During the monsoon, we all make it a point to carry an umbrella with us when we step out of the house. Even though the sky may look clear, we know that later in the day, the weather may not remain the same. And so, we carry the umbrella, so that we are prepared when it rains.
It works the same way when it comes to bike insurance. Just like the rains, accidents too are unpredictable, and if you have a bike, then it is wise to buy bike insurance online and carry a copy with you every time you go out.
If the above analogy did not convince you enough, let us delve deeper and understand the ten reasons why your bike still needs insurance:
- Mandatory by Law
According to the Motor Vehicles Act, it is compulsory for every bike owner in India to own third-party insurance for a two-wheeler.
If you fail to abide by the rules, you might be asked to pay a hefty fine of Rs. 2000 for the first offence, or worse, be sentenced to imprisonment for three months. To avoid this, always have your bike insurance with you before you hit the road.
- Bad Road Conditions
The condition of the roads in most parts of the country is pitiful. If the daily route which you take from your home to office consists of lots of potholes and fissures, it just adds to the number of worries in your list. Riding a vehicle (especially a two-wheeler) on bad roads is a risky affair. Covering your vehicle by purchasing bike insurance online will keep you protected as bad roads directly double the chances of an accident.
- Protects Against Risk
If you purchase a comprehensive bike insurance plan, it will protect you against various risks and expenses, including damages to the third party. If a third party incurs losses because of your insured vehicle, the damages, or any physical injuries to the third party will be covered by your bike insurance. Moreover, it will also cover both you and your bike in case of damage.
- Financial Security
Accidents are unpredictable, and owning bike insurance offers you the necessary blanket of a financial security cover. Failing to own bike insurance might lead to hefty fines. Additionally, you will have to bear the costs of bike repairs as well as the replacement (in case of theft) from your own pockets. Hence, being covered financially with bike insurance is of crucial importance. You can check bike insurance premium with an online premium calculator before buying your insurance to determine the total premium outflow.
- Compensation to Family
The personal accident cover of your insurance offers compensation to a beneficiary of the policyholder in case of death of the policyholder. If someone in your family or your loved one is dependent upon you financially, then owning bike insurance can give them the much needed financial support in case of your untimely accidental death.
- Bike Thefts
Given the rising number of thefts of two-wheelers and cars in our country, it adds one more reason for you to buy insurance for two-wheelers. A study suggests that the chances of bikes being stolen are higher than that of a car because naturally, bikes are much easier to steal or dismantle. If you had purchased your bike with the help of a loan, the insurance company would reimburse the payout amount.
- No Claim Bonus
The No Claim Bonus (NCB) is an incremental discount which you can purchase as an add-on with your comprehensive insurance for bikes. It is a bonus which will offer you discounts each year in increasing fashion, provided you do not make a claim in the previous year. This helps you to save on the premium and the amount percentage saved can go up to as big as 50%. What more, it also inspires you to be a better biker so that you ensure not to file a claim.
- Roadside Assistance
It is another add-on for your bike insurance in which you are offered assistance by your insurance provider at an additional cost, in case your bike breaks down, and you are stuck on the road. It covers you for minor technical difficulties such as flat tyre, towing, refuelling, etc., which can be helpful during an emergency.
- Saviour against Disasters
You might ride your bike in the safest possible manner, but you need a backup plan in case your bike is damaged by natural disasters (such as earthquakes or floods) and man-made disasters (such as riots or vandalism). Suitable comprehensive bike insurance will cover both these disasters.
- A Care-Free Ride
Last but not least, there are only a few things in the world as pleasant as riding your bike on an empty road – with a care-free mind. Knowing both your bike and life is covered with bike insurance will allow you such peace of mind.
Conclusion
So, whether you have recently purchased a brand new bike or already own a bike insurance policy that is about to expire soon, make sure that you purchase or renew bike insurance so that you can leverage the various benefits it has to offer.