Did you know that 34% of road deaths in India occur due to Two-wheeler accidents?
Unfortunately, a huge number of two-wheelers in India are still not insured in spite of third party motor insurance being mandated by law.
Two-wheelers are the most prominent choice of majority in the country when it comes to the daily commute to work or to travel to nearby places. Studies say, one out of three households in India owns a two-wheeler. However, most of these two-wheeler owners do not have a valid insurance cover for their vehicles.
While motor insurance might be seen as a personal choice, the Motor Vehicles Act of 1988 has made it compulsory for all vehicles to have a valid insurance cover. But a recent report has revealed that 60% of vehicles in India are not insured and most of these are two-wheelers.
Before I move to the main subject matter of this article regarding which is cheaper between buying a bike insurance and paying for repair, let me throw some light on the necessity of having a motor insurance policy.
Why is a Two-wheeler Insurance Important?
A two-wheeler insurance policy provides cover against any kind of damage caused to the two-wheeler and/or its rider on account of any unforeseen event such as an accident, theft or natural disaster. It provides protection against the liabilities arising from injuries to one or more individuals due to the accident.
Bike insurance is the most ideal solution to meet exceptional costs that may arise due to damages caused to the two-wheeler. Basically, there are two types of policies under this insurance. While the comprehensive policy provides cover to the vehicle and its riders in case of any accident or natural disaster, the liability-only policies are necessary in the face of any injury arising from third-party action.
Which is Cheaper- Purchasing a Two-wheeler Insurance or Paying for Repair?
The owners of two-wheelers get engaged in servicing their bikes at regular intervals. But for any unfortunate mishap in which the two-wheeler gets partially or completely damaged, the costs of getting the bike repaired can be much higher than the premium of a valid motor insurance cover.
Let’s have a closer look regarding how much you’ll get benefitted by purchasing a bike insurance over paying for repairs in case of an unfortunate event.
Cover for Accident
Owing to the considerable rise in the rate of accidents on the roads of India, your two-wheeler may meet with an accident any day and then you’ve to pay a few thousands as repairing cost. And this would be a huge loss in case you’ve purchased the bike a few months ago. With a two-wheeler insurance policy, the whole amount would get covered and the replacement would be done at a much lesser rate than what you had to bear personally.
Cover for Theft
If your two-wheeler somehow gets stolen, then it would be an unforeseen loss of a large amount for you. With a bike insurance policy, you would get the costs covered at a minimal premium amount.
Cover for Natural Disaster
For any natural disaster, the damages caused to your two-wheeler would again make you spend a few thousands in order to repair the damaged parts. And it is even worse in case you stay at a disaster-prone area! A motor insurance policy would cover all the expenses resulting from uncontrollable natural disasters and it would have cost less than half of what you’ve to spend annually on your two-wheeler.
Need for a Comprehensive Cover
You’ll get a mandatory third-party liability cover at the time of buying your two-wheeler, which would save you from the financial liability to the other party in case of an accident. But if you haven’t opted for a comprehensive cover, the damage and repair of your bike would become your responsibility. A comprehensive insurance would save you from huge repair expenses, even after two days of purchasing the bike.
By now, it must have been clear to you that a two-wheeler insurance policy is a much better option than bearing the repair costs personally. One must always stay prepared for any unfortunate mishap and acknowledge the fact that an insurance cover can always come in handy and save the precious savings of the owner.