Benefits of Buying A Two Wheeler Insurance Policy

Riding a two-wheeler is an exhilarating experience that offers freedom, convenience, and ease of navigation through congested traffic. However, it also exposes riders to a higher risk of accidents and mishaps on the road. To ensure that you stay safe and secure while riding your two-wheeler, purchasing a comprehensive two-wheeler insurance policy is a must. In this article, we'll explore the many benefits of buying a two-wheeler insurance policy and why it's essential for every two-wheeler owner.

Benefits of Buying A Two Wheeler Insurance Policy

1. Protection Against Accidents

A two-wheeler insurance policy provides coverage against various damages that may occur due to an accident, such as injuries to the rider or pillion, damage to the vehicle, and third-party liability. This coverage ensures that you don't have to bear the financial burden of such expenses, which can be quite substantial.

2. Legal Compliance

As per the Indian Motor Vehicles Act, it's mandatory for every two-wheeler owner to have at least third-party insurance coverage. By purchasing a two-wheeler insurance policy, you comply with this legal requirement and avoid penalties and legal consequences.

3. Coverage Against Natural Calamities

In addition to accidents, a two-wheeler insurance policy also provides coverage against natural calamities such as floods, earthquakes, cyclones, and landslides. Such incidents can cause extensive damage to your two-wheeler and may require significant expenses for repairs or replacements. With insurance coverage, you can avoid such financial burdens.

4. Coverage Against Theft

A two-wheeler insurance policy also provides coverage against theft or loss of your vehicle. In case your two-wheeler is stolen or lost, the insurance company will compensate you for the value of the vehicle. This coverage provides you with peace of mind and ensures that you don't suffer any significant financial losses.

5. No-Claim Bonus

If you don't make any claims during the policy period, you become eligible for a no-claim bonus (NCB). This bonus entitles you to a discount on the premium for the next policy period. The NCB can accumulate over time, and you can save a significant amount on your premium payments.

6. Customizable Coverage

A two-wheeler insurance policy is customizable, and you can choose the coverage that best suits your needs and budget. You can opt for a comprehensive policy that covers all possible risks or choose a policy that provides only third-party liability coverage. You can also add riders such as personal accident cover, pillion rider cover, and engine protection cover for enhanced protection.

7. Peace of Mind

Finally, purchasing a two-wheeler insurance policy provides you with peace of mind. You can ride your two-wheeler with confidence, knowing that you have adequate insurance coverage in case of any unforeseen event. This peace of mind is priceless and ensures that you enjoy your two-wheeler riding experience to the fullest.

FAQs

Q1. What is the difference between third-party and comprehensive two-wheeler insurance?

Third-party insurance covers damages and liabilities arising out of injury or death of a third party or damage to their property. Comprehensive insurance, on the other hand, covers all possible risks, including damage to your own vehicle, theft, and natural calamities.

Q2. How is the premium for a two-wheeler insurance policy calculated?

The premium for a two-wheeler insurance policy is calculated based on various factors such as the make and model of the vehicle, the age of the vehicle, the city of registration, and the coverage opted for. The premium also depends on the rider's age, driving experience, and claims history.

Q3. What is a no-claim bonus (NCB)? 

A no-claim bonus (NCB) is a discount on the premium offered by insurance companies if the policyholder does not make any claims during the policy period. The discount can range from 20% to 50% depending on the number of claim-free years.

Conclusion

In conclusion, buying a two-wheeler insurance policy is a wise investment for every two-wheeler owner. It not only provides protection against various risks but also ensures legal compliance and offers peace of mind. With customizable coverage options and the possibility of no-claim bonuses, purchasing a two-wheeler insurance policy is a smart decision that offers long-term benefits. Don't wait any longer, secure your two-wheeler with an insurance policy today!