Reason why number of two wheelers has increased on road is the given fact that the traffic congestion leaves people stuck on road for longer hours. Hence, people prefer riding their personal bikes or scooter for better convenience and to save time reaching their destination. With this, it is important to safeguard oneself and the vehicle as well from any uncertain danger on the road.
According to Motor Vehicle Act, 1988, it is mandatory for all vehicles in India to at least have third-party liability insurance cover. Riding a bike without two-wheeler insurance cover attracts heavy penalty charges. Apart from being legally mandatory, an insurance cover is a great investment as it provides shield to the vehicle as well as the rider giving complete peace of mind while riding a bike.
The concept of vehicle insurance was introduced under Motor vehicle act and is regulated by the Insurance Regulatory Development Authority of India (IRDAI). After recent orders from the Supreme Court, IRDAI has made it mandatory to have a 5 year third-party insurance policy, right at the time of purchasing the vehicle, so that individuals can legally ride their vehicles on road. Hence, it is compulsory for every vehicle owner to hold at least third-party liability cover, which is the minimum insurance coverage offered.
Vehicle insurance refers to an insurance policy taken to cover against any damages occurred to the vehicle and/or the rider due to any unforeseen event such as accident, theft, or damage due to natural disaster. Insurance, thus, provides protection against liabilities arising from injuries or damages due to unforeseen event or accident. Hence, bike insurance is the ideal solution to meet unwanted expenses cost that may arise due to the damages caused to the vehicle.
Over the years, insurance market has changed dramatically for a range of benefits and features it holds towards the vehicle and the owner as well. With the emergence of new players in the market, the bike insurance companies have come up with several features to woo the customers and keep them loyal for years.
Moreover, individuals have got a choice to buy an insurance plan according to their preferences. Mainly, there are two types of two wheeler insurance policies:
• Comprehensive, that covers against all types of damages to the vehicle and its riders.
• Liability-only, that only provides coverage against any injuries occurred from third-party action.
No matter what type of plan you choose, there are certain benefits of two wheeler insurance plan. So, let’s check out some of the key benefits of buying vehicle insurance policies:
Choice of Comprehensive and liability-only covers
Individuals have choice to choose between the types of coverage they want. While comprehensive insurance plan provides complete protection against all type of tear and wear to the vehicle and its rider; the liability-only policy covers against damages caused from third-party.
Gone are days when customers have to stand in long queues and wait for their turn to buy or renew a two-wheeler policy. Now, as we are living in the digital era, things have become quite convenient and hassle-free, including buying an insurance policy. With the emergence of new technology and online banking services, customers can conveniently buy or renew the policies online.
Moreover, the customers have choice to add optional covers such as injuries to pillion riders, spare part cover, and zero depreciation cover. Additional coverage is generally offered at a slightly higher premium, but, makes a worth for money in case of any unforeseen or unfortunate event.
Easy transfer of no claim bonus (NCB)
Another added benefit and feature of a vehicle policy is that the insurance companies offer easy transfer of the no claim bonus discount if a customer buys a new vehicle and didn’t had any insurance claim for the previous vehicle.
With so many insurance companies offering the best services, it is quite difficult to pick the right vehicle policy. Hence, here are some quick tips to help you buy the best bike insurance with maximum benefits.
Compare type of coverage – While buying two-wheeler policy, it is essential to compare the type of coverage it offers. Generally, the insurance policy covers loss or damage to vehicle and/or the owner against natural calamities (fire, earthquake, lightning, flood), man-made calamities (burglary, malicious acts, theft), and death/injury and damage due to accident.
Compare premium – It is no way a good idea to get maximum coverage at higher premiums. Instead, compare policies with lower premiums and maximum coverage benefits.
Compare cashless network – Before finalizing the decision, don’t forget to check and compare the network of cashless garages in your city or area.