Two-wheeler insurance, sometimes referred to as bike insurance, guards your car against financial losses brought on by unanticipated circumstances. These occurrences include earthquakes, floods, fires, thefts, and collisions with objects, people, or vehicles owned by others. According to the Motor Vehicles Act of 1988, you must operate a vehicle with a current third-party bike insurance coverage in order to drive. However, it will only pay for harm brought on by the insured’s car to a third party.
A type of insurance that belongs to the general insurance product group is bike insurance. The bike owner and the insurance have a contract. This type of financial security, often known as two-wheeler insurance, covers losses caused by unforeseeable occurrences like theft, accidents, or natural disasters to your bike or to another person. Two-wheeler insurance covers all types of two-wheelers, including motorcycles, moped bikes and scooters, electric bikes and scooters, and more.
Three types of two-wheeler insurance are offered in India: third-party bike insurance, standalone own-damage insurance, and comprehensive bike insurance. According to the Motor Vehicles Act of 1988, every bike owner in India is required to obtain at least third-party bike insurance coverage.
A comprehensive bajaj allianz two-wheeler insurance policy is an essential purchase for anyone who owns a scooter. With the increasing number of vehicles on the road and the resulting rise in road accidents, having a comprehensive two-wheeler insurance policy is important.
Why is a comprehensive two-wheeler insurance policy necessary?
Bike insurance must be purchased in order to stay in accordance with the law and create a safety net for your finances.
- Required by law
Bike insurance is required by law for all bike owners, according to the Motor Vehicles Act of 1988. This is a legal requirement, and if you don’t follow it, you’ll be breaking the law and subject to fines and penalties.
- Right financial decision
By purchasing bajaj 2-wheeler insurance, you are taking a responsible and moral action that will guarantee your financial stability and mental peace. You may protect yourself and your two-wheeler against unforeseen events by purchasing and renewing two-wheeler insurance on time. *
- Covers third-party compensation
If you caused the accident, you are legally required to compensate the victim’s loss. If you have bike insurance, it will be easier for you to pay for any costs associated with fatalities, accidents, or property damage. As a result, you may quickly compensate the victims. *
- Covers repair costs
You won’t have to worry about unforeseen additional costs if you have an accident. Your two-repair wheeler expenses will be covered by your bike insurance. *
- Claim the market value
When you buy comprehensive bike insurance, you can feel confident knowing that you are covered in case your bike is stolen or destroyed by fire, and you can claim bike insurance these times. Setting the IDV in a range that is reasonably close to the bike’s estimated current market value is crucial. *
- Compensation in terms of disaster
The idea that you cannot file a claim for bike insurance if your bike is damaged by a natural disaster is widespread among bike owners. That is not the case, though. Your bike insurance policy will help you if a natural or man-made calamity, such as floods, tsunamis, or earthquakes, destroys the bike. *
Purchasing a comprehensive two-wheeler insurance policy for your scooter is important to provide financial protection in case of accidents, theft, or natural calamities. It helps to cover the expenses of repairs or replacement of the scooter and also provides personal accident coverage. Additionally, having insurance is mandatory by law. Hence, it is always advisable to invest in a comprehensive two-wheeler insurance policy for peace of mind and financial security.
* Standard T&C Apply
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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