Business Other News 29 Nov 2019 Two wheeler insuranc ...

Two wheeler insurance policy can help curb hefty fines

DECCAN CHRONICLE
Published Nov 29, 2019, 2:42 pm IST
Updated Nov 29, 2019, 2:45 pm IST
Many people choose to take a chance and pay hefty fines rather than buy two wheeler insurance.
With the proliferation of the digital space, opting for insurance policies online has become much easier.
 With the proliferation of the digital space, opting for insurance policies online has become much easier.

If you were given a choice between paying Rs 1000 for a product or Rs 4000 for the same product, which would you choose? It would be safe to assume that you would choose to pay the former. Unfortunately, one does not make the same choice when buying insurance. Many people choose to take a chance and pay hefty fines rather than buy two wheeler insurance. Thus, it becomes important for the government to intervene and come up with a solution.

In order to address the menace of road accidents, the central government very recently amended the Motor Vehicles Act with the Motor Vehicles Amendment Bill (2019). Passed in July 2019, the Act intends to levy hefty fines on various violations of traffic rules. Needless to say, the stiff new rules are already grabbing headlines. Under the amended Act, the penalty for driving without a license was increased to Rs 5000 while the penalty for driving without a helmet can lead to a fine of Rs 1000.If the factor of two wheeler insurance is not taken seriously, it will definitely burn a hole in your pocket.

 

So, can we say that, opting for a two wheeler insurance is the solution to paying hefty penalties to the authorities? Well, it is definitely to a great extent.

The Insurance Regulatory and Development Authority of India (IRDAI) has recently set up a working committee to examine the possibility of linking two wheeler insurance with traffic violations. Policyholders with vehicles featuring similar parameters like age, make, model and insured could be charged differential premium based on their track record on roads.

However, opting for a two wheeler insurance on time can ensure a lot of security for the owner and of course exempt him from paying hefty fines. Considering this, we have listed below, three reasons to avail a two wheeler insurance. Here’s a look:

It pays for damages

No matter how much security you tend to avail, life will always remain unpredictable. If anything, unanticipated events while driving – like crashing into a wall or a cricket ball crashing into your windshield, will cost you a considerable amount of money in fixing them. However, if you have an insurance in place, you will not have to worry too much about paying hefty bills.

  1. It reduces liability substantially

Opting for a two wheeler insurance can help reduce liability to a great extent. Third Party Liability Insurance is mandatory in India, which covers one against the ramifications of accidents caused by an individual. For example, if you happen to cause an accident that damages someone else’s property or injures another individual, the insurance will pay for their treatment and you need not worry about the same. Instead of shelling out huge hospital costs, you can always get your two wheeler insurance to take care of these expenses.

Additionally, if you are in an accident, then a third-party insurance can save you from very heavy liabilities.

Buying insurance policy online

With the proliferation of the digital space, opting for insurance policies online has become much easier. Policyholders these days need not undergo tedious paperwork in order to buy a policy. When you purchase Two wheeler insurance online, you can compare insurers, choose a policy that meets all your requirements and make the payment directly. Needless to say, these factors bring down the cost of the policy to a substantial extent.

Buying a Two wheeler insurance policy online can also ensure security and convenience as you can compare various options and choose the policy that suits your needs perfectly. Also, you can ensure that the information required can be filled in properly. On the other hand, payment of premium and renewing policies are much easier when done online as compared to in physical form. Availing the online route can also make it easier for you to save documents and chances of misplacing important paperwork are much less.

Of late, there has been a surge in buying two wheeler insurance policies. At Turtlemint, we are seeing a significant surge on the platform for two-wheeler insurance. On an average across cities, our increase in policy issuance has gone up by four times.

On a final note, it can be said that whatever you do or whichever bike you drive, do remember to opt for a Two wheeler insurance policy and secure yourself. It is always better to pay a premium to secure yourself than to pay a hefty fine.

By Dhirendra Mahyavanshi, Co- Founder, Turtlemint

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