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Why do you need bike insurance?

By Finserv MARKETS - Nov 29,2019
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Benefits of Two Wheeler Insurance
There is no doubt that two-wheeler riders are more vulnerable to road accidents, and the costs of an accident can be extremely high. What’s more, fines for not having valid insurance have increased dramatically. Let’s examine these reasons and more, which make having two-wheeler insurance extremely important.

1. Bike insurance protects you and your bike in a variety of situations

Comprehensive two-wheeler insurance policies cover your two-wheeler or bike against physical damage, third party legal liability, injury, and theft. This means that if you have an accident, all these costs will be taken care of, protecting you financially and ensuring you are able to repair your vehicle. If you avail a Bajaj Allianz two wheeler insurance Policy through Finserv MARKETS, you will be protected in the following circumstances:

  • Loss or damage to the two-wheeler due to natural disasters: Any loss faced because of natural calamities including explosion, fire, self-ignition or lightning, typhoon, earthquake, flood, hurricane, storm, cyclone, hailstorm, tempest, inundation, frost, landslide, and rockslide.
  • Loss or damage to the two-wheeler because of man-made calamities: The Bajaj Allianz Two-Wheeler Insurance covers loss incurred from man-made reasons like a riot, strike, burglary, theft, malicious act, terrorist activity, damage if the vehicle is in transit or accident by external means.
  • Personal Accident Cover: An amount up to a maximum of Rs. 15 Lakhs as a Personal Accident insurance cover for the owner or for the driver of the vehicle.
  • Liability to Third Parties: A legally mandatory third-party coverage which will provide for damages done to any concerned third-party, which includes any bodily injury or any damage incurred to the third-party vehicle.

2. Avail special benefits

Some online platforms like Finserv MARKETS offer a host of perks. These include cashless settlement so your personal financial plans are not disrupted by accidents, fast claim servicing, and a nation-wide network of hand-picked workshops to fix the damage in the best way possible.

3. Avoid fines

Third party two-wheeler insurance is mandatory as per the New Motor Vehicle (Amendment) Act, 2019, and you can now face a hefty fine and can even be sent to jail if you don’t have valid insurance. Therefore, it is imperative to have the third party two-wheeler insurance, if not a comprehensive insurance plan. You can also read about differences between third party cover and comprehensive insurance plans before applying for one through Finserv MARKETS.

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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