Despite a number of insurance companies offering a plethora of insurance options, and availing insurance policies being made easier than ever as the whole process is shifted online, more than half of the two-wheelers on the roads do not have vehicle insurance. This is even despite motor vehicle insurance being made mandatory by the Government of India. When buying a bike, most vehicles are insured automatically courtesy of the dealer showrooms, but renewing an insurance policy seems to be the biggest hurdle of two-wheeler vehicle owners. With vehicle owners having to renew their vehicle insurance annually, a lot of them look at it as a burden and an expense and just avoid it altogether. To help vehicle owners, insurance companies have recently rolled out the multi-year insurance policy, which comes with discounted premiums and allows vehicle owners to pay for their premiums just once and be insured up to 3 years. If you’re riding a bike on the road, and risking being pulled aside by the cops, we’ve listed a whole bunch of other reasons why you should get your bike insured.
To make sure that you go out there and get your two-wheeler insured, we’ve listed out a number of reasons why you should have a valid insurance policy:
If you’ve opted for a comprehensive two-wheeler insurance plan, the insurance policy will cover the expenses to repair the damages following an accident. The coverage is applicable to the third party as well as the first party (policyholder). The policyholder can raise a claim and the insurance company will disburse the coverage to cover the damage expenses up to the insured declared value of the vehicle.
A comprehensive insurance policy will come of great help if your bike does get stolen or if damage to the bike following an accident is considered as total loss. The insurance company in this case will reimburse the vehicle cost up to the insured declared value of the vehicle. This will compensate for your loss and protect your finances to some extent.
Such a situation is unavoidable and will dig a hole in your pocket if your vehicle is damaged following an earthquake, flood, landslide, lightning, etc. In addition, a comprehensive insurance policy will offer coverage for damages in cases of a terrorist activity leading to damage of your two-wheeler, riots, strikes, etc.
Both, a third-party insurance policy as well as a comprehensive insurance policy will offer coverage for the third party following an accident. This includes coverage for damages caused to the vehicle of the third party as well as coverage for medical expenses of the third party if the accident has led to an injury or worse, a disability.
If you meet with an accident, you will have to submit all your documents to the cops and the insurance company. If you do not have a valid insurance policy, you will be fined heavily and in some cases, jailed. In some cases, even if the accident wasn’t your fault, you will be held responsible just because you’ve been riding around without insurance.
Keeping in mind that prevention is better than cure, having a vehicle insurance policy or not shouldn’t even be a question. As already mentioned above, having vehicle insurance will protect your finances in numerous ways, something that you would wish for if you come across an eventuality and do not have a valid insurance policy. In addition, renewing your vehicle insurance policy can be done in a matter of seconds. You wouldn’t even need to submit your documents if you have an existing policy. Only the payment for the premium will have to be done.
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