Two Wheeler Insurance
Two-wheeler insurance is a sort of motor insurance applicable only to motorbikes/two-wheelers. It provides cover against any damages caused to a two-wheeler and/or its riders arising out of road accidents, theft or natural disasters, etc.
The concept of two-wheeler insurance in India was introduced by the automobiles Act, 1988. All motor insurance products in India are regulated by the Insurance Regulatory Development Authority of India (IRDAI).IRDAI, has made it mandatory for all two-wheeled vehicles in India to have a 5-year third-party policy, right at the time of buying the vehicle to be ready to legally play on Indian roads.
Vehicles running on roads within the country without a legitimate policy are susceptible to attract heavy penalties. Hence, every owner of a vehicle has got to hold a compulsory third-party liability cover, which is the minimum coverage offered on automobile insurance, including two-wheeler insurance.
It is important and necessary to possess a policy because it provides financial protection against unfortunate accidents which will cause damages to the insured vehicle, damages to the third party property, and bodily injury to the rider, pillion, or pedestrians.
With a Two Wheeler Insurance Policy:
You Have No Financial Stress: A two-wheeler policy offers you a financial shield just in case of theft or any damages caused by or to your vehicle.
You are Legally Protected: Because it is mandatory to possess a policy to ride on Indian roads, it's suggested to possess a photocopy of valid policy in the least times to save lots of yourself from paying a penalty.
You Get a private Accident Cover: The insurance firm covers the insured up to the sum of Rs.25 lakh, which is payable just in case the policyholder suffers total permanent disability or dies an accidental death.
You Have Peace of Mind: Since you recognize you're financially protected against the bike accidental damage repair costs, you certainly have peace of mind.