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Aug 18, 2022

The Ins And Outs Of Securing Your Two Wheeler Financially

Just like all machines and equipment, a two-wheeler is also a depreciating asset. This means that its market value keeps on reducing due to the passage of time and the gradual wear-and-tear. Not just that, it also requires you to pay for repairs that are required periodically to keep it running optimally. But other than the above reasons, a major concern for bike owners is protecting it against accidents and damages. These damages can be in the form of calamities, both natural and man-made, including theft. While saving money for repairs and borrowing loans are some ways you can secure your bike financially, purchasing a bike insurance online or offline, is the most effective of them all. Further, a two-wheeler policy is a compulsory requirement by the Motor Vehicles Act. So, as a bike owner, you need to buy one to stay on the right side of the law. Here’s how you can secure your bike using an insurance cover.

How does two-wheeler insurance help in securing your finances?

As discussed above, a two-wheeler plan is a regulatory requirement for all bike owners. There are two types of insurance covers you can get — a third-party plan or a comprehensive policy. Third-party coverage is the minimum required insurance cover mandated by law. A third-party plan ensures this minimum coverage is offered by your policy. Here, any legal liabilities arising for the policyholder are covered by the insurance company. Hence, it is also called a liability-only policy. For instance, in the event of an accident injuring a third person, the insurance policy compensates for any bodily injuries (including the unfortunate demise of such other person). This policy also covers property damages up to ₹7.5 lakhs, and hence, all legal liabilities on the policyholder are included within its scope. Comprehensive policies on the other hand provide a much broader insurance cover, helping you compensate for any repairs that may be required for your bike. During an accident, it isn’t only a third person whose vehicle gets damaged; your vehicle can get damaged too. Hence, buying a comprehensive policy helps pay for all those repairs that may be required in the event of an accident involving your bike. Further, a comprehensive plan also provides coverage for damages that may occur due to natural calamities and even man-made perils. Included in its coverage is protection for situations where your bike is stolen or damaged due to fires. Thus, considering the broader coverage a comprehensive plan offers, it is advisable to buy and also go for two wheeler insurance renewal of a comprehensive plan. * Standard T&C Apply

What happens in case you do not have a two-wheeler insurance policy?

Among the two types of two wheeler insurance third party cover is mandatory. Hence, not having third-party coverage will attract legal penalties. It is a punishable offence to ride a two-wheeler without the bare minimum insurance coverage. In addition to that, you attract fines and even imprisonment for repeated offences. If you choose not to buy a comprehensive plan, you will be required to pay for your own damages. Further, no concessions by way of No-Claim Bonus or NCB will be available at renewal. * Standard T&C Apply Therefore, keep in mind that among the different ways to safeguard finances for your bike, an insurance plan is the most feasible option, helping you check legal compliance as well as providing the much-needed coverage for damages. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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