BENEFITS OF BUYING BIKE INSURANCE

A two-wheeler (bike or scooter) is the most popular mode of transport in India because of the convenience it offers in moving ahead when there are traffic snarls. It also helps riders to drive through narrow lanes. In addition, the unparalleled fuel efficiency that a two-wheeler offers helps owners save a great deal of their hard-earned money. However, there is a higher level of risk involved when riding a two-wheeler. As it is a lightweight open vehicle, the rider could suffer serious injuries in the event of being involved in an accident. It is, therefore, crucial that two-wheeler owners appropriately insure their vehicles to protect themselves and their vehicles against damage suffered due to unpleasant events.

 Benefits of Two-wheeler Insurance

 A two-wheeler insurance policy helps the owner to cover themselves against damage that may happen to the rider or the two-wheeler because of events like accidents, fires, thefts, or natural disasters. Furthermore, the owner-rider will get protection against liabilities that may arise because of damage caused to any third-party vehicle, person, or property.

The mandatory third-party bike insurance, the most basic two-wheeler insurance policy, covers damages and losses that a person’s bike could cause to another person, vehicle, or property in the event of a collision or an accident. However, the third-party bike insurance benefits do not include protection for owners against injuries suffered by them or their bikes. A comprehensive bike insurance policy provides the required protection. In addition, it covers third-party liabilities as well. It is not compulsory to buy a comprehensive policy for a bike, but it is recommended because of the benefits it offers.

 In general, a standard policy provides the following bike insurance benefits:

  • Third-party liability coverage
  • Personal accident coverage
  • Compensation for damages suffered by the bike due to an accident or collision
  • Bike theft cover
  • Compensation for damages suffered by the bike due to an accidental fire
  • Compensation for damage caused to the bike due to natural calamities such as floods, cyclones, etc.

Having discussed the aspects related to the protection provided by two-wheeler insurance, the actual benefits of buying a bike insurance policy are:

Protects bike owners against financial losses

Protecting your bike with two-wheeler insurance ensures that losses and damage that arise due to an accident, natural calamity, theft, or fire do not create a big dent in your pocket.

 Provides legal protection

As mentioned before, it is mandatory in India to have at least a third-party bike insurance policy to ride a bike legally on the roads. Therefore, one of the greatest benefits of buying bike insurance is that it provides legal protection.

Avoid paying traffic penalties

Since it is illegal to ride a bike on Indian roads without at least the basic third-party bike insurance, heavy traffic penalties can be slapped on bike owners who do not have even the mandatory coverage.

 Add-ons provide additional protection

If you choose to buy a comprehensive insurance policy for your bike, you can further customize it by including useful add-ons such as the zero depreciation cover and the consumables cover, among others.

Avoid third-party problems

 One of the issues that bike owners dread when they are involved in an accident is paying for the damage or injuries caused to another person, his or her property, or vehicle. Buying a two-wheeler insurance policy ensures that the affected party is adequately compensated by the insurance company.

Now that you have some idea about bike insurance benefits, it is important that you choose the right policy that suits your requirements. Quickinsure, an online insurance broking company, offers a platform for you to buy or renew bike insurance online at competitive prices by comparing quotes from top insurance companies in the country. Visit the Quickinsure website today!

 Frequently Asked Questions

Q1. Is it compulsory to buy bike insurance?

Yes, it is mandatory to have at least third-party liability insurance to ride a bike anywhere in India. However, it is a good idea to buy a comprehensive insurance policy that covers third-party liability as well as losses and damages suffered by your bike.

 Q2. Is the pillion rider considered a third party?

Yes, the passenger in the back seat or the pillion rider is considered a third party and will be eligible for compensation in the event of an accident.

Q3. What is the applicability of bike insurance if another person rides my bike?

 The insurance policy of a two-wheeler is linked to the vehicle and its owner. If someone rides your bike and causes damage to the vehicle or a third party, your policy will cover the losses and damages as per terms and conditions. However, you have to mention this while filing the claim.

Q4. Is third-party liability insurance expensive?

No, third-party liability cover for your bike insurance isn’t very expensive. Comprehensive bike insurance is more expensive but worth it as it includes both third-party damage cover and damages suffered by you under one policy.

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