Home Discover Journals 60 Percent of Vehicles in India Are Not Insured and Most of These Are Two-Wheelers

60 Percent of Vehicles in India Are Not Insured and Most of These Are Two-Wheelers

By Finserv MARKETS - May 19,2019
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Importance Of Buying Bike Insurance Online

In India, the automobile distribution comprises a few buses, many cars, and way too many two-wheelers. These two-wheelers approximately form over 76 percent of the urban traffic in our country. As a matter of fact, they also make up for over 34 percent of road accidents across India.

Having a third party two-wheeler insurance is mandatory by law. Despite this regulation, many two-wheelers are still uninsured.

Usually, two-wheeler owners do not purchase bike insurance for their vehicle. In case they do, they tend to forget to renew their bike insurance plan. Not renewing the bike insurance policy on time will make the status of your insurance inactive. It is highly observed that over half of the vehicles in India are uninsured, wherein most of them are two-wheelers.

There are various reasons why two-wheeler owners do not want to pay the bike insurance premium. Some of these reasons include:

  • The bike is very old
  • The bike is second-hand
  • The distance traveled on a daily basis is short

Not only that the bike owners forget to renew their insurance policy, but they also lose interest in doing so. Because of these reasons, their insurance plan lapses. Until a claim is filed, people think that insurance premium is nothing but an extra burden and complete waste of money.

Due to our poor laws, people easily get away with not having an active insurance plan for their vehicle. Law violation is not a new thing in our country. Therefore, it is high time we take these laws seriously and start following them.

A Sense of Responsibility

People need to be responsible for themselves. We need to take account of our actions. It is pretty understandable that nobody wants to face a loss because of someone else. It is, in fact, certain that nobody wants to be held accountable for someone else’s actions. Hence, our government has made insurance coverage mandatory. It is mainly to ensure the safety of the people who ride their vehicles on a daily basis.

Don’t Wait For Anything to Happen to You

As a matter of fact, people do not take things seriously unless they are affected by it in any way (directly or indirectly). A lesson to learn here is – you need to be proactive and not wait for something unfortunate to happen to you. Hence, buy appropriate insurance coverage for your vehicles (be it car or bike) and add an extra layer of security to your protection.

The End Result

A lot has been said regarding the significance of two-wheeler insurance. So, if you are among the people who haven’t purchased an insurance coverage yet, do not fall back. Buy bike insurance online as soon as you possibly can so that you can compare different policies and choose the one that is best suitable for your needs. Go for a policy that offers you maximum coverage while having minimum premiums.

In case, you have already bought insurance coverage, do not forget or ignore to renew it on an annual basis. If your insurance policy has lapsed, don’t worry! It is still possible for you to get it renewed after your provider or their representative inspects your vehicle. Head to Finserv MARKETS to apply for Bike Insurance right away and get your documents instantly verified by our executives. Buying a Bike Insurance assures you round-the-clock assistance on all your insurance related queries. Contact now!

Read our top blogs to know more about bike insurance in India:

Finserv MARKETS, from the house of Bajaj Finserv is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment and exclusive EMI store, all under one roof- anytime, anywhere!

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522