Bikes and their owners are protected financially. Bike insurance can be broken down into two types.
- Insurance coverage for third parties
A bike accident insurance policy is required, and it covers the person who was hit by your bike.
- Third-party insurance policy with comprehensive coverage
There is no need to have this, but you should get it if you are involved in an accident and your bike. You can't imagine how much you will benefit from having two-wheeler insurance. Two-wheeler Acko bike insurance offers much-needed financial protection in unforeseen circumstances. The policy provides financial assistance in loss or damage to an insured vehicle. Man-made or natural disasters could cause this wear and tear.
- Coverage for personal accidents
- Third-party liability Acko bike insurance
- Injury or death to the body
- Liability for third-party damages
Many questions arise when you hear "bike insurance," such as what it is, what it covers, and which company provides the best bike insurance plan. Bicycle insurance is a type of insurance in which the insurance company pays out for any damages, losses, thefts, etc., of your bike and third-party property damage and death (if any of them occur). The following are some good reasons why it is necessary for India:
- A new bike insurance purchase is mandatory according to the Motor Vehicle Act 1988, which is also mentioned in the Insurance Regulation of the IRDA.
- In today's world, accidents occur day by day. In a study of accidents, more than 60% of people die due to reckless driving, so we can understand why life protection is so imperative.
- Bike insurance policies provide coverage for a few circumstances, including fire damage, natural disasters, theft, or any other kind of loss.
- Two-wheeler Acko bike insurance policies provide third-party liability, comprehensive insurance, own damage, personal accident coverage, etc. Besides, they can offer add-on coverage to get extra protection.
- If you cause the death of a third party, you are legally responsible. That means you have bike insurance to protect you from legal liability. It also protects you against your financial expenditure by providing a cashless claim feature that allows you to repair your bike without breaking the bank.
Is it a mandatory requirement for all bike owners?
The requirement of having motorcycle insurance in India is a matter of safety, but it is also a matter of law. Under Indian law, driving a motorcycle without basic insurance, known as Third Party Insurance or Liability Only Insurance, is punishable by jail time. An insurance policy that expires a day early is still an offense.
The first offense is punishable by INR 2000 or 3 months in prison when driving without a valid license. In the event that someone is caught driving without a valid Acko bike insurance a second time, they will be fined INR 4,000 or jailed for up to 4 months.
Good insurance protects the driver against financial damages resulting from accidents involving the driver's vehicle, car, or a third party's vehicle/property. It's advisable to get bicycle insurance online when stepping outdoors is a challenge due to the current pandemic. Getting your bike inspected by an online company will save you a lot of time and trouble.
Financial protection and coverage in case of accidents
Depending on your insurance type, you will receive a settlement amount if your bike is involved in an accident. Your Acko bike insurance policy can pay you the compensation amount to settle the loss incurred by the third party involved in the accident if you have third-party bike insurance or comprehensive bike insurance. If you avoid accidents, you will save yourself from a lot of frustration.
In the event of an accident, Acko bike insurance can provide financial assistance. Accidents and unfortunate incidents can be frustrating and stressful. It can be a challenge to arrange money during such stressful times. Investing in bike insurance can help you deal with these stressful situations financially. You will thus feel at ease when riding your bike on the road.
Also Read:- Easy Steps to Avail a Good Insurance Policy for Bike
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