Pros & Cons Of Buying 2 Wheeler Insurance
As the number of two-wheelers is increasing day by day, so does the rate of accidents is also increasing. As people are easily able to afford the prices for two-wheelers, the number of fatalities is also increasing. An accident or a misfortune may happen with your vehicle at any time. It may not be your fault, but you will have to be the one who would have to bear the cost due to another person’s negligence. This is why 2 wheeler insurance is important nowadays, which provides coverage and protection for your vehicle.
The accidents can lead to accidental damages to the persons involved and the vehicles. Suppose in an accident, your two-wheeler gets damaged due to another person’s mistake. It may not be your fault, but you will have to bear the cost of the damage. In these types of situations having 2 wheeler insurance can be very helpful. Insurance for 2-wheelers provides financial protection and coverage against damages that occurred.
Pros Of Buying 2 Wheeler Insurance
- 1 Pros Of Buying 2 Wheeler Insurance
- 2 Cons Of Buying Insurance For Two-Wheeler
- 3 Conditions To Get Two Wheeler Insurance Compensation
- 4 Conclusion
There are various advantages of having insurance for your two-wheeler. Let’s quickly discuss some top pros that you can get with the best bike insurance policy offered by a reputable company.
1] Saves You From Penalties
Not having two wheeler insurance can land you in serious trouble. In India, it is mandatory to have third-party insurance coverage for two-wheelers. If any person is caught by the traffic police driving without insurance, they are liable to pay huge fines.
2] Legal Liabilities
If you are involved in an accident, it may happen that you could have caused accidental damages to a third person or property as well. In this scenario, you are responsible for paying for the damages caused by your vehicle, and if you have bought third-party bike insurance policies, then the company can help you to pay for the loss. If you have caused any accidental damages, then the policy will cover the liabilities.
3] Protection Against Natural Disasters or Damages
A man cannot control nature and feels helpless in natural disasters such as earthquakes, floods, etc. In these types of situations, your vehicles may sustain more damage. If you have 2 wheeler insurance, you won’t have to pay any cash for the damages because the insurance will help to cover the loss.
4] Protection Against Man-Made Disasters
A person cannot predict their future; anything can happen to anybody at any time. You may not know when a theft, war, or riot will occur. For such situations having insurance of bike can be very helpful.
When a person’s vehicle gets involved in an accident, they can face financial and mental problems. But if they have insurance for their two-wheeler, they need not have to worry much. The insurance company will take care of the financial and legal liabilities that occurred.
Cons Of Buying Insurance For Two-Wheeler
While there are many advantages of having bike insurance, there are some disadvantages of insurance for two-wheelers that we should know about.
Having insurance of bike may protect you from various liabilities, such as in case of accidents or natural or non-natural disasters. However, it does not protect the policyholder if they suffer some injuries. Two wheeler insurance policy only covers the damages that the vehicles have undergone.
A main drawback of the insurance for two-wheelers is that the premiums get increasing. When insurance for two-wheelers is constantly renewed, its leads to insufficient coverage, and the premium gets increased.
Conditions To Get Two Wheeler Insurance Compensation
- A person might not get compensation for the damages if the person is under the influence of alcohol.
- If the person was not carrying valid documents, such as a driving license or registration certificate.
- If the bike damages were due to regular wear and tear. In such a condition, the person may not get compensation.
Also Read: How To Buy Bike Insurance? A Complete Guide To Choose Best Bike Insurance Company!
We have seen that 2 wheeler insurance has more advantages than disadvantages. It would be very beneficial if you have bike insurance because, after that, you won’t have to worry about if your two-wheeler gets damaged. You just have to claim the damages and get compensation. So, if you do not have insurance for your vehicle, you should buy the best 2 wheeler bike insurance plan after thoroughly going through all the terms, conditions, coverage, and more details.