Two Wheeler Insurance Advantages and Disadvantages

Over the years, there have been many advancements in the Motor Vehicles Act of India. And that is only to ensure the safety of every person riding a bike or two-wheeler on Indian roads. There are a few rules that you must follow as a responsible citizen of India when riding a two-wheeler in the country. Like you must have a driving license, your vehicle must be registered with the RTO, and you must take the necessary safety precautions while riding your bike. Along with that, one thing that the Motor Vehicles Act specifically emphasizes is having a two-wheeler insurance policy.

Well, you may be wondering what if you don’t sign up for two-wheeler insurance. Right? And this is where today’s post comes into play, here we will be taking a look at the two-wheeler insurance advantages as well as disadvantages. Let’s begin.

Two Wheeler Insurance Advantages

Here are some benefits of two wheeler insurance:

1. Liability Coverage

Two-wheeler accidents are a common thing, not just in India but all around the globe. And while riding a bike or motorcycle, there is the possibility that you may cause injury or damage to another person or vehicle on the road. In that case, you’d be liable for the accident. However, there is a way where no one needs to compromise when it comes to third-party liabilities. If you already have two-wheeler insurance, and you are liable for the accident, then as per your insurance policy, your insurer will cover the damages and provide financial support. Sometimes the compensation cost can be way higher, and in case you are not financially stable enough to pay for the compensation to the third party, then your two-wheeler insurance policy can come in handy. That is the reason why the Motor Vehicle Act specifically emphasizes having an insurance policy for your two-wheeler.

• Also Read: Two Wheeler Loan Advantages and Disadvantages

2. Financial Support In Case Of Damage To Your Two Wheeler

It is not always about you causing damage to another person or vehicles or property when riding a two-wheeler. Suppose, when riding your bike, another person causes damage to your vehicle, then who’d be liable for that? Well of course the other person or third party would be liable for that, but what if you don’t have enough information about them because it happened within seconds? In that case, you can claim your two-wheeler insurance to cover the damage that happened to your two-wheeler or bike. Or it could be that you parked your two-wheeler somewhere safe, but even then your vehicle got damaged for some reason. In that case, if your two-wheeler insurance policy covers the repair cost, then it won’t put an additional financial burden on your pocket.

3. No Penalties

As mentioned earlier, having two-wheeler insurance when riding a bike or two-wheeler on Indian roads is mandatory as per the Motor Vehicle Act. If you don’t have a hard copy of your two-wheeler’s insurance policy, then you’ll be liable for penalties that a government official or traffic police can impose on you. So the rule is pretty simple: sign up for a basic two-wheeler insurance policy and keep the hard copy of that policy along with your RC, driving license, and other documents of the vehicle. If you don’t have the necessary documents with you, the officials may impose a more than 1000 rupees fine or it could be that you’d be imprisoned for 3 months.

4. Keep Yourself Worry Free

You should always be aware of the fact that mishappenings can happen anytime, anywhere, especially when you are out on the roads on your two-wheeler. And it is always better to be prepared for the worse, even if there is a slight possibility. Don’t you think? Well, that is why two-wheeler insurance policies exist. By signing up for a good two-wheeler insurance policy, you can keep yourself worry-free. Because that way you don’t need to worry about damage to your vehicle, third-party liabilities, official penalties, or anything like that.

Two Wheeler Insurance Disadvantages

There is not any drawbacks of buying a two wheeler insurance:

None

Insurance policies are designed in such a way as to provide financial support to the person who’s signing up for them, especially if we talk about vehicle insurance policies. And seriously, there are no disadvantages to signing up for a two-wheeler insurance policy. Only if you don’t count the insurance premiums as a disadvantage. No matter what your beliefs are about two-wheeler insurance policies, opting for one is a must for every two-wheeler owner. If you don’t then you’d have to compromise with damage done to your vehicle by a third party, and you’ll automatically be liable for penalties if you ride your bike without a two-wheeler insurance policy.

Conclusion

Alright, now you have a clear picture of why you should opt for a two-wheeler insurance policy right away. Correct? Well, you shouldn’t just sign up for any two-wheeler insurance policy or plan, you should investigate a little and find out the best insurance policy as per your requirements.

Two Wheeler Insurance FAQs

Q1. Is It Mandatory To Have Two-Wheeler Insurance In India?

Ans: Yes, in India, having two-wheeler insurance ain’t optional, it’s the law! The Motor Vehicles Act of 1988 says every bike owner must have at least third-party insurance. That means you’re covered for any damage your ride does to someone else’s property, keeping you outta legal hot water.

Q2. Can I Transfer My Two-Wheeler Insurance Policy If I Sell My Bike Or Scooter?

Ans: Absolutely! If you sell your trusty bike or scooter, you can hand over the insurance policy to the new owner. Just give your insurance peeps a heads up, send them the right paperwork, and they’ll take care of the rest. Once the transfer is done and the new owner got the policy under their name, you’re off the hook for any future insurance-related stuff.

Q3. Can I Make Multiple Claims In A Single Policy Year For My Two-Wheeler Insurance?

Ans: You sure can, but hold your horses! Each claim you make chips away at your No Claim Bonus (NCB) which is the sweet discount on your premium for keeping your claim record clean. So, every claim shrinks your NCB, which means higher premiums the next time you renew. Think about whether it’s worth making a claim or paying for repairs yourself to protect that precious NCB.

Q4. Can I Make A Claim Under My Two-Wheeler Insurance Policy If My Bike Or Scooter Is Damaged While Parked?

Ans: Yup, your insurance has your back even when your bike is chillin’ in park mode. With a comprehensive policy, you’re covered for accidents, acts of nature, and other messy stuff, even when your bike’s just sitting there. To get the claim process going, you’ll need to loop in your insurance provider, file an FIR if needed, and submit the necessary documents. But remember, weigh the repair costs against your NCB before making a claim!