Two-wheeler insurance benefits
Compared to other vehicles, two-wheelers are way more vulnerable to road accidents. In such an unpredictable scenario of accidents or other dangers, it is of utmost importance for a bike owner to buy a comprehensive two-wheeler insurance policy to ensure its safety. Buying a two-wheeler insurance policy provides security against a wide range of unexpected calamities. Your two-wheeler also gets protection against damages incurred due to unforeseen situations like theft, personal accident, and third-party liability, which makes a two-wheeler insurance policy worth it.
In 2018 the Supreme Court of India directed all General Insurance Companies to issue a five-year third-party (TP) insurance cover for new two-wheelers. Those vehicles running on roads without a valid insurance policy are liable to attract heavy penalties. Hence, every owner of a two-wheeler has to have a minimum coverage of third-party liability insurance cover.
Below are some benefits of investing in a two-wheeler insurance policy:
Protection against natural calamities:
Your two-wheeler insurance policy will protect you from the expenditure incurred due to damages sustained by your two-wheeler due to natural calamities like floods and earthquakes.
2. Protection against non-natural incidents:
Your two-wheeler insurance covers you against loss and damage due to theft, strike, burglary or war.
3. Legal liabilities:
Suppose a third party involved in an accident with your two-wheeler; then there are bound to be legal liabilities. Third-party insurance, mandatory with two-wheeler insurance, protects you against any third-party liability arising from an accident.
4. No Claim Bonus (NCB):
NCB is the bonus or discounts you earn for every claimless year of your insurance. Buying and renewing a two-wheeler insurance policy regularly on time makes you eligible for the No Claim Bonus (NCB). It is the benefit acquired from the insurance provider for safe driving and maintenance of your vehicle. At the time of renewal of your two-wheeler insurance, the higher the NCB amount, the lower will be your insurance premium.
5. Cashless claim:
One of the excellent benefits of having a two-wheeler insurance policy is acquiring a cashless claim for your repairs. You can get your damaged two-wheeler at any garage affiliated with your insurance provider, where the repair bills get settled between the garage and the insurance provider. You need not pay any cash for the repairs.
6. Insurance cover for a personal accident:
Insurance cover for the personal accident is provided coverage for the rider against any injury resulting from an accident. Having this coverage is mandatory as per the law. In case of an existing personal accident cover, you need not repurchase when you purchase a new two-wheeler.
7. Long-term insurance:
Long-term insurance covers your two-wheeler for three years, where the premium is fixed for the whole term and does not vary. In the case of yearly renewal, the usual price hikes by insurers or tax rate changes invariably increase the premiums. You need not worry about missing the deadline for annual renewal.
8. Third-Party Liability Insurance Coverage Policy:
It is called ‘third-party’ insurance since the policy beneficiary is someone other than the Insurer (the Insurance Company) and the insured (generally, the vehicle owner). This policy covers the legal liability on the part of the Insured Person towards the death/disability or damage caused by the insured vehicle to the third party or property.
9. Comprehensive Insurance Policy
This two-wheeler insurance policy provides complete coverage for the two-wheeler and the insured. In other words, the comprehensive plan covers third-party liability for your injuries and vehicle damage or theft.
Some Insurance companies give additional benefits such as zero depreciation coverage (which cover even the cost of consumables) and personal accidental cover for the owner or rider if an accident happens. Also, this type of two-wheeler insurance covers you in the case of third-party liability.
Conclusion:
Knowing all these benefits, you mustn’t neglect to buy and renew your two-wheeler insurance coverage. Choose one that has all the bases covered, at a reasonable cost, with a good claim settlement ratio.
Along with insurance, it is equally important to get your two-wheeler maintained and serviced timely. VOC bike service centre is the trusted bike repair centre for all your two-wheeler repairs, service and maintenance. VOC has a well-trained staff of technicians and mechanics, with quality service, at affordable pocket-friendly quotations.
