Why Bike insurance is important?

A bike or two-wheeler is one of the most economical ways of transportation, efficiently offering convenience and comfort to the user. Bikes are used at an optimal level in two-tier cities and metro cities which also leads to several unwanted road accidents. And hence the issue of life insecurity arises.

Bike Insurance is the only method to compensate for these loses on financial level. By buying bike insurance one can deal with the issue of financial burden, damage to the bike, and of course dealing with other liabilities. This bike insurance policy must be treated as a necessity for all the people buying two-wheelers. Understanding the importance and benefits of bike insurance becomes vital for any bike rider.

Importance of Buying Bike Insurance

There are several reasons to opt for any Two-wheeler insurance policy. Some of them are:

1. Motor Vehicle Act

Compulsion to get an insurance policy under the Motor Vehicles Act of 1988, for any bike before buying. Any biker with no insurance may get fined up to INR 2000 or imprisonment of 3 months. License suspension or other legal actions can be taken by the authority against the person with no valid bike insurance.

2. Accidents

Rash driving and pathetic conditions on the road have led to severe accidents for two decades. Thus, motorcycle insurance works against these losses by compensating the damages.

Benefits of Buying Two-wheeler Insurance

• Helps to deal with financial burden after any damage to the bike in any accident.
• Third-party claim (damage to other party involved in the accident) can also be claimed under third-party bike insurance.
• It facilitates financial assistance in repairing of bike after some accident.
• Bike insurance also covers the damage by any natural calamities including floods, earthquakes, landslides, cyclones, or tornados.
• Coverage under theft and other man-made disasters including strikes, fire, explosions, or riots, is also provided through bike insurance policies. It does provide compensation for the theft of the bike to the insured.
• Some of the bike’s insurances also include the recovery and compensation for the injuries caused to the person riding it. These policies actually include PA (personal accident). This helps in bearing the medical expenses of the person who got injured.
• There are multiple add-ons available to make disasters more favorable and easier to deal with for the survivor. These add-ons include assistance on the roadside, zero depreciation cover, protection for the engine, and NCB (No Claim Bonus).
• This bike insurance also helps the person to be more peaceful and gives an assurance of overcoming financial and mental distress
• The assistance in the replacement of two-wheelers is also provided by the Bike insurance policies to the insured.

With the advancement of technology, it has become very convenient for the individual to get an online bike insurance policy. Motor Cycle insurance online has become a very economical, cost-saving, and easy-to-go solution for risk and damage involved in bike accidents. Through bike insurance online, the insured can choose the best policy and compare it with other competitive policies available online.

Know More – Best Bike Insurance Companies In India