What are the benefits of bike insurance in India?

This question can arise in your mind if you are purchasing a brand-new bike. Or it can also arise in your mind if you are paying for motorcycle insurance every year but haven’t really used it yet.

But don’t worry, in this article, I will tell you about all the advantages of bike insurance, be it comprehensive, third party, or own damage.

So keep reading!

Benefits Of Bike Insurance In India

The benefits of bike insurance in India are:
1. Coverage against damages
2. Coverage against damages to the third party
3. Protection against legal liabilities
4. Cashless repair
5. Peace of mind

Let me tell you about these advantages in detail one by one.

1. Coverage Against Damages – Benefit Of Own Damage Bike Insurance

The first advantage of buying bike insurance is that it provides coverage against damage to your motorcycle.

Needless to say, a bike can get damaged in a crash or accident. And repairing it can really cost a lot. However, bike insurance does not let this cost get transferred to you.

And if you have taken the zero depreciation bike insurance then you just have to pay a nominal amount to get your bike repaired.

Not only this but the bike insurance also pays for treatment of injuries that you sustain in an accident.

Now you must be like, I don’t need bike insurance, I ride my bike carefully!

But you are wrong!

You may take all the precautions but there are some situations that you cannot control. Like a natural calamity, or someone stealing your bike.

If god forbid something like this happens to you. Do you think you will be able to buy a new motorcycle soon?

For most people, the answer to this question will be no because many people finance their motorcycles. However, if you have taken motorcycle insurance then it can help you in these situations.

Therefore buying motorcycle insurance can save you a lot of money in case of a crash, accident, natural calamity, or unnatural calamity.

2. Coverage Against Third Party Damages – Benefit Of Third Party Bike Insurance

Generally, there are two parties involved in the crash. One that hits someone and the other that gets hit.

In insurance terms, the one that gets hit is called a third party because the first two parties are the insurance company and you yourself.

So suppose, you crash into some other vehicle. In this case, not only your own bike but the vehicle that you crashed into will get damaged, right?

Since the crash was your mistake therefore you are liable to pay for the cost of damage to the other vehicle.

In this case, you will not only have to get your own bike repaired but the other vehicle as well. And just imagine the cost of repairing, if the other vehicle turns out to be a luxury car.

This cost can even go further up if the other person also gets injured. Because you will also have to pay for their treatment as well.

However, taking a third party bike insurance can save all of your costs. It will bear the repair and treatment cost of the third party. Therefore the benefit of taking third-party bike insurance is huge. And if you don’t know then let me tell you, taking third party bike insurance is mandatory in India.

3. Protection Against Legal Liabilities

According to the Motor Vehicles Act of India, it is mandatory to buy bike Insurance. If you ride a motorcycle without a valid motorcycle insurance then you will have to pay the penalty.

The penalty for this crime is ₹2000 or 3 months of imprisonment. Or in some cases, you may have to pay the fine as well as spend 3 months in jail.

Therefore another benefit of two wheeler insurance in India is that you stay protected from legal liabilities.

4. Cashless Repair

Another major advantage of bike insurance in India is cashless repair. Almost all the insurance companies in India have numerous service center partners.

In case you meet with an accident and your bike gets damaged then you have to take your motorcycle to the nearest impaneled service center. It will repair your bike and you will not have to pay anything other than filing charges.

This really becomes beneficial if the cost of repairing is high and you don’t have the cash amount available.

5. Peace Of Mind

This is probably the biggest benefit of bike insurance in India.

Buying motorcycle insurance gives you peace of mind. You don’t have to constantly worry about the financial burden that you will have to bear in case someone hits you or your bike gets stolen.

And believe me, with this peace of mind, you will enjoy your bike rides even more.

Is It Mandatory To Buy Bike Insurance In India?

Yes, it is mandatory to buy bike insurance in India because it is required by the law.

As discussed, according to the Motor Vehicles Act, buying motorcycle insurance is compulsory in India.

However, there are different types of bike insurance available. And you only have to take third party bike insurance if you want to comply with the law.

It is totally up to you whether you want to take own damage or comprehensive bike insurance or not.

FAQs

Is It Necessary To Buy Bike Insurance?

Yes, it is necessary to buy bike insurance in India. It is mandated by the law.

What Are The Benefits Of Bike Insurance?

The benefits of bike insurance include coverage against damages to your bike and to a third party, protection against legal liabilities, cashless repair, and peace of mind.

Can We Skip Bike Insurance?

No, you cannot skip bike insurance. Riding a bike without valid insurance is a crime in India.

Is 5 Years Of Bike Insurance Mandatory?

Yes, 5 years of third party bike insurance is mandatory in India if you are buying a new motorcycle.

Is First Party Insurance Mandatory For Two Wheeler?

No, first party insurance is not mandatory for two wheelers in India.