The probability of road accidents is rising with each passing day. It is observed that more bike accidents take place than car on a daily basis. However, you can always purchase two-wheeler insurance for security. Apart from many other queries, a major doubt that people have in their mind is whether two-wheeler insurance is mandatory for 5 years or not.
Keep reading to know more:
Is it compulsory to buy a 5-year two-wheeler insurance cover or not?
To clear the air, it is mandatory for a bike owner to have a third party two-wheeler insurance cover for 5 years as per the Supreme Court’s decision. The decision was for the long-term security of vehicle owners as well as to encourage the insurance sector.
Types of policies in the market
The two types of two-wheeler insurance policies available in the Indian markets are:
- Third-party insurance
As the name suggests, this cover only provides protection for any damages caused to a third-party in case of an accident. This is a basic cover that won’t offer additional protection. Also, it is mandatory for every bike owner to have the basic two wheeler insurance third party policy at the very least, as per the Motor Vehicles Act, 1988.
- Comprehensive insurance
This is a better coverage comparatively as it covers not only third-part damages but also own damage. In addition, it offers coverage in case of damages caused due to natural or man-made calamities, theft, etc. It is advised to purchase comprehensive insurance for your bike as you can customize it per your needs.
Benefits of two-wheeler insurance
If you’re looking for a reason to buy two wheeler insurance, here are three:
- Compensation for damages caused
If you purchase a comprehensive cover, any damages caused to your bike will be taken care of by your insurer.
- Gives you the confidence
Once your two-wheeler is insured, you can ride your bike peacefully. For the security of your pillion rider, you can purchase an add-on insurance cover as well. Another important point to note is that if you ride your bike with an invalid insurance policy or no policy, it is punishable by the law.
- Mandatory as per the law
Having a two-wheeler insurance is necessary not only because it offers you coverage against mishaps, but because it saves you from getting on the wrong side of the law.
Things to remember while buying two-wheeler insurance
- Make sure to mention a nominee while buying two-wheeler insurance
- Provide accurate information to your insurance provider or it will be considered fraud
- The name that you mention in the policy must be correct, i.e. the same name should be mentioned in all your documents as well. Your insurance policy will be considered invalid in case the name has changed or appears different
- Do not forget your two wheeler insurance renewal If your policy lapses, it will be equal to having no policy at all, which means disobeying the law.
An easy method of buying a two-wheeler insurance plan as well as renewing it is on the internet. You can visit the insurance company’s website to do the same. In case of queries related to your health insurance policy, you have the option of directly contacting the insurance company’s executives.