Two wheelers or bikes are the most convenient modes of transport these days. But, due to road conditions, traffic and the hastiness in people, makes the ride unpleasant and unenjoyable sometimes. Also, there has been a significant increase of number of road accidents in past few years. Out of which, mostly the ones suffering the loss or injury are two-wheeler riders.
So, it is recommended to have a two wheeler insurance as it covers the rider or the owner against any damage that may occur during a mishap like an accident, natural disaster or due to theft. A two-wheeler insurance policy also protects the financial liability which arises when the two-wheeler injures or kills any individual other than the owner or driver of the vehicle. Moreover, if the two-wheeler damages any third party property, the policy also covers the financial loss incurred and payable by the policyholder. A two-wheeler insurance policy is mandatory as required by the Motor Vehicles Act, 1988. It is taken against private and commercial two-wheelers like bikes, scooters, mopeds, etc. The plan can be taken for one to three years through long-term two-wheeler insurance plans allowed by the IRDAI.