November 27, 2022

Is a bike insurance policy compulsory in India | Chola MS

Is a bike insurance policy compulsory in India?

Motorbikes are one of the most popular means of transport in India. Be it a rural countryside or a busy metropolitan city; bikes are undoubtedly one of the most sought-after personal transport due to their ability to navigate easily anywhere. On top of that, they are also easily affordable for most individuals of any financial standing. But they are most popular among middle-class Indians as their dream rides. Due to this popularity, more and more bikes are seen on the roads, which ultimately increases the risk of unpredictable accidents. Insurance companies offer comprehensive bike insurance policies to safeguard the lives of bike riders, others on the road and the finances of all parties involved. In fact, as per the Motor Vehicle Act 1998, the Government of India has made it mandatory for all bike owners to equip their bikes with a 5-year Third-Party bike insurance policy. This means that all bike owners are legally required to hold valid third-party insurance for 5 years. The government took this step to ensure that people driving on the road were safe and had a safety net to fall on in case of any emergency. It takes care of the legal liabilities and financial expenditures of the bike owners/riders.

A third-party insurance policy covers only the damages & losses caused to a third-party person, vehicle or property. This insurance type is one of many options available out there to bike owners. There is another option called the comprehensive bike insurance policy, wherein both third-party liabilities and damages to your own bike as well are covered. It includes cover benefits such as – personal accident coverage, losses and damages due to natural calamities, fire, theft, etc. and more. You can avail some add-on benefits such as zero depreciation cover, return to invoice cover, no claim bonus protection and roadside assistance cover.

Moreover, before purchasing an insurance policy, you must keep in mind the following whether you’re buying the insurance online or offline –

Understand your insurance requirements.
Check the cover, premium, and features of the policy in detail so as not to face any regrets later.
Look at the plan’s terms and conditions to avoid any legal issues or misunderstandings later.
Remember that digital-first insurers are known to offer enhanced coverage at incredibly low prices.
Go for a Comprehensive plan for a wide-ranging cover and holistic protection.
Select only those Add-ons that will add value to your policy instead of mindlessly purchasing all that is available.

Everyone strives to be a responsible rider, but one can never guarantee that the bike will not encounter an accident on the road. Irrespective of riding cautiously, an accident can happen at any time without giving any prior warning. Therefore, bike insurance is necessary, not just because it’s government-mandated. Cholamandalam MS offers its bike insurance policy for a stress-free ride at all times. Click on the link to know more about it!

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