Two-wheelers are the most practical and economical way to get around in urban or rural areas. Two-wheelers being the most economical mode of transportation, they have become more prevalent in rural areas and metropolitan areas than ever. Due to their comfort and ease of use, they are considered the most convenient mode of transportation. Despite the various restrictions imposed by lockdowns due to COVID-19, over 15 million two-wheelers were bought in India in the financial year ended March 2021. This shows that despite the uncertainties, the demand for two-wheelers remained strong.
At the same time, travelling with two-wheelers is dangerous. Over a third of fatal road accidents in India reported in 2019 were caused with two-wheeler riders. The poor road conditions contribute to the high number of accidents involving these two-wheelers. This means that being a bike rider on Indian roads is very different from other countries. Hence, having the right bike insurance policy is very important. It would protect you from various risks, such as accidents, theft, and liability. However, even if you do have one already, you have to pay special attention to renewals. This article helps you understand why you need to do so. * Standard T&C Apply
What two-wheeler insurance means in India
No matter what kind of two-wheeler you own, you need a good bike insurance policy. Having a good insurance policy is a vital part of having a great riding experience. It can help minimize the risks of accidents and keep your vehicle and passengers safe. Moreover, it can give you peace of mind that if you get into an accident, the liabilities and repairs will be covered by insurance provider. Not to mention, it is mandatory as per the law. If caught without a valid policy, you will have to pay hefty fines. *
Natural disasters happen quite often in India. Your bike can get take major damage during any type of natural damage. When it comes to dealing with natural disasters, insurance can help protect your vehicle from getting damaged. However, that does not apply to a thirdparty bike insurance. Having a comprehensive insurance policy can help keep your vehicle protected from getting destroyed by the harsh weather conditions. This product will help keep you and your vehicle safe from various types of damages caused by different types of man-made disasters and emergencies. It will help keep your vehicle secure in the event of an accident, fire, explosion, or terrorism incident. *
Missing bike insurance renewal
Sometimes, two-wheeler owners tend to get bogged down by the endless reminders from their insurance providers and fail to renew their insurance policies. According to the IRDAI, around 60% of India’s vehicles lose their insurance coverage by making this mistake. Not having the necessary insurance coverage is a big mistake and can lead to higher risks. Hence, it is important to make timely renewals for your bike insurance. Here are all the reasons why you should make renewals before the policy expires. You can visit the official website of IRDAI for further details.*
- Regulatory issues
Under the Motor Vehicles Act, all vehicle owners must carry at least a third-party insurance cover. If caught driving without insurance, you could get fined up to ₹ 2000 or imprisoned for up to 3 months. If you have a record of making traffic violations like these, these penalties can be even higher. *
- Rising expenses
A good two-wheeler insurance policy is like a helmet that’s designed to protect you against various risks. It can help minimize the cost of repairs and replace your vehicle if it gets damaged. If an accident occurs while your policy is not active, then you would be responsible for all the damages caused by the incident. Aside from that, you would also be required to cover the expense of repairing your own vehicle. Moreover, the bike insurance price will be even higher for you after you miss renewal and lapse your policy.*
* Standard T&C Apply
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.