5 Advantages of Two-Wheeler Insurance

5 Advantages of Two-Wheeler Insurance

Buying motor insurance is imperative for financial protection and security during crises caused by accidents. If you can claim compensation for damages, recovering from unexpected occurrences becomes a lot easier.

With two-wheeler insurance, the policyholder stands to gain the following benefits –

  1. Third-party liability coverage

As per The Motor Vehicles Act, 1988, buying two-wheeler insurance is mandatory because it protects you against third-party liability arising from injury to person or damage to property caused by you with your insured bike. Thus with an insurance cover, the insurer will pay compensation to the third-party and also handle legal liabilities likely to arise from such events.

  1. Comprehensive protection

You can choose to buy a Third-party Liability Policy which only pays for damages to the third-party and settles legal issues if any. However, if you want the insurance cover to compensate for damages to both you and the third-party, you must opt for a Comprehensive Two-Wheeler Insurance Policy. It is rather exhaustive in its coverage for both natural and man-made calamities. In addition to the standard policy, you can opt for add-ons by paying slightly more premium. These include Zero Depreciation, Pillion Rider, Two-Wheeler Insurance Personal Accident Cover and NCB Protect to name a few.

  1. No Claim Bonus/Discount

In any policy year if you have not made a claim, at the time of renewal you will receive a substantial discount on the premium payable. This is the No Claim Bonus being adjusted against the premium. With the passing of every claim-free renewal, the discounts keep getting better.

  1. Zero penalties

As per law, third-party liability insurance is mandatory. The traffic police and any other official authorities can demand to see your driving license and insurance papers in physical copy on your person if stopped with your two-wheeler. Those not in possession of insurance papers while riding their bike can be penalised with a fine (up to ?1000) or imprisoned for 3 months. Keep your insurance paperwork ready for verification at any given time and enjoy zero penalties.

  1. Risk-free, stress-free

Insurance provides a twofold benefit. Relief from potential risk and stress. If insured, you can be assured of financial protection and mental peace because you are doing the responsible and right thing. You safeguard your two-wheeler and yourself in unforeseen circumstances when you buy insurance and renew it on time.

Buying two-wheeler insurance should not be a consideration or an option. Make it your investment in security.

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