Lifestyle

Top 5 Benefits of Buying Bike Insurance You Must Know

Having a valid bike insurance comes with several advantages. It provides financial security, protects from legal issues and gives you a peace of mind during claims in unfortunate accidents.

As per the law, it is mandatory to have a valid two wheeler insurance policy while driving any two wheeler vehicle on Indian roads in order to avail all the benefits of the insurance policy.

Top 5 Benefits of Bike Insurance:

Here are the top 5 benefits of buying a bike insurance policy that everyone must know about.

1. Third party coverage: Two wheeler insurance gives you financial protection against third party liabilities. Hence it is mandatory to have a valid insurance policy as per The Motor Vehicles Act, 1988. In case of accident, a third party liability may arise if the third party has suffered any injuries or any property damage.

2. Own damage protection: Having comprehensive bike insurance gives you protection against damages caused to your own bike. Do note that this coverage is not available if you have only third party coverage.

A comprehensive 2 wheeler insurance gives wide coverage against theft, fire, man-made calamities, natural calamities, etc. You can also choose to enhance your coverage with the help of different add-on covers like zero depreciation, personal accident cover, NCB protection etc.

3. Avoid Penalties: Having a valid insurance policy is just as important as wearing a helmet. Not having either of them can result in heavy fines and punishments. Not carrying a valid two wheeler insurance policy is against the law. If the rider or owner of the two wheeler is caught without a valid insurance policy it can result in paying a fine of up to Rs 1000 or imprisonment or both.

4. Discounts and offers: Buying a two wheeler insurance policy is not always a costly affair. If you haven’t made any claims during the policy period, you will receive discounts when you renew your bike insurance policy. The No Claim Bonus in bike insurance ensures you get discounts on your two wheeler insurance. Also, if you buy or renew bike insurance online you may be able to avail good offers on the insurance policy.

5. Peace of mind: Accidents may happen sometimes. However, being financially prepared helps you overcome the burden of expenses that may occur due to such unfortunate events. Two wheeler insurance helps you ensure that you are financially prepared to cover such losses and expenses. This in turn provides you with the peace of mind that you deserve.

It is important to have a valid bike insurance in order to avail the above mentioned benefits apart from several other benefits of the insurance policy. Thus make sure to renew your policy on time and in order to avoid any fines or punishments have the peace of mind you deserve.

Author Bio: Smriti Gala works as a Digital Marketing Manager with Coverfox. As her life turned upside down when COVID severely afflicted her family members, Smriti decided to dedicate her expertise towards informing and educating the masses about the importance of health insurance. When she is not actively writing enlightening content, our ‘monk marketer’ likes to meditate, meet new people and explore less traveled territories.

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