Driving a motorcycle without insurance is a punishable offense in India. Motor insurance is mandatory for every two wheeler as per the Motor Vehicles Act 1988. If a vehicle is caught without insurance, then the owner of the vehicle has to face heavy driving.Â
Only third party insurance is mandatory as per the law, and people also prefer to buy third party cover to save on premium. However, you are not going to get any special benefit from this insurance. So always buy the right insurance for your vehicle.
In this way choose the right insurance
Before you start looking for the best insurance for your vehicle. Explain that you need to compare based on requirement and budget.
Bike insurance is of two types on the basis of coverage – third-party cover and comprehensive cover. As we told you, choose the insurance that provides coverage for your vehicle. IDV is the current market value of the vehicle.
Let us tell you, IDV is the maximum sum assured as decided at the time of buying the policy. Which will be paid in case of total loss or theft of two wheeler. As your vehicle gets older, your IDV Insurance Declared Value will decrease. Due to which the premium will get less year after year.
Also, always look for a reliable insurance company to avoid any hassles during insurance. Do research for the veracity of the claim made by the insurer. Lastly, choose a company that can easily provide you the benefits of an insurance policy in case of an accident in the future.
