Reasons why two wheeler insurance is mandatory

This has become possible due to growing aspirations of the middle class to possess the bike, easy finance facilities, reduced two wheeler costs, etc. The growing number of vehicles has also led to an increase in accidents that put the lives of the pedestrians and other vehicle owners in danger; it also causes great damages to your own bike. Hence, to mitigate these risks, it is necessary for every vehicle owner to possess a two wheeler insurance policy.

Given below are few reasons why two wheeler insurance is mandatory

Coverage against third party liability:

As per Motor Vehicles Act, 1988 purchasing third party insurance is mandatory as per the law. For instance, when riding the bike if you end up damaging a third party bike or property then this type of insurance offers you protection against the financial and legal liablities arising out of the same. The premium for this type of insurance is decided by the IRDA. To get complete protection for the bike, you can also choose to get comprehensive bike insurance that offers coverage against third party liability and own damages.

Protection against natural and man made calamity:

Natural and man made calamities are unpredictable in nature. With bike insurance, you get protection against damages caused to the bike due to flood, fire, cyclone, earthquake, etc. You can easily file a claim in case of damages caused due to above and can get the compensation for the same.

Protection against bike theft:

Another important reason as to why you should insure your bike with comprehensive bike policy is because it offers protection against theft. In case the bike is stolen, then an FIR has to be filed, the insurance company has to be informed and post verification of the documents submitted, the insurance company will settle your claim, offering you coverage up to the insured declared value mentioned in the policy.

Take care of the repair costs:

Any damages caused to your bike can dig a hole in your pocket as the costs of repairs have increased. However, having comprehensive two wheeler insurance eliminates your out of pocket expenses, providing cover for the cost of repair as per the policy’s terms and conditions.

Financial safety:

Funding out of pocket for expenses like damages caused to bike due to accidents, natural calamity, theft, etc. can be quite burdensome. In a situation wherein you don’t have bike insurance cover can be mentally and financially exhausting. At such times, with a bike insurance cover you can avoid paying out of pocket as the insurer provides you with the required financial assistance in times of an emergency.

Personal accident cover:

Accidents are highly unpredictable in nature which make it important for you to stay covered with a bike insurance policy. Getting personal accident cover has become mandatory as per the law as it offers coverage to the owner driver against expenses arising out of damages, death or disability. In case of death of the owner/driver, his family is compensated with the coverage amount mentioned in the policy.

Conclusion

Purchasing two wheeler insurance is mandatory whether it comes to getting protection against third party damages or staying financially secured against own damages. It is important to note that bike insurance also covers legal liability as per the policy terms and conditions. With digital advancement, it has now become easy to choose the best bike insurance online as you can easily compare two wheeler insurance plans offered by various motor companies. To make an informed decision, you can compare the plans and choose the best bike policy for your vehicle.

Also Read: All The Steps You Need To Follow If A Motorcycle Is Lost Or Stolen