The country’s capital, which is one of the most densely populated states in the country, reports a high number of two-wheeler accidents every year. As of 2019, the total number of traffic accident cases in Delhi alone is reported to be 1,463. While this is the condition of accidents in the country’s capital, the situation is no different in other states, so there are plenty of reasons for Bike Insurance in India. While a high number of two-wheeler accidents are reported, there is an even higher number that goes unreported due to the low magnitude of these accidents.
Hence it is extremely important and crucial to have bike insurance or motor insurance that will help you and your family in a time of need. A bike insurance cover will provide not just financial security in case of an accident towards the insured individual but will also provide cover against any legal liability in case of third-party damage.
Why Must We Have Bike Insurance in India?
It is a mandate in India to have a bike insurance cover: A law-abiding citizen of the country must have at least a third-party insurance cover in place. As per Motor Vehicle Act, 1988 it is mandatory for all vehicle owners to have third-party motor insurance. This helps in ensuring that any harm or damage caused to a third-party individual or his/her vehicle can easily be compensated by the insured individual. It is also a big help for the insured individual as one does not have to pay from their pocket.
Additionally, if you buy bike insurance online you can also get special discounts on premium amounts which are only run-on online platforms for a limited period.
Also Read – How Insurance Helps You Cover Your Assets
A bike insurance cover protects you not just in case of an accident but in several other situations- To understand this better we need to understand what the different types of bike insurance plans are and what are their benefits-
- Third-party bike insurance cover: Third-party bike insurance cover provides cover for any damages to a third-party vehicle or individual in case of an accident. You must know that in case an insured individual hits a third-party entity, he/she is liable to compensate for the loss as per the law. It may be a huge financial loss for those who do not have enough money to pay for the hospital bills or repair costs for a third-party individual or vehicle. In such a situation bike insurance can save you from this stress. Additionally, it also provides third-party death insurance cover in case a person dies due to an accident while you are driving your vehicle.
- Comprehensive bike insurance cover– This insurance cover will provide cover to not just third-party entities but will also provide Own Damage (OD) coverage. This coverage is applicable in case of accident, theft, natural calamity-related damages, fire, and riots. In a way, your bike and you are financially protected against any kind of damage. Moreover, with a comprehensive bike insurance plan, you can also get the benefit of personal accident coverage that will provide added benefits such as daily allowance cover, accidental death insurance cover, etc. Other add-on benefits can be availed with small additional premium amounts like the zero-depreciation cover, No Claim Bonus cover, key replacement cover, and much more.
Hence, with a bike insurance cover, you get benefits that save you from breaking any laws and saving your money. To know more about bike insurance covers, motor insurance their benefits, and premium amounts you can visit the Bajaj Finserv website. You must also view the add-on benefits other than the conventional bike insurance covers which will help you get the maximum benefits at affordable premiums.