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Do I Actually Need To Buy A Two Wheeler Insurance Policy?
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A two wheeler has a lot of benefits. It is not only convenient in bumper to bumper traffic, but also makes a beneficial economic investment. Even the purchasing process is convenient as the application process for the bike loan is very short and requires a few documents. But in addition to this, you must also have insurance. But do you really need this financial protection? Yes, you do. And here is why.
Third Party Travel Insurance Is Legally Mandatory
In India, under the provisions of the Motor Vehicles Act of 988, it is now made mandatory that every vehicle should have insurance in order to be driven on the road. If the vehicle concerned is uses for social, domestic, pleasure or even if the vehicle is used to promote the business it will require insurance. When applying for the bike loan and two wheeler insurance online you can opt for any of the two kinds that are available. One of this is the third party liability insurance and the first party insurance. With a third party insurance policy, the insurance company will agree to indemnify the insured person, if the person concerned is sued or held legally liable for the injuries or damage done to a third party. Through this policy, the person who is injured by you can benefit from this third party insurance.
Ideal Financial Protection
A bike loan will provide you with the ideal finances you want when you want to purchase this vehicle. In most financial and banking institutes, the application and approval process does not take a lot of time. With a few hours or days, you can easily purchase your bike. However, it is after your purchase that you need a complete financial protection. With the risk of accidents and theft, insurance will provide you with the ideal financial protection you need. Such events can lead to a lot of financial loss, and the loan you had applied for will be of complete waste. This insurance will not only protect you, but those who are also affected by you.
Easy To Apply Online
The two wheeler insurance online is now made easy. All you need to do is log online to the official website of the financial or banking institute. Once there, you can submit the necessary papers and documents. Once the verification is done, you can easily get the insurance you want. Additionally, when applying for the bike loan, the same institute will offer you the insurance you want.
Short Application Process
The application process depends on where you are applying. If you are applying for an independent insurance apart from the dealer, the process might take over a week. However, as part of the promotions, various financial and banking institutes will offer you this financial protection, thus reducing the application process to a shorter period.
Author Bio :- Neha Sharma is a finance student who loves to write in her free time. She is well experienced with the different bike loan and insurance. Through her article, she has provided the benefits of insurance for this vehicle and how you can apply for this two wheeler insurance online.
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