7 Reasons Why Two Wheeler Insurance is Mandatory
A two wheeler offers plenty of convenience and benefits, especially in terms of saving on time and resources. In fact, more and more individuals are opting for a two wheeler, as a mode of transportation, especially in cities where there traffic and crowding are a problem.
But as a Two – Wheeler offers plenty of benefits, it also comes with its own set of risks. For one, the chances of an unexpected accident can either leave the rider and pillion rider with injuries, or even damage the two wheeler. This can lead to additional financial burden.
So how can you be prepared for such risks? This is where Two Wheeler Insurance will benefit you. A Two Wheeler, or Bike Insurance, will ensure that you are well protected financially.
Here are a few reasons for any vehicle owner to have an insurance policy:
- If anybody has bought a new bike, then he has to buy an insurance policy. Under the Motor Vehicles Act, the Government of India has made it mandatory for every bike owner to have an insurance policy.
- The bad condition of roads coupled with rash driving increases the chances of accidents. An accident can cause damage to vehicles inflict injuries or sometimes even result in loss of life. Loss of money is inevitable under these circumstances as one has to spend to repair the vehicle and get medical aid if injured. All the repair expenses can be taken care of by the insurance company if a policy has been bought. Thus, it will not burn a hole in your pocket and you don’t have to worry about unforeseen expenditure.
- Policies also cover damage to the bike by natural calamities like floods, earthquake, fire, etc. So, you can make a claim under these circumstances.
- A majority of bike owners are people with limited resources. Having an insurance policy ensures that they avoid the burden of unforeseen expenses in case of an accident or theft of the vehicle.
- With third-party Bike Insurance, one can file a claim for the damages to the other vehicle (which is called the third party) involved in an accident.
- The major reason for one to have an insurance policy is that it aids financial support to the policy holder for any expense incurred due to repair work of vehicle damaged in accidents, natural calamities etc. By just paying a small amount to buy the insurance policy, one can claim reasonable amount of money in their time of need.
- It is sensible to take an insurance policy of your bike by paying a nominal amount of money, in order to avoid an additional burden to your budget if a mishap occurs with the bike.
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* The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.