Under the Motor Vehicles Act, the Government of India has made it mandatory for every bike owner to have an insurance policy. The bad condition of roads coupled with rash driving increases the chances of accidents. … Policies also cover damage to the bike by natural calamities like floods, earthquake, fire, etc.
Is bike insurance necessary?
Having third-party insurance is anyway compulsory for all vehicles as per the Motor Vehicles Act, 1988. If you have just bought a brand new scooter or bike and decided to go with basic third-party bike insurance, you will necessarily have to buy a 5 year insurance policy.
What happens if you don’t have bike insurance?
Penalty. Whether it is a two-wheeler or a four wheeler, each and every vehicle must have insurance while plying on Indian roads. If you are caught without a proper policy, you must be ready to pay a very heavy fine or imprisonment up to 3 months. This rule is enforced by Motor Vehicles Act.
Which insurance is compulsory for 2 wheeler?
For those who are not familiar with the law governing bike insurance—purchasing at least a Third-party Liability Two-wheeler Insurance Policy is compulsory in India. This rule is in accordance with The Motor Vehicles Act. If you fail to comply with this law, you will have to face monetary penalties.
Is it compulsory to take insurance with new bike?
Bike insurance is mandatory for 5 years (5-years Third-party Plan + 1-year Own Damage Plan or 5-year Third-party Plan) when you buy a new bike. … Thus, to make the practice more stringent and keep the bike insured for a longer period, it is mandatory to opt for a 5 + 1-year bike insurance policy for new bikes.
Is it mandatory to get insurance for your vehicle?
In India, and all over the world, getting your car insured is a compulsory by law, not an option. The Motor Vehicle Act of 1988 makes it mandatory for all vehicle to be covered under an appropriate insurance policy before they can ply on the road.
Is own damage insurance mandatory?
It is compulsory according to the Motor Vehicles Act of 1988. This type of insurance provides coverage for the damage to the policyholder’s vehicle. It is not compulsory, however, provides greater protection than just third party insurance.
Which is best insurance for bike?
List of Best Two Wheeler Insurance Plans
- Navi Two Wheeler Insurance.
- Oriental Two Wheeler Insurance.
- Reliance Two Wheeler Insurance.
- SBI Two Wheeler Insurance.
- Shriram Two Wheeler Insurance.
- TATA AIG Two Wheeler Insurance.
- United India Two Wheeler Insurance.
- Universal Sompo Two Wheeler Insurance.
Why do I need motorcycle insurance?
Motorcycle insurance is as essential to your protection on the road as the rest of your safety gear. It covers repairs, replacement costs, medical bills for anyone injured in an accident, and even the cost to fix any property damaged in an accident.
How do I know if my bike is insured?
Visit the official website of the Ministry of Road Transport and Highways – VAHAN, and enter the bike’s registration number and a few other details to check its insurance status.
What is full insurance for bike?
Comprehensive insurance ensures complete protection to your two wheeler due to any impact damage, fire, theft, earthquake etc. In addition to this, it provides cover against any third party liability in term of death, bodily injury and third party property damage.
What is the new insurance rule?
How the new bumper-to-bumper vehicle insurance rule will impact consumers. NEW DELHI: When it comes to motor insurance in India, every driver has to carry at least a minimum of a third-party insurance policy, as per the Motor Vehicle Act. To drive a vehicle without insurance is a punishable offence.
Is it necessary to renew bike insurance every year?
Less Stress: You do not have to worry about renewing your policy every year, or keeping track of expiry dates. … In a long term policy, you would still be able to get some amount of NCB discount even if you make a claim.
Is comprehensive insurance mandatory?
Comprehensive Car Insurance offers extensive coverage that covers Third-party Liabilities and Own Damage. Buying this type of policy is not mandatory by law, however, due to its enhanced coverage, it is the preferred choice for many car owners.
Do we need to renew bike insurance every year?
You won’t have to bother with yearly policy renewal – Since your long-term policy will be valid for a period of 5 years, you need not bother with remembering to renew your two-wheeler insurance every year.