Almost every young Indian owns a bike or at least dreams of getting one. Surprisingly, a majority of road accidents in India involve two-wheelers. Hence, bike insurance is no longer an option: it is essential for every rider.
In India, two-wheeler insurance is both a legal mandate and a critical safety measure. If you are buying a new bike, make sure you get suitable bike insurance online. This blog explains why bike insurance is a must-have for every bike owner.
Why Is Bike Insurance Mandatory in India?
The Government of India has made it mandatory for bike owners to have two-wheeler insurance as per the Motor Vehicles Act. It is designed to protect third parties involved in accidents caused by your bike. You could be liable for significant financial and legal consequences if you have an accident and have no bike insurance.
This mandatory requirement emphasises accountability and safety, ensuring that victims of accidents receive compensation promptly. Riding a bike without insurance is not just risky but also illegal, carrying hefty penalties and fines.
Types of Bike Insurance
Third-Party Insurance
This is the mandatory bike insurance required by law. It covers damages or injuries caused to a third party by your bike but does not include any protection for your own vehicle or self.
Comprehensive Insurance
This type of insurance policy is not legally required but it provides excellent financial protection that includes damages to your own bike, personal accident cover, and third party liabilities. It is ideal for those who want peace of mind.
Own Damage Insurance
This optional policy focuses on covering damages to your bike due to accidents, theft, fire, or natural calamities. Although it is not compulsory to have own damage insurance, it is a valuable addition for personal protection.
Important Benefits of Bike Insurance
Financial Security
Insurance minimises this financial burden. So, if you do not want to bear hefty repair costs or compensation claims, get the right insurance from a renowned company like Tata AIG.
Legal Compliance
Be on the right side of the law and get at least third party insurance for your bike. Remember, a third-party accident and the resulting complications can cause more stress.
Peace of Mind
Comprehensive plans provide a safety net for unforeseen incidents, allowing you to ride worry-free.
Personal Accident Cover
Get a bike insurance policy that includes coverage for medical expenses or loss of life in accidents.
Consequences of Riding Without Bike Insurance
Legal Penalties
Riding without insurance can attract fines or imprisonment under the Motor Vehicles Act.
Financial Liability
In case of an accident, you bear the full cost of damages and compensation.
No Protection
Without insurance, your bike’s repairs and medical expenses after an accident come out of your pocket.
How to Buy Bike Insurance Online?
Purchasing bike insurance online is simple and convenient. It saves time, eliminates paperwork, and offers instant policy issuance. Here’s how you can do it:
- Visit a trusted insurer’s website.
- Choose the type of insurance: third party, comprehensive, or own damage.
- Fill in your bike’s details and personal information.
- Select add-ons if needed, such as zero depreciation or roadside assistance.
- Make the payment online and receive your policy instantly.
- Renewing two-wheeler insurance online is just as easy.
Why Choose Comprehensive Insurance Over Third Party Insurance?
While third party insurance for bikes is mandatory, it has limitations. Comprehensive insurance offers broader coverage, including:
- Protection against theft or damage to your bike.
- Coverage for natural disasters like floods or earthquakes.
- Enhanced safety with add-ons like engine protection and zero depreciation.
- If you’re a frequent rider or own a high-value bike, comprehensive insurance is a wise choice.
Final Words
Two wheeler insurance is mandatory in India irrespective of your bike’s age or frequency of use. It safeguards riders from financial and legal liabilities. However, only third party insurance is legally required. You can opt for additional coverage based on your needs. Do consult a professional to understand which two wheeler insurance is the best for your bike.
FAQs
1. Can we skip bike insurance?
Bike insurance is mandatory under the Motor Vehicles Act, 1988.
2. Which insurance is mandatory for bikes?
Third party insurance is mandatory for all bike owners in India.
3. Is own-damage insurance mandatory for bikes?
No, own damage insurance is optional but highly recommended for added protection.
- Can I buy bike insurance online?
Yes, you can easily purchase bike insurance online through insurer websites.
