Two-wheeler has become the most preferred medium of transport in India. It is due to the fact that it offers convenience and is quite affordable on the pocket. Two-wheeler has become a necessity for people and plays a major role in people’s lives who use it every day. It becomes difficult if the two-wheeler is not available even for a day. So, it becomes very important to secure it from the risks. This is where two-wheeler insurance comes into the picture. Let’s explore how a two wheeler insurance secures your two-wheeler.
How A Two Wheeler Insurance Protects Your Bike?
Insurance is a financial product that helps an individual protect against financial losses due to an unfortunate event. Similarly, two-wheeler insurance helps in protecting your two-wheeler financially against the risks which are present on and off the road. The risk that are present on the road could be an accident. One the most unfortunate things that can happen to anyone is a road accident. Not only can it injure the person badly, but can also badly affect his vehicle. Two-wheeler insurance helps to cover accidental damage to the two-wheeler and helps it get back on the road as soon as possible. Without two-wheeler insurance all of this has to be done from the owner’s pocket. The cost of getting a bike repaired can be very expensive and can sweep out majority of your savings. The off-the-road risks include natural and man-made calamities. Natural calamities include floods, typhoon, cyclone, earthquake etc. which can damage your bike. The man-made calamities like theft, burglary, malicious activities, riot, strike act etc. can again result in loss of your bike. The risks are grave in nature and without two-wheeler insurance, you are left exposed to getting hit by any of the aforementioned threats.
What kind of two-wheeler policies can you buy?
Two wheeler-insurance offers two kinds of two wheeler policies- one is third party insurance and the other is comprehensive two wheeler insurance.
Let’s understand the two categories of policies available in detail.
Third party cover/insurance for two-wheeler-
Third party cover/ insurance, also called “the act” only cover, is a statutory requirement under the Motor Vehicle’s Act, 1988. This means every motor vehicle owner in India who is using his vehicle on the road needs to possess at least a valid third party insurance. Third party cover basically is for the benefit of the third party as it keeps you covered for legal liabilities that may arise in the event of an accident where your two-wheeler is involved. The third-party covers for death, bodily injury and property damage of the third party if on through investigation, it is found out that the culprit of the accident is you. In such an event you will be held liable to pay the compensation, and this liability will be covered on your behalf by your two-wheeler insurance company as per the terms and conditions of the policy. Third party insurance will also cover your legal expenses if the third party person decides to sue you for compensation.
Comprehensive cover/insurance for two-wheeler-
Comprehensive or package policy offers all-round protection to your two-wheeler. Not only does it cover the mandatory third-party cover, but also covers the damage/loss to your bike due to an accident, natural and man-made calamities. Comprehensive bike insurance can be further customised by adding various riders available with the motor vehicle insurance company which is offered by two-wheeler insurance.
What Role Does A Two Wheeler Insurance Play In Your Life?
Two-wheeler insurance plays a major role in our life. Its importance and value is realised when an unfortunate event takes place in which your two-wheeler gets damaged or third party liability comes upon you. It offers protection not only financially but also provides you a shield from legal troubles as well. Due to its many benefits for both the first party and the third party, government has made it mandatory to have a valid two-wheeler insurance at all times for all the two-wheeler owners in India. The premium that you pay for the two-wheeler is way less than the coverage it offers you against the loss/damage of your two-wheeler. Comprehensive two-wheeler insurance helps to mitigate the risks and offers convenience to you in an unfortunate event where it suffers damage or complete loss.
Don’t buy a two-wheeler insurance just because it is a mandatory requirement and will keep you safe from third party liabilities. It is recommended to buy a comprehensive two-wheeler insurance so that rider and vehicle both are secured from the risks that exist. Coverfox.com offers great deals on top-notch two-wheeler insurance plans, go explore and get the ideal insurance cover for your two-wheeler.