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Two Wheeler Insurance

In India, people use two-wheeler as a most preferred and convenient option for commuting daily to any place such as their office, shop, business place, or likewise. We can say that India is a two-wheeler centric market.

High number of vehicles on road and road conditions increase the chances of accidents. Now-a-days, the number of two wheeler accidents has been increasing causing anxiety amongst people. Insurance is a guaranteed compensation that helps you financially at the time of any such mishap.

Why Should You Buy Two Wheeler Insurance?

Two wheeler insurance offers protection against any damage caused to a two wheeler and/or its rider due to following unforeseen natural and manmade calamities:

  • Minor or Major Road Accidents
  • Theft
  • Natural disaster such as flood, earthquake, thunderstorm, hurricane, lightning, tsunami, landslide, etc.
  • Riots & Strike
  • Fire & Explosion
  • Burglary
  • Malicious Act
  • Terrorism
  • Loss to the Third Party

Is Buying Two Wheeler Insurance is Legally Binding?

Purchasing two wheeler insurance not only brings you additional security but peace of mind also. A recent directive from the Supreme Court of India has made it mandatory to own a 5-year policy for all two-wheelers purchased after 01/09/2018. Bike insurance is also mandatory to get your bike registered with the authorities.

It is seen that many people usually ignore to take a two wheeler insurance due to lack of knowledge as they are unaware that driving a vehicle on Indian roads without a valid insurance policy is not legal.

There is a fine of Rs. 2000 under the newly introduced penalty structure of Indian Motor Vehicles (Amendment) Act, if you do not have an active two wheeler insurance policy.

Types of Two Wheeler Insurance

There are two types of Two Wheeler Insurance:

  1. Comprehensive Insurance
  2. Third Party Insurance