2wheelar insurance.?

Question

Is it mandatory/necessary to have my 2wheelar insured?

Answer 1

Yes.The basic 'act' policy is cheap.Better to add 'third party and theft' it costs a little more but very useful in case of theft.If it is a new 2-wheeler, comprehensive will ensure free repairs in an accident especially if the vehicle is expensive.

Without insurance certificate, you can be challaned.

Answer 2

The question is as good as " Is it necessary to have driving license? "

It depends on the rider. One may drive the vehicle without a license and if caught by cops, they need to shell out.

Similarly , one may feel that there is no need for 2 wheeler insurance, but in case of adverse situations, they may realise and repent for not getting the vehicle insured.

In insurance there will be 2 broad categories.

1. Comprehensive / Package Policy

2. Third party Insurance

Comprehensive policy covers the entire risks for the vehicle like, Theft, Accidents, Hit and run, Floods,  parking ...etc. In this type of policy the premium may be high when compared to the third party, but the policy will take and provide consideration for the vehicle, the rider ( if holds valid license) and also the pillion rider.

Third party insurance only covers the liability for the third party. ( first party being - the vehicle owner,  Second being the Insurance company, third is the one who met with the accident) Premium would be very nominal, so is the consideration.

Eg for both the cases would illustrate better

If Ajay is travelling on his bike and met with an accident on the road and happen to dash a vehicle of Mr.Vijay.

If the policy is packages policy - Ajay will get amount for his medical treatments, vehicle damage and also the damage for mr. Vijay's bike

If the policy if third party - Mr. Vijay will get the damage reimbursement. Mr. Ajay need to shell out his personal funds for his medical treatment and his vehicle damage