As the owner of a motorcycle, it is your responsibility to be aware of the legal requirement to purchase a policy for two-wheeler insurance. Infractions of the law can result in hefty fines and even up to three months in jail time, depending on the severity of the violation. In spite of the regulations, approximately 75% of motorcycle owners do not have insurance coverage for their vehicles.
A bike insurance policy is not only helpful to ensure that you stay on the legal side of the road, but it also protects you against the cost of repairs and other mishaps. Accidents can happen out of nowhere, and when they do, having a bike insurance policy to protect you from potential financial and legal liabilities as well as the costs of bike repairs is extremely helpful. Therefore, the usefulness of a bike insurance policy plan can be debated well beyond the point where it is required by regulation.
Solitary Year Bike Insurance Policy
As the title suggests, a single-year plan is valid only for one year. While lorry insurance strategies need to be regularly restored to maintain the protection active, a single-year strategy requires you to restore the plan for each plan duration. While it might be an inconvenience for some, it has the advantage of providing you the choice to change to a different insurance company at the end of its tenure.
Multi Year Bike Insurance Policy
Contrary to a single-year strategy, a multi-year plan is a long-term bike insurance plan that stands for more than one year. For a bike insurance coverage strategy, a multi-year policy is valid for 5 years as per the mandate by the regulatory body, the Insurance Regulatory and Advancement Authority of India (IRDAI). The IRDAI needs all brand-new two-wheelers signed up in the country to mandatorily have multi-year third-party policies. You can go to the main internet site of IRDAI for further details.