
    Build a storyline around that saying.
    What is an Aphorism.
    Examples of Aphorism in Literature
    This quote originated from Thomas Howell in New Sonnets and Pretty Pamphlets.
    The part in Star Wars where Yoda says, There is do, or do not.
    We’ve all probably had to learn that the hard way.
    Want a few more.
    ’Ah, all things come to those who wait,’
    For example.
    Let’s get started.
    Guy standing at a bookshelf
    What does it mean.

  2. What am I referring to.
    Yup, you guessed it.
    It’s easier to do it yourself rather than try to explain it to someone else.
    The original saying was, Eat an apple on going to bed, and you’ll keep the doctor from earning his bread.
    And then.
    Now here’s the big question.
    Examples of Aphorism in Literature
    It reminds us to take precautionary measures, so we don’t end up with bad results.
    Another example comes from Spider-Man, where Uncle Ben turns to Peter Parker and says, With great power comes great responsibility.
    Washington’s message was that it’s wiser to be upfront and deal with the consequences.
    He once stated, If you want a thing done well, do it yourself.
    The original saying was, Eat an apple on going to bed, and you’ll keep the doctor from earning his bread.
    Not only that, but you can use aphorisms in your writing to summarize your central theme.
    Practice what you preach.
    Take this proverb, for example.
    You get up and keep trying.

  3. Early to bed and early to rise makes a man healthy, wealthy, and wise.
    So what do you do.
    It’s one of my favorite aphorisms because it’s simple but yet powerful.
    This aphorism is short and sweet, but it teaches us a valuable truth.
    Sometimes, though.
    The Purpose & Function of Aphorism
    You’re prepared to use these handy little sayings to make your prose more relatable.
    Now here’s the big question.
    Early to bed and early to rise makes a man healthy, wealthy, and wise.
    Here’s a classic Japanese saying for you.
    He knows that Luke should either decide that he can do it or decide to quit.
    Honesty is the best policy.
    Other Common Examples of Aphorisms
    (I say these words to make me glad),
    There must be a method to your madness.
    The term aphorism originates from late Latin aphorismus and Greek aphorismos.

Leave a Reply

Your email address will not be published.