What Are the Benefits of Investing in A Two-Wheeler Insurance Plan?

A two-wheeler insurance policy is essential to ensure financial coverage for any unexpected accidents and damages. All two-wheeler owners are well aware of the legal requirement to buy one. When deciding which one to purchase, there are two choices – third-party bike insurance and comprehensive bike insurance. This article aims to highlight some of the benefits that can be accrued on buying a two-wheeler insurance policy.

Third-party cover

A third party bike insurance cover is the minimum that all bike owners must-have. With a third-party policy, also known as a liability-only plan, you can be sure about any legal liabilities that become payable to a third person are compensated by your insurance company. Not only does it protect you against damage to third-party property, but also injuries to such a third person along with compensation for disability and death. 

Comprehensive coverage 

While a third-party policy offers limited coverage, a comprehensive policy is an optional upgrade to it. With a comprehensive policy, you can enjoy coverage for damages to your car, any repairs that may be required along with protection from natural calamities and even man-made perils. It is an exhaustive cover that includes protection against not just one type of perils but many different ones at the same time. In addition, a comprehensive policy can be customized using the add-on facility. Add-ons are optional features that enhance the coverage offered under a comprehensive policy. These add-ons can either be bought at initial purchase or even during bike insurance renewal

No-claim bonus

With the consistent renewal of your bike insurance policy, you can enjoy the benefit of a no-claim bonus. Since claims aren’t always raised during the policy tenure, the insurance company offers the no-claim bonus facility wherein a concession is offered during your renewal premium. 

Legal compliance

As discussed above, it is mandatory to buy a two-wheeler insurance policy. The Motor Vehicles Act of 1988 makes it compulsory for all vehicles to have insurance coverage. With a motor insurance policy along with your registration certificate and PUC document, you can legally ride a two-wheeler in the country. Moreover, you’re immune to fines that are otherwise levied for not having a valid insurance policy. So, to stay up to date with the necessary legal compliances, you must have two-wheeler insurance when riding a bike. You can choose to buy such two heeler insurance online for its ease of purchase. 

Free from risk and stress

With a bike insurance policy, twofold benefits are available where the policy provides freedom from the potential risk of repairs and accidents and mental stress from such legal liabilities. Since the policy offers a financial safety net for the cost of repairs, it is a worthwhile investment to carefully look at when buying one. 

These are some benefits as to why you should purchase two-wheeler insurance. Among the myriad options, make sure to buy a policy that checks all the right boxes when it comes to coverage. Along with that, ensure the premium paid for such coverage fits within your budget. For that, you can make use of a bike insurance calculator too. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale. 

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