Why is third party bike insurance beneficial?

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A two-wheeler is one of the best companions for commuting in the city and district, especially when traffic congestion is on the streets. You can cruise your way through the vehicles and reach your destination on time. It is also cheaper than buying a four-wheeler and is available with attractive features and specifications.

Though it is affordable and falls under your budget, buying third-party bike insurance is mandatory by law. The Motor Vehicle Act (1988) states that all vehicles need an active insurance plan to operate in India. You save on additional repair expenses of the bike and medical bills if hospitalised.

What does it offer?

The two-wheeler insurance offers financial and legal protection in an accident-causing death, injury, or damage to an individual or property. In addition, it covers the medical expenses of the injured party and provides compensation for death. You can buy the policy separately or as part of a comprehensive plan covering all the aspects.

The coverage

As the name suggests, insurance is where the beneficiary is the third-party individual and not the policyholder or insurance company. Online bike insurance offers coverage against numerous factors – bodily injuries of the third-party in the mishap, accidental death, permanent disabilities, and damages to their vehicle, property, etc.

The importance

You should know more about the 2-wheeler insurance, including its coverage, benefits, and importance. Technology enables you to buy it digitally from the website or app of the policy provider, thus saving time and effort of visiting the branch.

Legal protection

Roadside accidents become news and legal matters in no time. If the officials find you riding without a valid insurance policy, you pay a penalty of up to Rs. 10,000 and face imprisonment for three months or more, depending upon the severity of the circumstances. However, with an active policy, you and your general insurance provider escape these hassles.

Financial protection

If the victim suffers severe injuries in the accident, the party causing it pays for the medical expenses, including hospitalisation and surgery fees. If you have an insurance plan, the company bears them. It also covers the cost of damage caused to the vehicle or property of the injured party without leaving you worried about compensation.

Security

Any roadside accident can cause stress and worry. It involves excessive paperwork and formalities. In such a case, your insurance plan and provider come to the rescue. Irrespective of the situation, you take respite that the company manages the legal and financial complications. Instead of dealing with the situation, the injured party and policyholder focus on coping with the accident and recovery.

Methods of buying

When you buy a bike, it is wise to buy insurance for additional protection. Since it is a unique and treasured purchase, you ride it carefully to ensure no scratches or dents on the body. You maintain it well, but accidents are uncertain.

Therefore, visit the company branch or buy online 2-wheeler insurance using your smartphone or PC. Then, log on to the website to check the offers. For example, they give discounts on the premium for not making claims in a year. Other covers include zero depreciation, personal accident, pillion rider protection, premium rate hike protection, etc.

Conclusion

Buy a motorcycle with the desired features, but keep safety and law provisions in mind. It helps you ride safely without worrying about financial issues during a road mishap.