Why Should I Insure My Two Wheeler If I Don’t Want To?

Why Should I Insure My Two Wheeler If I Don’t Want To?

India Blooms News Service | @indiablooms | 07 Dec 2018

This is one of the most frequently asked questions about vehicle insurance. Most people feel that buying insurance is a personal choice and if they do not want to protect their asset, they need not buy insurance. Even though it appears logical with regards to other assets, it does not hold true with vehicle insurance. When it comes to getting insurance for your vehicles, there is no other choice as it is mandatory by law to have insurance for every vehicle running on road. Remember that unlike other assets, your vehicle is a moving asset and it has the potential to cause damage to other individuals on the road. In this regard, when you are not having any insurance and when you have caused damage to third party life or property, the accident victims will have nowhere to go and the government wants to avoid such situation. On the other hand, when the vehicle owner is having two wheeler insurance, the compensation can be claimed from the insurance policy and the accident victims can get justice in this manner.

Government law makes it mandatory to buy insurance

As per the Motor Vehicle Act of India, you need to mandatorily buy insurance for all the vehicles. The basic coverage that is also termed Act policy is compulsory and it offers cover for the damages done to third party life and property due to accident caused by your vehicle. If you need additional protection for yourself and your vehicle, you can choose the comprehensive policy that costs slightly more than the regular mandatory policy. The government closely monitors this situation and the traffic police across the country are authorized to check the vehicles on road for insurance papers. In the event that you are caught driving without valid insurance papers, the traffic police can impose severe penalty and this can also lead to imprisonment for repeat offenders. The mandatory insurance is not only applicable for two wheelers but for all the vehicles running on road including commercial vehicles.

Advantages of having two wheeler insurance

There are many advantages of choosing vehicle insurance from reputed sources and you can consider Bharti AXA bike insurance policy or any other suitable plan for your vehicle. You can choose between third party cover and comprehensive cover depending on your budget and other insurance needs.

Third party cover

  • This is the most inexpensive option available and it will give you the basic mandatory coverage needed for your bike.
  • It will protect you from the legal liabilities that arise when you have caused accident and damaged third party life or property.
  • However, it does not offer coverage for your life or vehicle in any manner.

Comprehensive cover

  • This is the improvised version of third party cover and you can easily get good coverage for your vehicle also along with third party coverage.
  • The coverage will be given for own damage and even in the case of loss of vehicle due to natural disasters and fire accidents.
  • With add-on covers, you can improve the protection and customize the plan as per your individual needs. It can even offer theft protection and you can choose zero depreciation cover to protect the value of your bike for a long time.
  • This is slightly expensive when compared to third party cover but offers additional protection for your bike. You can choose this plan for a single year or multiple years depending on your budget.

Why vehicle insurance is compulsory?

Let us now try to understand why insurance is made mandatory in our country. Similar rules are found in almost every country and you need to have vehicle insurance for the safety of everyone on the road. The below mentioned scenarios will give you a clear idea about what happens when you are involved in an accident.

Situation 1: When your vehicle has caused damage to third party

Imagine a situation when your vehicle has caused accident and damage is done to third party due to your mistake. Let us see what happens when you are safeguarded with an insurance policy and what happens when you are not having any insurance coverage for your bike. The police will register the case and send it to the Motor Tribunal Court which will verify the facts and ask you to pay the suitable compensation to the accident victims.

  • Without Insurance
  • Suppose the court asks you to pay few lakhs of compensation to treat the victims or for the repair of third party property, you will have to take the entire burden on your shoulders and completely pay the compensation from your pocket. This can become very expensive and you will lose your savings heavily in that situation. Apart from that, when you are not in a situation to pay compensation, you will have to go to jail for causing damage to third party life or property. Even when you are also injured in the accident and your vehicle is damaged, you will not receive any compensation from anyone as the entire burden of causing the accident and not having insurance for your two wheeler will fall on your shoulders.
  • With Insurance
  • On the other hand, when you have a valid two wheeler insurance in that situation, the compensation will be paid by the insurance company as directed by the court. In most cases, you can expect to get up to few lakhs of coverage for this situation. This is the situation when you are covered with the basic third party policy.
  • When you are smart enough to have a good comprehensive insurance plan, you can even claim compensation for the damages done to your vehicle. The policy can also provide for your treatment in that situation and this will reduce your financial burden by a huge margin. In this way, it becomes very easy to get your vehicle back to its original condition.

Situation 2: When you are the accident victim

You can become an accident victim due to the fault of other person and this can happen even when you are not riding any vehicle. In some cases, damage to your property can be caused by other person and you will be in a position to get compensation from the other person for this loss. Let us now see what happens when the other person is not having any insurance and what all problems you need to face due the negligence of other person. In the same way, let us also see how a simple vehicle insurance policy can help both the parties involved in the situation.

  • Without Insurance
  • When the person who has caused the accident does not possess any insurance documents, you will be in serious trouble. The police will register a case in this situation and the matter will be submitted to the tribunal court. When the court orders to pay the compensation, the burden of paying the compensation completely falls on the shoulder of the person who has caused the accident. If the person does not have the capacity to pay the compensation, the person can be imprisoned and you will have to suffer without any support from any person.
  • The situation becomes even more complicated when the person who has caused the accident dies in that situation. You will be left with no support from anyone and this can cause a huge loss to your life or property.
  • With Insurance
  • You will be safe to a large extent when the other person who has caused accident has valid two wheelerinsurance. In this situation, you can claim the compensation and the insurance company of the other person will pay for the damage done to your life or property.

Pedestrians will feel safe

You should also understand the situation of pedestrians who do not use any vehicle but depend on public transport or other means to move around the city. When they are injured in any accident caused by a two wheeler, they will get relief only when the other person who has caused the accident has proper insurance for the bike. Otherwise, they will suffer a lot due to the mistake of other riders and this can become a troublesome situation considering the number of accidents we get to see every day in our country.

Considering all the above mentioned factors, the law has made it mandatory to buy insurance for every vehicle. In this way, the victims of accident can be compensated to some extent and this will help them to recover from the troublesome situation. For this reason, you need to insure your two wheeler even when you are not interested to buy insurance for the vehicle. Note the advantages that come with buying a two wheeler insurance plan and get them for your bike. It does not cost much and it is worth buying the policy to avoid various troubles in the long run. You can consider Bharti AXA bike insurance or any other reputed policy in the market. This will protect you from all the legal problems that arise due to an accident situation.

Why Should I Insure My Two Wheeler If I Don’t Want To?

India Blooms News Service
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