Aarav bought a bike recently and was only interested in buying the third-party insurance since it is compulsory as per the law. He did not do any research and did not want to know the risk he was taking by not taking a comprehensive car insurance policy. When his friend, Ruhi realized what he was doing, she explained that he should not buy any other two-wheeler insurance policy and give a thought to a good policy, which has many advantages. Let us see the importance of two-wheeler insurance.
When compared to any other vehicles on the road, it is often seen that two-wheelers are more prone to mishaps and accidents. In order to ensure you do not suffer from any loss on your two-wheeler from damage and accidents, you must buy a two-wheeler insurance policy. As per the law and more importantly for your own safety, all two-wheelers must be insured. The insurance policy not only protects from accidents and thefts but also many manmade and natural calamities. You should always look at a comprehensive two-wheeler insurance policy like an investment and not an expense due to the many advantages it has. Some of the advantages are:
The main advantage of any insurance policy is that it provides protection and in case of two-wheeler insurance it is no different. This policy provides protection against both man-made and natural calamities. The insurance will cover any losses that you might incur due to burglary, theft, war, strike and accidents. The policy pays for the replacement cost or the service cost depending on the extent and type of damage.
Not many people realize that two-wheeler insurance provides a lot of protection against natural disasters. Any disaster like earthquake, fire, landslide, cyclone, storm, flood, self-ignition etc. can cause a big loss, but an insurance policy will provide coverage against these too. Any expense you will incur on the repair caused due to these damages will be taken care off by this policy.
Protects Legal Interest
As per the Motor Vehicle Act, 1988 it is mandatory for any two-wheeler owner to have a third-party liability insurance cover. With this policy, you will not have to pay for any third-party liability, which may arise when you are involved in any accident.
When you continue renewing your policy, you can save money with the help of discounts on two-wheeler insurance. If you do not file any claim in the policy year, you are entitled to a No Claim Bonus (NCB) Thus, you can pay the premium and if all goes well and you do not need to use the insurance policy, you can always get an advantage of this bonus and save money.
Undoubtedly, this is one of the main advantages of two-wheeler insurance policy and is the one, which cannot be quantified. When you have an insurance cover you have peace of mind and security that there will not be a financial burden in case of a mishap. You can ride your vehicle with complete confidence without worrying about any consequence. You are also safe from any traffic fines.
When buying a new two-wheeler vehicle, you must ensure you take an insurance policy, which provides complete coverage. Just any policy will never be the solution. You must know different coverage and add-ons that are available and then compare the policies to ensure you take the best one which suits your requirements in the best possible manner.
Once you have taken the policy you must always remember the expiry date and ensure you renew it on time to get all the benefits and also to avoid any late payment charges. You must never wait till the last day and renew it before time. You should know about terms like voluntary excess and No Claim Bonus and avail the benefits associated with them. Never forget to compare insurance policies provided by different insurance companies and also their quotes to ensure you do not miss out on any important aspect and buy the best policy.