As per the law, it is necessary that people using two wheeler on the roads must get their vehicles insured. Motorcycle riders are prone to accidents. Due to rash driving and other factors, there is always the risk of an accident. As with any risk, it must be covered by using appropriate insurance. The role of 2 wheeler insurance is to minimize loses that are bound to happen if a rider meets with an accident on the road. There are different types of insurance policies for two wheeler riders-
- Third Party Insurance: As the very term implies, this type of insurance covers the third parties that are involved in the accident caused by the two wheeler owner. Most often, this type of insurance is the most economical of policies that cover vehicles. Here, it is important to note that any damage to the owner’s two-wheeler would not be covered. This is the type of insurance that is the cheapest to own.
- Comprehensive Policies: This type of insurance policy covers all liabilities that arise due to an accident. As the risk covered is higher, the premium for this insurance is also higher. Most bike insurance renewals in India are of this type as it provides complete peace of mind to the vehicle owner.
The Role of Two-wheeler Insurance
With insurance it is possible to lower the risks faced by road users. With insurance, the high cost of accidents can be mitigated by the payment of a small amount of premium. Two-wheeler Insurance is as old as the motor vehicle industry and the first motor insurance was introduced soon after the first large scale vehicle production was undertaken.
Mitigating Costs
Insurance does minimize the cost of damages. It shields the vehicle user from the huge costs that would otherwise have to be borne by a single person. Even loss of life is covered by insurance and in many cases of motor vehicle accidents the huge liabilities has indeed been offset by the policies taken by the vehicle owners.
Mitigating Costs
Insurance does minimize the cost of damages. It shields the vehicle user from the huge costs that would otherwise have to be borne by a single person. Even loss of life is covered by insurance and in many cases of motor vehicle accidents the huge liabilities has indeed been offset by the policies taken by the vehicle owners.
It is seen that the losses covered in comprehensive insurance policies are much higher than the other forms of insurance. It thus goes without saying that the comprehensive policies have higher premiums. Most vehicle owners that use expensive vehicles do opt for this type of insurance as the risks to vehicles too are covered under the policies.
Statutory Requirements
Accidents happen not due to set causes but through means that are beyond control. The benign role that insurance plays in mitigating costs has meant that most places make it mandatory that some form of insurance is taken out for the vehicle before it can be used on the public roads. These days, anyone can buy two wheeler insurance online. Most of the renowned insurance companies offer two wheeler insurance policies online. This has made it easier for people to purchase the right insurance policy and also renew it anytime.
Statutory Requirements
Accidents happen not due to set causes but through means that are beyond control. The benign role that insurance plays in mitigating costs has meant that most places make it mandatory that some form of insurance is taken out for the vehicle before it can be used on the public roads. These days, anyone can buy two wheeler insurance online. Most of the renowned insurance companies offer two wheeler insurance policies online. This has made it easier for people to purchase the right insurance policy and also renew it anytime.
