In 2009, the Ministry of Home Affairs revealed that more than 21% of accident deaths in India are caused by or involve two wheelers. Two wheeler riders are not only more vulnerable to accidents, they are also more likely to belong to the poor or middle-class section. This means, they can’t afford to get into an accident.
When you live paycheck to paycheck like most Indians and then suffer from an accident which forces you to take bed rest or spend money from your pocket for repairs, it can impact your life prospects seriously. This is why two wheeler insurance is important.
There are two types of vehicle insurance plans. One is comprehensive two wheeler insurance and the second is, third party insurance. Comprehensive insurance not only covers your injuries and vehicle repair, but also extends this benefit to the third party. Third party insurance only covers the liabilities of the third party. Let’s see the benefits of buying a comprehensive two wheeler insurance.
Reimburses damages to the insured vehicle
Repairing and restoring a bike or scooter after an accident can burn a hole in your pocket. But if you have vehicle insurance, you can rest assured because the insurance company will reimburse the cost of repair. If the vehicle is beyond saving, you can claim your vehicle’s Insured Declared Value which is often substantial.
Covers injuries to the rider
If you’ve suffered injuries from the accident and if you’ve taken a comprehensive insurance plan, your medical expenses will be reimbursed to you. So a comprehensive cover works like a safety net, giving you financial protection from unprecedented events like accidents.
Cover against disability and death
If you become seriously injured or worse case scenario – disabled due to your accident, your comprehensive policy’s personal accident cover will compensate you. In the event of your death, the insurance company will compensate your family.
Covers third party liabilities
Comprehensive two wheeler insurance not only reimbuses you for personal injury or disability sustained during an accident but also provides cover to third parties if they don’t have insurance or if they are underinsured.
According to the Motor Vehicles Act of 1988, all vehicles on the road should have insurance. However, some insurance companies don’t provide personal covers in their vehicle insurance policies. So how do you know if your policy is comprehensive or not?
One way, is to look at the premium. If it is abnormally low, the plan might not be comprehensive (unless you have a discount). So don’t sign on the dotted line before you read the fine print.
We are proud to say we offer a comprehensive two wheeler insurance. What more, you can get up to 50% off on the premium (subject to a claim-free status for five years).
Considering the rise in number of road accidents and other factors, a comprehensive two wheeler insurance seems to be a better choice. So become a smart rider and get your vehicle insured with a comprehensive policy today.