Yes, it was mandatory to have a 5-year 3rd party bike insurance policy in India in 2018. This is because the Motor Vehicles Act 1988 was amended in September 2018, and one of the changes made was to increase the minimum insurance cover for two-wheeler vehicles from 1 year to 5 years.
This revision was made to ensure that people injured or killed in accidents involving two-wheelers are sufficiently compensated and to help reduce the number of uninsured vehicles on the road.
If you are caught driving without a valid insurance policy, you can be fined, and your vehicle can be seized. So it is important to make sure that you are always up-to-date with your third-party bike insurance policy and take the time to read through the terms and conditions of your policy so that you are aware of what is and is not covered.
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It is mandatory to have third-party bike insurance online for all two-wheelers in India. This is because the government of India wants to ensure that all riders are protected financially in case they are involved in an accident.
While the law decides the minimum amount of coverage required, it is not uncommon for individuals to purchase a higher amount of coverage. This third-party insurance covers death and permanent disability claims, medical expenses, and property damage. It is important to note that this type of insurance does not cover any damage to the bike itself.
There are many different factors to consider when it comes to purchasing insurance for your two-wheeler. For example, you might be thinking about how much coverage you need or whether you want to protect yourself against damage caused by natural disasters or accidents. However, one thing that often gets overlooked is the impact of buying long-term two-wheeler insurance.
At first glance, it might not seem like there are any real benefits to buying long-term insurance for your vehicle. After all, a standard short-term policy will typically provide adequate protection in an accident or other incident. So why go through all the extra hassle of purchasing a longer-term plan?
Long-term two-wheeler insurance can be beneficial because it helps reduce the financial burden of vehicle repair and maintenance costs over time. Since these expenses are likely to increase as your bike ages, having a long-term plan can help keep them more manageable.
In addition, long-term policies typically offer more comprehensive coverage than shorter terms plans do, so you can rest assured that your bike will be well protected in the event of an unexpected occurrence. Overall, then, by investing in a long-term two-wheel.
1. You are financially protected against damage or loss to your bike:
If your bike is stolen or damaged beyond repair, a long-term two-wheeler insurance plan will provide financial protection. This means that you will not have to bear the entire cost of replacing or repairing your bike yourself.
2. You get coverage for your accessories:
In most cases, long-term two-wheeler insurance policies also cover the cost of spare parts and accessories that are not included in the standard scope of protection. This means that you will be able to get replacement or repair of damaged accessories such as rearview mirrors, helmets, and others without paying for them out of your pocket.
3. You are protected against third-party liabilities:
If you are involved in an accident and found that you were at fault, the long-term two-wheeler insurance policy will cover the cost of damages caused to the other party. This includes damage to the other person's vehicle and any medical expenses that he or she may incur.
4. There are no restrictions on usage:
In contrast to short-term two-wheeler insurance plans, long-term policies do not have any restrictions on usage. This means that you can use your bike for various purposes, including personal and commercial use, without having to worry about the policy being invalidated.
5. You can save on premiums:
Because long-term two-wheeler insurance plans offer a higher degree of protection, they also tend to be more expensive than short-term policies. However, you can save on your premium by opting for a long-term plan that suits your needs and budget instead of a short-term policy.
6. You get hassle-free claim settlements:
Since the insurer maintains the records of long-term two-wheeler insurance policies, it is easy to file claims when you need them. This means that you will not have to go through the hassle of collecting and submitting documents to the insurer to settle your claim.
7. You have peace of mind:
Perhaps the most important benefit of a long-term third-party bike insurance policy is peace of mind. Knowing that you and your bike are well protected against various risks can help you relax and enjoy your rides without worry.
Conclusion
The 5 year third party bike insurance is surely a must for your two wheeler so that you can easily have the benefits of the increased coverage of the insurance which would surely be good for the health of the bike.
