4 Reasons why you should purchase Third-party bike insurance

 

India has the highest number of two-wheelers in the world. It is the most affordable mode of transport for Indian families, especially middle class families. However, due to the high number of two-wheelers, there have been many accidents on the road. These are due to rash driving, overtaking, or driving in the wrong direction.

 

In a fast-paced world, it is natural for people wanting to cut time by taking shortcuts. However, such short-cuts can be harmful for others around you. This is why it is beneficial to have third-party bike insurance. We have listed below 4 reasons of why you should purchase it:

1.It is mandatory by the law:

As per the Motor Vehicles Act of 1988, you need to have third-party bike insurance to be able to ride your bike on the road. Failure to do so could cause you to pay a hefty fine. Your bike could also get impounded by the authorities for not having a valid policy. Also, you should always carry a valid policy, and not an expired policy.

2.Third-party damages are covered:

If your bike is involved in an accident and your bike caused considerable damage to the third party vehicle, then your third-party bike insurance will help in covering the cost of the damage caused to the third-party vehicle. For example, if your bike collides with a car, and the damage caused costs the third-party almost Rs.20000, then a claim can be filed to compensate them for the damage caused. Also if any serious injuries are inflicted upon the third party during the accident, or death happens, then you will be provided with financial coverage for the legal and financial liabilities in such events.

3.You get personal accident cover:

In the event of an accident, if you get seriously injured or the accident causes your death, then you can purchase personal accident cover with your third-party bike insurance . This cover has been made mandatory by the IRDAI. The compensation that your family gets in this cover varies between Rs.5 Lakhs to Rs.50 lakhs. Your family can claim for the sum insured in case of any injury caused to you or if you were to die in the accident. This sum can help them cover their necessary expenses.

 


Original Content :- 4 Reasons why you should purchase Third-party bike insurance

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