5 Benefits of Renewing Two-Wheeler Insurance

Two-wheeler insurance provides coverage to a bike or a scooter against any kind of damages occurring out of an accident, theft, or natural disaster. They protect against third-party liabilities arising from injuries to one or more individuals. It is a perfect solution for meeting financial costs and losses that may arise from damages caused to the vehicle. Two-wheeler insurance cover protects all types of two-wheelers like a motorcycle, moped, scooter, etc. The insurance policy acts as a contract between the bike owner and insurer wherein the insurance company provides financial security to the bike owner against any loss or damages due to an accident.

It is mandatory as per the Motor Vehicle Act of 1988 to carry at least third-party bike insurance for driving a two-wheeler in India. Therefore, if you own a two-wheeler, then you certainly have a two-wheeler insurance policy. Driving without insurance not only exposes you to the risk of being ticketed by the traffic police, but more importantly, it leaves you uncovered in the event of an unfortunate and unforeseen accident. That is why it is essential to renew an existing two-wheeler insurance policy on time. Generally, there are two types of two-wheeler insurance plans available in India. Let us briefly understand these two types:

Third-Party Insurance

This type of Two-wheeler insurance protects the rider from all legal obligations arising due to any damage caused to a third party. It covers the policyholder against any liabilities involving accidental damage(s) caused to a third person. Additionally, it covers liabilities towards the injuries of a person or their property, including their death. According to the Indian Motor Vehicle Act of 1988, a two-wheeler driver must have valid third-party bike insurance while driving on public roads in India.

Comprehensive Insurance

A comprehensive two-wheeler insurance plan protects the rider against any damages caused by self, as well as third party legal liabilities. It protects the vehicle from accidents caused due to theft, fire, natural calamities, road accidents, man-made disasters, etc. It also has provisions for a personal accident cover that protects the rider, in case they sustain any accidental injuries while driving the vehicle.

Benefits of Renewing Two-wheeler Insurance

The roads are an unpredictable place for two-wheelers. For people commuting during the unregulated traffic of rush hours, it is even more challenging. Lack of good roads is another concern that causes problems like slippery surfaces, mushy or muddy areas, or sticky tar. These factors cause perpetual damages to two-wheelers and even cause accidents injuring riders. Such situations could be avoided simply by renewing a two-wheeler insurance policy. Let’s look at some essential benefits of renewing two-wheeler insurance:

1) Financial Protection: Nowadays, even small damages can amount to thousands of rupees. Having Two-wheeler Insurance delivers financial protection and helps save hard-earned money. It covers emergency scenarios like an accident, theft, or other third-party liabilities. It provides a safety net for two-wheeler owners by helping with the damage repairs without burning a hole through your pocket.

2) Accidental Injuries: Having to deal with financial burdens when you are in an accident is an endless nightmare. In times like these, a two-wheeler insurance policy not only covers damages sustained to the insured vehicle but also covers any accidental injuries suffered by the policyholder or others in the car.

3) Spare Parts Costs: With the rising demand for motorcycles in India and the surging cost of spare parts, maintaining a two-wheeler is a challenge. This rise in cost coupled with the increased need for two-wheelers has upped the costs of spare parts. Having a two-wheeler insurance policy can provide coverage for the cost of spare parts, even nuts, and bolts or parts like gears and brake pads that are more expensive than before.

4) Roadside Assistance: A lot of people today opt for roadside assistance while renewing their two-wheeler insurance plan. Having this benefit means that a team of assistance will come to your rescue, in case you get stuck on the road in an unforeseen accident or breakdown. It includes services like car towing, minor repairs, flat tires, etc.

5) Peace of Mind: Any damage to your vehicle can lead to huge repair charges. Having valid two-wheeler insurance ensures that all unwanted expenses are taken care of by your insurer. This provides great satisfaction and peace of mind while driving and ensures that you always have someone to fall back on in case of immediate roadside emergencies.