With increase in two-wheeler accidents, deaths and news of road rages, driving has become extremely difficult for the riders day by day. As a matter of fact, the traffic condition on Indian roads has become so risky that two-wheeler riders have become more prone to travel mishaps. Reportedly, according to the Ministry of Road Transport and Highways 34 % of the deaths happening on Indian roads during accidents are of two-wheelers.
In an attempt to safeguard the interest of the road-accident victims, third-party two-wheeler insurance have been made compulsory by the law in India. But according to a report compiled by the General Insurance Council of India, 60% of the automobiles in the country are either not insured or the insurance policies are not renewed among with most are two-wheelers. In fact, out of 19 crore registered automobiles, only 8.6 crore automobiles are insured. This is an alarming issue which needs to be strongly addressed.
Why most of the two-wheeler in India are not insured?
According to various surveys and statistics, it is found that people in India are not considering a two-wheeler insurance as a priority. Why? The three vital reasons contributing to this problem are as follows:
Weak implementation of the insurance law- The vital reason is the weak implementation of the two-wheeler insurance by our law enforcement entities. People take it as a liability to get the insurance coverage until any mishap takes place or they have been penalised for the same. Riders don't consider renewing their insurance policy on time because of sheer negligence.
Lack of knowledge & responsibility- Lack of knowledge as well as responsibility is another major reason behind this issue. Since most of the two-wheeler owners are within the age group of 18- 25 years, in most of the cases they don't have knowledge on what type of insurance has to be purchased or they consider it waste of money.
Reluctance to spend money-Even though the two-wheeler insurance premium rates are nominal, buying an insurance coverage is considered as a waste of money by many riders.
What are the benefits of two wheeler insurance?
Among the hoard of benefits that a two wheeler insurance policy come with, some of the vital ones are as follows:
Two-wheeler insurance comes with all the benefits and safeguards jackets that an rider would require as a protection against unfavourable conditions on road.
It gives a cover against the accidents, third-party, natural calamity, terrorist attack, robbery etc.
In simple words, you as well as your two-wheeler will stay protected under the coverage of a comprehensive two-wheeler insurance policy.
Along with a two-wheeler insurance policy, the rider also gets a personal accident insurance cover, which means that if you meet with an accident, your insurance company will be liable to cover your medical expenses as well.
What is the two-wheeler insurance law in India?
The Motor Vehicle Act 1988 says that it is mandatory for all automobiles including two-wheelers, to have a minimum valid third party insurance coverage in place. Failing to comply with the law, the owner is liable to pay a fine of Rs.1000 or will be imprisoned of 3 years or both. However, the matter of concern is that even after imposing a strict law to safeguard the interest of the two-wheeler owners by providing them compensation in case of accidents most of the two-wheelers are still not insured.
Why stricter law enforcement is the need of the hour?
To make eh and every two-wheeler user purchase a two-wheeler insurance in the country, stricter enforcement of insurance law has become the extreme need of the hour. Moreover, the government needs to take proper measures to make sure every two-wheeler rider in India is educated about the importance of two-wheeler insurance and also the risk factors for the defaulter. Uninsured automobiles result in huge liabilities on the accident victims and every automobile user need to be well-informed about this.
How to renew the lapsed insurance policy?
With every passing day, we are getting more and more occupied with our day to day activities. Hence, taking out an extra time for other work like renewal of insurance policy has become a challenging task. To make the process easier and convenient, most of the insurance companies provide both online as well offline option to activate your lapsed two-wheeler insurance policy. Well, the online option seems very convenient and easy as you just need to visit the company's website, fill the required form with proper details like policy number, vehicle details, etc. and within few minutes, your policy will be renewed. But, if you go for the offline option then it might need some time as you personally need to walk into the insurance company office to get the required formalities done.