In India, two-wheelers are the most popular mode of transportation as they are affordable, convenient, and can easily navigate through traffic. However, owning a two-wheeler also comes with its own set of risks such as accidents, theft, and damage due to natural calamities. Therefore, it is essential to secure your two-wheeler with insurance. Thus, below are some of the benefits of two wheeler insurance.
- Protection against Accidents: Two-wheeler insurance provides coverage against accidents that may occur while riding your bike. In case of an accident, the insurance company will cover the cost of damages caused to the vehicle, injuries sustained by the rider or pillion, and third-party damages. This ensures that you are financially protected against any unforeseen circumstances.
- Coverage against Natural Calamities: Natural calamities like floods, earthquakes, cyclones, and landslides can cause severe damage to your two-wheeler. In such cases, having two-wheeler insurance will provide coverage against any damage caused to the vehicle due to natural disasters. This ensures that you do not have to bear the entire cost of repairs or replacement of your two-wheeler.
- Protection against Theft: Two-wheelers are at a higher risk of theft as compared to four-wheelers due to their size and ease of transportation. In case of theft of your two-wheeler, having insurance will provide coverage against the cost of the vehicle. The insurance company will compensate you for the market value of the two-wheeler at the time of theft.
- Third-Party Liability Coverage: Two-wheeler insurance also provides coverage against third-party damages. In case of an accident where you are at fault, and a third party is injured or their vehicle is damaged, the insurance company will cover the cost of damages. This ensures that you do not have to bear the cost of damages caused to third parties.
- Personal Accident Cover: Two-wheeler insurance also provides personal accident cover for the rider. In case of an accident where the rider sustains injuries, the insurance company will provide compensation for medical expenses and disability, if any. This ensures that the rider is financially protected against any injuries sustained while riding the two-wheeler.
- No Claim Bonus: Two-wheeler insurance also provides a no-claim bonus (NCB) for every claim-free year. This bonus is in the form of a discount on the insurance premium for the next year. The NCB can accumulate over the years and can result in significant savings on the insurance premium.
- Additional Coverage: Two-wheeler insurance also provides additional coverage options like pillion rider cover, zero depreciation cover, and roadside assistance. Pillion rider cover provides coverage for the pillion rider in case of an accident. Zero depreciation cover ensures that the entire cost of repairs or replacement of parts is covered without any depreciation deductions. Roadside assistance provides assistance in case of breakdowns, punctures, or other emergencies while riding.
- Legal Compliance: It is mandatory to have third-party liability insurance for two-wheelers as per the Motor Vehicles Act, 1988. Failing to have insurance can result in legal penalties and fines. Therefore, having two-wheeler insurance ensures that you are legally compliant and do not face any legal repercussions.
A two-wheeler insurance provides a range of benefits and ensures that you are financially protected against any unforeseen circumstances while riding your two-wheeler. It is essential to choose the right insurance policy that provides adequate coverage and fits your budget.