Why is it Mandatory to Buy a Bike Insurance Policy in India?

In India, owning a bike is not just a mode of transportation; it has become a vital part of one's life. Whether cruising through bustling or exploring scenic countryside roads, bikes offer freedom and convenience like no other mode of transport. However, with great freedom comes great responsibility. One such responsibility is protecting your prized possession from several unforeseen risks by buying bike insurance online. Let us understand why bike insurance is mandatory in India and its significance.

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6 Reasons Why Two-Wheeler Insurance Is Mandatory in India?

A two-wheeler insurance policy protects your bike against various unpredictable circumstances. With that saying, here are six reasons why as a bike owner, you must have a bike insurance policy:

  1. Legal Requirement: As per the Motor Vehicles Act of 1988, every bike owner must have at least a third-party bike insurance policy. Riding your bike without a third-party bike insurance policy can lead to a fine of ₹2,000/- and/or imprisonment of 3 three months.
  2. Financial Protection: Since road accidents are unpredictable, adequate bike insurance coverage ensures financial protection against damages to your bike, property, or injuries to third parties.
  3. Third-Party Liabilities: A third-party bike insurance policy covers damages caused to third-party property or person by your bike. It safeguards you against legal liabilities arising in a road accident.
  4. Safety Net for Unforeseen Events: A comprehensive bike insurance policy not only covers third-party liabilities but also provides financial aid for the damage or loss caused to the insured bike due to accidents, theft, natural calamities, or man-made disasters.
  5. Peace of Mind: Having a comprehensive bike insurance policy gives you peace of mind that you are financially protected in case of mishaps. It allows you to enjoy your rides without worrying about potential risks.
  6. Compensation for Medical Expenses: In case of accidents, bike insurance covers medical expenses for injuries sustained by the rider and pillion riders, providing crucial support during emergencies by purchasing the mandatory PA cover and the optional pillion rider cover.

How Does Bike Insurance Protect You?

Bike insurance acts as a shield against unforeseen events and provides financial security. Whether it is repairing damages from accidents, replacing stolen bikes, or settling legal claims, bike policy ensures you don't bear the unexpected expenses alone.

What is Covered in a Bike Insurance Policy?

  1. Own Damage Cover: This covers the damages to your bike due to accidents, theft, fire, vandalism, or natural calamities like floods or earthquakes.
  2. Third-Party Liability: It covers legal & financial liabilities causing damages to third-party property or persons in a road accident by you.
  3. Personal Accident Cover: Since Personal Accident (PA) Cover is a mandatory add-on for the rider, it offers financial assistance for medical treatment or compensation in case of disability or death.
  4. Add-On Covers: Bike insurance add-on covers like zero depreciation cover, 24x7 roadside assistance cover, engine protection cover, etc., can be availed for enhanced protection at an extra premium.

You may also read Why Are Add-On Covers in a Bike Insurance Policy Required?

Final Words

In a nutshell, bike insurance is not just a legal obligation but a prudent financial decision you can't miss. It shields you from unforeseen risks, provides financial security, and ensures compliance with legal requirements. In the digital age, buying bike insurance online has become more accessible and convenient from Policybazaar.com. Here, you can compare multiple bike insurance quotes, calculate bike insurance premiums, and purchase a policy hassle-free.

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis