TVS Motor, one of India’s leading two-wheeler manufacturers are known for its well-designed, stylish and top performing bikes and scooters. Are you a proud owner of a TVS bike? If yes, then we assume you are regular with your bike’s servicing and maintenance. You follow all the instructions to the tee while riding and take good care of your motorcycle. And if you are not among the 60% of two-wheeler owners plying without insurance on Indian roads, you are probably also going to buy bike insurance online this year.
If your TVS bike insurance is due for renewal and you are still undecided whether you need one or not, we give you 5 good reasons why your TVS bike needs insurance.
Protects you against third-party damage
According to the Motor Vehicles Act, riding a two-wheeler without at least third-party liability insurance is a punishable offence. You may have to shell out Rs. 5,000 or deal with imprisonment up to 3 months or both if caught in the act.
Apart from complying with the law, a third-party insurance cover protects you in case you meet with an accident and cause injury or damage to a person or property. The monetary shock can be crippling if you have to pay out of pocket.
IRDA has made it mandatory for insurers to provide five-year third party insurance instead of a single year insurance for new two-wheeler buyers. Dealers have to now mandatorily sell 5-year third party insurance with a new bike. Perhaps, this will bring more two-wheelers under the insurance net since most two-wheeler owners are reluctant to renew their bike insurance after the first year.
Saves money on repairs
If you buy bike insurance online that covers own-damage, you won’t have to pay from your pocket if you unfortunately meet with an accident and damage your vehicle. With cashless claims it’s even easier for you to get costly repairs done on your bike without paying an upfront amount.
If you have an insurance policy that provides cashless claims such as the one from Bajaj Allianz two wheeler insurance, which has a partner network of 4000+ garages across the country, you don’t have to pay upfront for big or small repairs. This policy, available on Finserv MARKETS, also provides 75% of the payment if the garage is not a part of their network.
Protects your dependents
In 2018, the Insurance Regulatory and Development Authority of India (IRDAI) increased the compulsory personal accident cover from Rs.1 lakh to Rs.15 lakh on two-wheelers and four-wheelers. In case of death of the policyholder, the family will get a decent amount for financial support. However, you need to buy comprehensive insurance with personal accident cover to take advantage of this new regulation.
Protects you against loss of value
Your TVS insurance protects your bike against loss of insured declared value (IDV) which negatively impacts the value of your two-wheeler when you resale it. Prospective buyers will also perceive you as irresponsible if you have been riding your bike without insurance. Renewing a lapsed bike insurance policy is expensive and tedious.
Protect yourself from the ill-consequences of not having insurance and buy bike insurance online before the policy lapses.
Save with no claim bonus (NCB)
If you are consistent in renewing your TVS bike insurance policy every year, you can bring down your premium amount by up to 50%, provided you have not made claims. Not only that, you save every year on subsequent discount that ranges from 20-50% for every claim-free year.
Apart from these benefits, your insurance plan takes care of 24×7 bike roadside assistance in case of breakdowns, and also offers accidental insurance protection to a pillion rider if you have opted for the same. The nominal amount of money that you spend on two wheeler insurance goes a long way to provide you financial, medical and legal protection.
Before buying two wheeler insurance do some research based on parameters such as claim settlement speed, claim settlement ratio, customer service quality and others. Bajaj Allianz two wheeler insurance on Finserv MARKETS boasts of a high claim settlement ratio and is known for its easy policy renewal process.
“Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make it Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere”!