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Two Wheeler Insurance – Is Bike Insurance Mandatory in India?

 

You have a bike but don’t have insurance. Is it an attitude towards a wise decision? Nowadays, where bikes have netted us like a web, it is mandatory to have insurance to ride on the road. If you don’t follow the rule, you know what the consequences are. A bike is the most convenient option to transport from one place to another. Recently within a decade, India has seen a hike in buying bikes. At a time where riding a bike was a dream for a wealthy society, with the help of the loan, it has been easier to avail of a bike. We can now see the congested road everywhere. A bike has plenty of benefits, but it is possible to cause an accident. So the accident has also increased. Be it a law or protection against mishaps, and insurance can save you in both situations. There are many reasons also. I am going to discuss all the necessary on why is it mandatory to have bike insurance in India?

There are two major types of insurance available in the market – Third Party Insurance and Comprehensive Insurance. Third-Party Insurance is mandatory for every bike, and Comprehensive Insurance gives you a wide range of coverage, including mandatory ones.

Let me elaborate on why you need to do insurance for your bike.

Why Is It Mandatory to Have Bike Insurance in India?

  1. One of the most important things to consider about any vehicle insurance is that Third Party Insurance is mandatory by the law under the Motor Vehicle Act. It covers damages to a third party property only, not your own. Third-Party insurance covers only the legal policy.
  2. There is another plan named Comprehensive Bike Insurance which is advisable for everyone. It covers all the necessary aspects of your bike. Comprehensive Insurance protects against natural disasters, accidents, thefts, and it also includes Third Party liabilities. This insurance is considered to be the most valuable one. So, it is better to avail of Comprehensive Insurance than Third Party Insurance. Read the in-depth explanation below.
  • Natural calamity – this is the unexpected incidents caused by fire, flood, cyclone, etc. It can happen at any time. If your bike falls into such cases, the insurer will take care of all the settlements.
  • Human-made incidents – like robbery, riots, or war. It can cause a mishap at that particular time. If you have insurance, there is no need to worry. The insurer will settle everything.
  • Theft – suppose you have lost your bike. You are not getting it anywhere. First, you need to file a report to the nearest police station. They need your insurance. Otherwise, your report will not be filed. In case of such an issue, a Comprehensive plan helps you get a good amount of compensation.

You can buy another plan which includes a Comprehensive plan and some Add-ons. To avail of this plan, you have to pay an extra amount for adding each offer. These offers come in handy in the future. Below is the detailed note.

  • Zero-depreciation – you get a high amount of claims. Your insurer will deduct the depreciation cost from your insurance. This add-on helps in reducing the cost of claims.
  • NCB ( No Claim Bonus) – it works at the time of renewal. Your insurer gives you a discount. It reduces the cost of the settlement. This notable add-on works as a protection in your insurance. This should be considered by one before considering insurance.
  • Invoice protection – if you opt for this add-on, you get your bike’s invoice value. Otherwise, you get the less amount measured as Insured Declared Value (IDV). It works at the time of total loss.

Now it is necessary to keep some points in mind while purchasing bike insurance.

Points to Keep in Mind

  • Understand your requirement.
  • Check everything, including premium, cover in the policy.
  • Don’t miss out on the terms and conditions section.
  • Choose Comprehensive plans instead of Third Party options.
  • Choose those add-ons which are the most important to you.
  • It is convenient to buy insurance online that gives you a wide range of facilities, including low cost.

I hope it is clear up to here. You got a detailed reason why is it mandatory to have bike insurance in India? Now you may think about how to get your insurance as early as possible. There is no need to worry. With the internet’s help, it is easier than before to avail yourself of instant bike insurance. Let me show you how.

Bike Insurance Online

The internet has done so much in every field that it is impossible to live without it. Every segment of our society is literally dependent on the internet somehow. With cutting-edge technology, you can do almost everything instantly in your convenient space. You can purchase anything. Then why not buying bike insurance? It’s very easy to buy now. As you are buying other material, bike insurance can be purchased with the same process. You can do it within 5 minutes by going to any insurance company’s website. It’s easy to fill the form, pay, and get the certificate by following a few easy steps. Everything is done at your convenient time and place. There is no need to go to the physical office where you might have to stand in the queue or face unexpected issues.

Bike insurance is a must document for all bike riders in the city or a rural place. So, be a responsible rider. Bike insurance can give a wide range of protections. Being a cautious rider makes you a wise person. If you don’t have bike insurance yet, make it as early as possible and get all the insurance provider’s facilities. If you are facing any issues with official physical setups, the online facility is there for you. 

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