WHAT IS BICYCLE INSURANCE?
Bicycle Insurance is a safety plan for everyone that protects the bicycle owner from all liability to third parties, which arise due to every use of two-wheeled vehicles. Two-wheeled vehicle insurance is a contract in which third-party bicycle insurance is mandatory for everyone who owns two-wheeled vehicles, under the rules of the Two-wheel Motor Vehicle Act, from 1988. Motorized or two-wheeled vehicle insurance protects you financially when an accident causes damage to the vehicle you are using by requiring you to pay for repairs. This minimizes the blow to the owner due to natural disasters or third-party liability or personal accidents as well.
WHY SHOULD YOU HAVE A BICYCLE INSURANCE POLICY?
Driving your bike without insurance is a punishable offense in the eyes of the law. Motor or two-wheeled vehicle insurance is mandatory in India and is trusted to be very beneficial for the whole community.
Motorized vehicles or two-wheeled vehicles are a vital part of the economy because they are a very convenient mode of transportation. Two-wheeled vehicle insurance is needed to reduce all risks incurred from starting on the road or village roads in general. The following are the benefits and facts of having a Bike Insurance Policy:
Natural disasters
Earthquakes and floods have already started or occurred less frequently; although it rarely happens still, it's unfortunate something that is covered by your bicycle insurance policy. If you are the victim of an accident, you can always seek a claim for damages under a bicycle insurance policy.
Third-Party Coverage
Third-party can also be known as insurance and is mandatory for everyone under motor vehicle insurance. This is coverage against bicycle insurance where the vehicle insurance company has required the two-wheeled vehicle to cover damage to third parties, the insured vehicle and person are protected from legal liability to the person or third party.
Personal insurance coverage
The bicycle insurance policy also alerts the owner and will always provide compensation in the event of an injury or injury as a result of a bicycle accident. The person can also use the money for a purpose, the amount of bicycle insurance claims can also be different with different circumstances.
Required by Law
The law is the most important authority that will lead and must be obeyed by citizens. A bicycle insurance policy is a mandatory aspect of Indian state law. Under the existing Motor Vehicle Law, every motorcyclist must have at least two-wheeler insurance coverage from a third party.
Financial Accountability
Every accident that occurs will create havoc and damage the lives of people and vehicles. The financial coverage that accompanies a motor vehicle insurance policy is a safety net for every policyholder. Any damage done to your vehicle in an accident will not damage or destroy you financially.
Coverage of man-made or man-made disasters,
Man-made disasters such as thieves, murders, riots, terrorists, damage in transit by road, are covered in the coverage of bicycle insurance claims from man-made disasters themselves.
The above is the simplest concepts covered in a motor vehicle insurance policy. almost every major factor to your ease.
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