Maybe situations like this do not occur every day with you. However, it’s pretty evident that accidents are pretty common. Maybe you had nothing to do with reckless driving, but still became a part of it! Can you think of the kinds of costs you could incur if your vehicle was damaged. Worse would be if be if you collide with someone and they file a legal claim against you!
How do you avoid such situations? Well,
- Drive Safe
- Get Insured.
“75% of two wheelers in India are not insured, despite it being illegal”
May 2015, the Insurance Regulatory and Development Authority (IRDA) stated that 75% of two wheelers in India are not insured, despite it being illegal! Yes riding a vehicle without a 3rd party liability is illegal and can lead to heavy fines, and or prison punishments. So, having an insured vehicle is not only the right, but also the wise thing to do.
How will insurance benefit you?
- It will cover the expense of your vehicle damage and medical expenses- provided you are not underinsured – ( Link to why not be what coverage to get article)
- In the event another person is hurt or his vehicle is damaged, insurance will cover his vehicle, property and life damages too.
- A peaceful night’s sleep that you are doing the right thing legally and monetarily.
Now since you are convinced as to why to get Bike Insurance, do check out our HOW /what to section for the same
The regulator also said that the premium would not be revised upwards or downwards during the period of the policy. While the regulator has begun with the two wheeler insurance segment for the long-term policy, it is expected that this will be extended to private cars, too. However, the pricing norms would still be the same.
New India Assurance, the country's largest general insurer has already got the regulator's nod for a comprehensive two-wheeler policy with a term of three years. This will be launched after few weeks. Here too, the pricing is expected to be twice or above that of the one-year product.
The regulator has said that since there is also a need to have long term comprehensive cover including own damage and TP covers, insurers can also file 3-year term comprehensive policy for two wheelers.
While the own damage motor segment covers losses to self during accidents, motor TP covers liability to a third party caused by a vehicle owner during an accident.