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Do you remember all the privileges your two-wheeler brought in your life after you purchased it? Apart from helping to travel efficiently between your favourite locations, it also gave you a sense of independence to travel at your will. No more dependence on public transport is definitely something to be happy about, especially in the social distancing times of a post-COVID world.
Similarly, when you buy two wheeler insurance for your bike, you enjoy multiple benefits. We urge you to purchase one, if you haven’t already, as in India, as per the Motor Vehicle Act, it is mandatory for every bike owner to have a bike insurance policy. Because of the hassle-free experience, we suggest you buy bike insurance online.
Now, let us take a look at the top five benefits which a bike insurance policy can offer you:
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Avoid Penalties
You need to be aware of the fact that not having insurance for your two-wheeler when you are riding it on Indian roads can be an unpleasant experience for you as you may be fined or even imprisoned for it. Considering the recent rise in accidents in India, the government has started taking traffic rules more seriously, and they expect citizens to abide by the rules as well.
For not following the rules, you can be charged a fine of ₹2000 and imprisonment of up to three months for your first offence, and the fine goes up to ₹4000 for your second offence. Hence, it is strongly suggested that you always carry your two-wheeler insurance with you while riding to avoid such hefty fines.
By owning two-wheeler insurance for your bike, you become a “law-abiding citizen”.
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Stay Insured
When you own insurance for your two-wheeler, you shield yourself financially against losses which you might otherwise have to pay in case of any unfortunate event or accident while you are riding your bike.
If you opt for comprehensive two-wheeler insurance, it will not only cover the losses of the third party but will also protect you against damage caused to you or your bike.
If your bike is damaged due to natural calamities such as floods, earthquakes, rains, etc. or human-made calamities such as riots and vandalism, comprehensive insurance covers those losses too. Thus, apart from saving you against huge financial losses, a two-wheeler insurance plan will also let you ride your bike more peacefully.
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The NCB Factor
The No-Claim Bonus (NCB) is an incremental discount which is offered by the insurance policy for two-wheelers to bike owners when you renew your policy. As the name suggests, it offers you a “bonus” or a discount if you do not make a claim for your insurance in your entire insurance policy for two-wheeler tenure.
The discount is offered on the renewal premium which you pay to the company. In a period of over five years, the discount offered on premium increases from 20% to 50%. So let’s assume if you got a discount of 20% after completion of the first year without any claim, in the second you might receive a discount of up to 30%. In this way, you might get a discount of 50% in the fifth year for not making a claim.
By not making a claim, the discount will further motivate you to become a better driver and ride your bike more safely.
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Easy Insurance Renewal
Ever since the boom of the internet, everything has become easy – including renewal of your bike insurance policy. No more do you have to make multiple visits to the nearest office or customer centre of your bike insurance service provider. All you need to do is to visit the official website of your bike insurance policy provider and visit the bike insurance renewal section.
When you are on the website, you will find an insurance renewal form. You can fill the form with the required details and obtain the premium amount which you are required to pay. After you complete the payment with online banking or your credit/debit card, your bike insurance will be renewed successfully. Renewing your bike insurance policy online is a hassle-free experience.
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Roadside Assistance
Imagine a scenario where you are riding your bike on a late Friday evening on an empty road when you realise you have a flat bike tyre. Does that not cause panic? Well, we all dread a situation where we could be lost in a secluded place with no one to help.
Bike insurance policy providers have got you covered with an add-on called Roadside Assistance. With this assistance, you can dial the emergency number, and your service provider will send a team to help you with minor repairs, towing, refuelling, fixing flat tyres, etc. Such a benefit gives you one more reason to have bike insurance.
Conclusion
A comprehensive bike insurance policy is the ultimate protection for your two-wheeler as well as you. While the legal requirements make it mandatory to have a third-party cover, getting a comprehensive insurance policy can protect you against multiple liabilities with a single umbrella cover. Remember to compare different providers, check the policy coverage, and make an informed choice.
