Business & Economy

Secure Yourself from Hefty Fines with a Two Wheeler Insurance Policy

By A Correspondent

Mumbai, May 24, 2020

With the increased number of road accidents that we witness every day, you can say that not many people are taking care of their safety. Even if you are, you cannot trust the other person to do the same.

When purchasing any product, people first get attracted to the one at a low price. However, when it comes to buying two-wheeler insurance, most people choose to pay hefty fines but not get their vehicle insured. Hence, the government had to intervene and come up with a solution.

As per the Motor Vehicles Act, 1988, it is mandatory to purchase a third party bike insurance. The Motor Vehicles Amendment Bill passed in July 2019, intends to levy hefty fines in case the traffic rules get violated. If you’re caught driving without a driving license, the penalty has been increased to Rs. 5,000, whereas the penalty for driving without a helmet can lead up To Rs. 1,000, under the amended Act. If you don’t take buying two-wheeler insurance seriously, it will burn a hole in your pocket.

In simple words, you can say that purchasing a two-wheeler insurance will solve your problem of paying hefty penalties to the authorities. A working committee has been set up to examine the possibility of linking two-wheeler insurance with traffic violations, by the Insurance Regulatory and Development Authority of India (IRDAI).

If you opt for bike insurance on time, it will provide you with security and you won’t have to pay hefty fines as well. Taking this into consideration, listed below are reasons to avail of a bike insurance policy.

*Liability will be reduced

A third party insurance for bikes can help assist with financial and legal liabilities. The law has made third-party liability policy mandatory in India. In case, you get involved in an accident that causes damages to someone else’s property or injuries to other people, your insurance policy will take care of it. The damages will be compensated, and the third-party person will receive treatment. You need not worry about a thing, or shell out any costs for hospital bills. Your two-wheeler insurance policy will take care of it all.

*Compensation is provided for damages

Even if you take preventive measures, you have to accept the fact that life is and will remain unpredictable. If you crash into a wall or someone else’s vehicle, the repairs will cost you a lot. But, if you have an insurance policy, you wouldn’t have to worry about paying those hefty bills. On top of it, if you’ve opted for a comprehensive policy, you can raise an insurance claim against cases like theft or burglary as well. In case damages are caused to your vehicle as a result of natural or man-made calamities, they will also be compensated under your insurance policy. You will only need to check the policy documents to see what all it covers and what’s excluded. This will help you in the future when filing claims.

Digitization of the insurance sector has paved the way for online policy purchase and online two-wheeler insurance renewal. You don’t have to go through any tedious paperwork for buying / renewing the policy. You can even compare various insurers, the policy they’re providing, and choose the one that best suits your needs. Once the payment is made and you have the insurance policy, you’ll be safe and secured. Therefore, always remember to purchase the policy, because it is any day better to pay a premium and get financial security in return, rather than pay hefty fines for nothing.

(Disclaimer: This is branded content. Readers are advised to exercise due discretion before entering into any correspondence or business dealings on the basis of this content.)

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