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  • Is Bike Insurance Mandatory in India?

    We sure do love our two wheelers. What’s better than our own set of wheels to navigate in the congested Indian roads? Not only is it affordable for most of us (with a little help from the friendly folks at the bank), but it is also convenient and relatively low maintenance. In terms of sales and production, the Two Wheeler Industry in India is the largest in the world. India’s two-wheeler market has an overall growth rate of 9.5 percent between the years 2006 and 2014. That means that there are a lot of two wheelers on the roads. The risk that is on the road is equally proportionate. Which is why we need insurance to protect ourselves and our precious vehicles on the road.

    An insurance policy is an investment worth making. It is also, according to Indian law, a necessity. The Motor Vehicle Act covers a variety of expenses that you may have to bear in the event of a two wheeler accident. It also covers your two wheeler in the event of a theft, fire, malicious act, natural disasters etc. Further, the legal liability to third party personal injury and property damage which arises out of the accident is also covered in this, as well as personal accident cover.

    So what is not included in the basic cover that the law expects? Things like loss of accessories, the legal liability to paid driver, personal accident cover for the pillion riders, normal wear and tear, damage due to negligent driver or driving under the influence of drugs/alcohol will not be covered in the basic insurance policy. It is possible to pay a little extra for a comprehensive cover which will cover many more expenses that you will be likely to face in the duration of your two wheeler’s possession.

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