Two wheelers are one of the most economical and comfortable mediums of transportation in India. However, they are also known to be more vulnerable to road accidents. Due to this reason, the Government of India declared the Motor Vehicles Act making third party insurance for all mobile Indian vehicles mandatory.
You can easily purchase a third-party bike insurance online with a quick procedure and hassle-free claim settlement. You can also choose a comprehensive insurance policy that provides cover for third party liabilities, injuries, and damages as well as for the damages caused to your vehicle during the accident.
5 Advantages of Two-Wheeler Insurance
Since it is mandatory to buy insurance in India, people would want to look for economical solutions for the same. Two-wheeler insurance is the cheapest insurance policy in India. While you would be paying a much lower premium, your insured amount is likely to be higher. Also, with third party bike insurance, your vehicle gets basic coverage that reduces the premium costs of your policy.
You can further switch your type of policy to a comprehensive plan while renewing the insurance policy. Furthermore, if you wish to switch your insurance provider, you can retain your benefits like No Claim Bonus (NCB) with the new policy.
Third Party Liability
When you purchase third-party bike insurance plans, you are protected from the legal liabilities of the accident damaging/injuring a third-party. It is a punishable offense to drive any vehicle on Indian roads without insurance. You need to carry an original copy of your insurance while driving. The traffic police can charge you penalties or punish you for not having the insurance papers with you.
With comprehensive coverage, you can get financial support for hospitalization by buying add-on covers like personal accident cover. The driver and the passengers get compensation for the injuries and damages incurred due to the insured vehicle. The comprehensive two wheeler insurance policy also covers your vehicle against many natural and man-made calamities. Although, it is advisable to read the terms and conditions mentioned on the insurance policies to now the coverage of your policy.
If you opt for distinguished NBFCs (Non-Banking Financial Companies) like Bajaj Finserv for your insurance, you can go to the company’s network garages and need not pay for the repair work. But, you need to inform your insurance company about the incident and the insurance company will settle the bills for you. Majority of the insurance providers offer this cashless facility with their list of network garages spread across the country.
If you pay your premiums on time and renew it before the deadline, you are eligible to get a No Claim Bonus. Additionally, if you are a persistent customer, you can check for available discounts on your premium payments at policy renewal. Although, make sure that your policy does not get lapsed due to failing premium payments. You may get a grace period of 90 days. If you do not pay your premium during this grace period, you can lose your discounts including NCB.
When you buy bike insurance online, it is advisable to read the fine prints of the policy to get an idea of the things that are covered and the ones that are not covered. Every company mentions the conditions at which you cannot claim your insurance money. Also, compare third party bike insurance online provided by various financial providers to pick the best two-wheeler insurance policy.