The law regarding motorcycle insurance in India requires the purchase of a Third-Party Liability Bike Insurance Policy at the very least. These are the requirements outlined in the Indian Motor Vehicles Act. The law requires you to pay monetary penalties if you violate it. Failure to comply can even land you in jail! Moreover, an uninsured bike accident can result in severe legal consequences.
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How can we explain this? Learn more about what is bike insurance and other aspects of it as you read on. However, if you don't have bike insurance then connect with square insurance.
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Nearly all motor companies offer bike insurance when they sell a brand new two-wheeler. However, most people either don't renew their insurance once it has expired or cancel it to get a discount. There could be several reasons why people don't renew their insurance, from saving cash to not having the time to do so! Why would I buy bike insurance if they don't know the answer to this question? This lackluster attitude towards bike insurance is a direct result of their ignorance regarding bike insurance.
For starters, there are two main reasons why one would want to opt for some kind of insurance for their two-wheeler: one, it is mandatory under Indian law to get third-party insurance for all two-wheelers that travel on Indian roads. Second, insurance protects you, your vehicle, as well as the third party involved in an accident, as well as saving you a lot of money.
In India, bike insurance is mandatory primarily due to the fact that accidents can be unpredictable. It is important to be covered for this unpredictability, as well as those whose vehicles you might affect. So in the Indian market, you can choose between two kinds of Bike Insurance Policy: third-party liability and comprehensive coverage.
Of Liability, plans are mandatory for these. A comprehensive plan includes mandatory coverage as well as broad coverage. Therefore, you must have mandatory add-on coverage regardless of what plan you choose.
A Bike Insurance Policy for bikes offers two major types of protection: Protection against legal liability and Protection against financial loss arising from bike-related accidents.
If you are legally liable if your bike damages someone's property or injures a pedestrian. You are protected against third-party liability by obtaining a Third-Party Liability policy, in which the insurance company will deal with the legal liabilities on your behalf.
If the comprehensive bike insurance plan will enable you to get your bike repaired without spending a huge amount of money from your pocket in the event that your bike is damaged by a flash flood or caught on fire during riots. Repair work will be handled by the insurance company according to the policy terms and conditions.
As there is an increase in traffic, accidents, and other unfortunate incidents. Accidents do not necessarily need to occur due to your negligence; they can also happen due to the negligence of another party. In addition to the injuries, the damage to your vehicle, and the stress, your finances will also be impacted. These factors make buying a two-wheeler insurance a wise decision.
From 1st September 2018, all General Insurance Companies in India must issue new two-wheelers with an insurance cover for third party that is valid for five years. Heavy penalties can be imposed on vehicles running on country roads without valid insurance. All two-wheeler owners must have at least the mandatory third-party liability Bike Insurance Policy, which is the minimum coverage for a two-wheeler.
In the event of a natural disaster like a flood or an earthquake, you could incur substantial costs due to damage sustained by your two-wheeler.
Two-wheeler insurance also covers losses and damages caused by theft, strikes, burglaries, and war.
In the event of a two-wheeler accident, you may be liable for legal damages. Bike Insurance Policy requires third-party liability coverage, which protects you in case of third-party liability.
Regularly and on time renewing your policy for two-wheelers can get you a No Claim Bonus (NCB) discount. An NCB is a bonus earned for each year you are claimless. Therefore, it is the benefit provided by the insurance provider for safe driving and maintaining your vehicle. Two-wheeler insurance premiums will be lower if your NCB is higher at the time of renewal.
Two-wheeler insurance policies have always included coverage for personal accidents, which protects the rider against injury sustained in an accident. A two-wheeler insurance policy does not have to include this coverage; however, it is required by law to have this coverage. Using this benefit is, therefore, a good idea. When you purchase a new two-wheeler, you do not have to purchase a new personal accident policy if you have one from an existing vehicle.
Insurance providers are offering three-year long-term insurance coverage for two-wheelers. The main advantage of this option is that the premiums are fixed for the whole term and cannot change, as opposed to annual renewals, where usual increases in insurance rates or changes in tax rates always increase the premiums. In addition, you will not be responsible for missing the three-year renewal deadline.
We'll be discussing two distinct benefits in this article: third-party liability coverage and comprehensive policy coverage also referred to as comprehensive package coverage.
As the insured is not the insurer and the insurer is not the beneficiary, such insurance is referred to as third-party insurance. The policy assumes responsibility for death or disability resulting from the use of an insured vehicle to a third party or property damage or loss suffered by a third party as a result of the use of the insured vehicle.
Two-wheelers and their owners are completely protected by this policy. This plan also covers your injuries and vehicle damage if it was stolen or damaged by a third party. Additional coverage and add-ons may also be offered by some insurance companies, including zero-depreciation coverage, which covers even consumable costs. Furthermore, it offers personal accidental coverage in the event of an accident for the owner or rider. The liability coverage of this kind of two-wheeler insurance extends to third party as well.
As a result, there is no reason to neglect to purchase and renew your two-wheeler insurance policy if you know all the benefits. Choose square insurance that covers all bases, is affordable, and has a high claim settlement rate.
We live in a world changed by the Internet and smartphones.
With just a few clicks, you can buy almost anything these days. That includes buy bike insurance. On square insurance websites, you can ensure your bike from start to finish in just five minutes. The bike insurance policy online is simple to understand, convenient to buy, and easy to claim.
Insurance for two-wheelers is not required since it is a legal requirement. The many reasons why you should purchase insurance for your two-wheeler include protecting the vehicle against damage and the rider from harm - other essential reasons.
When you own a two-wheeler, it is natural that you would want to make sure that your prized possession is protected from all risks. In addition to causing emotional stress and financial loss, getting your bike damaged or stolen can be emotionally stressful. You can avoid financial liability by having your insurance cover the damages to the vehicle and the treatment costs of injured parties.
If should you suffer permanent disability while insured for your two-wheeler, you will be covered. Upon the death of an insured person, the insurance company pays the death benefits to the nominated beneficiary (about the same as the sum assured).
As we discussed earlier, in India buying a two-wheeler is a legal requirement. Therefore, if your vehicle is stolen, lost, or damaged, insurance protects you from financial or legal difficulties.
If you will find a variety of insurance providers offering specific bike insurance policy online.
The following tips will help you buy a bike insurance policy online
Two-wheeler and bike insurance policies can help you avoid financial stress during accidents. In addition, third-party liability coverage protects against damages caused by others and the fault of the driver himself or herself. You can also purchase multi-year bike insurance policies, which will protect you over the course of more than one year. Riders are rewarded for driving safely by NCB through premium discounts. Buying two-wheeler and bike insurance policies together are better than opting for third-party or OD policies.
It's a type of insurance that covers the expenses incurred by your two-wheeler in case of an accident or natural disaster.
Insuring against unforeseen events and unforeseen liabilities is part of risk covers, like car insurance. An accident, rain, or theft of a vehicle can cause anyone to get stuck behind their car. A car insurance policy is a lifesaver in any of these scenarios.
Bike insurance plans in India fall into three main categories: Third-Party Liability-Only Bike Insurance, Standalone Own Damage (SOAD) Bike Insurance and Comprehensive Bike Insurance.
Bicycle insurance policies that cover both the owner and the third party are called first-party policies. In addition, natural calamities that cause significant damage to human lives can cause havoc on vehicles as well. In addition to protecting your vehicles, first-party insurance covers financial losses as well
In a nutshell, third-party bike insurance provides financial protection in the event that your insured two-wheeler damages someone, a vehicle, or property. Paying for all these costs from your pocket can be a huge financial burden.
The only insurance policies that require a 5-year minimum tenure are third-party policies. Two-wheeler insurance policies are for three years instead of five if you opt for comprehensive coverage
OD Insurance or Own Damage Coverage is a vehicle insurance policy that protects your automobile against unforeseen damages. It covers your car against damage sustained when you are involved in a road accident, a fire, a natural calamity or any other mishap.
Depreciation is not considered by the insurance company while settling claims when it comes to bike or scooter parts covered by zero depreciation bike insurance. Coverage for the two-wheeler is comprehensive without determining its depreciation value
Insurance policies with bumper-to-bumper coverage cover vehicle parts without depreciation, whereas policies with package coverage or comprehensive coverage claim settlements, including depreciation on the replaced parts.
There is no need to buy two-wheeler insurance from a dealer when you buy a two-wheeler. To register a 2-wheeler, you must have at least a Third Party Insurance Policy.
