Is insurance mandatory for bikes in India?
Under the Motor Vehicles Act, the Government of India has made it mandatory for every bike owner to have an insurance policy. The bad condition of roads coupled with rash driving increases the chances of accidents. An accident can cause damage to vehicles inflict injuries or sometimes even result in loss of life.
What are the 3 types of bike insurance?
In India, as per the Motor Vehicles Act, it is mandatory that all vehicles that operate in any public space must have a motor vehicle insurance cover. Policyholders must have at least 'third party liability' motor insurance cover even when opting for the basic insurance plans.
Which insurance is mandatory in India?
First-party refers to the insured individual, second-party is the insurance provider, and third party is the person towards whom damages are owed by the first-party in an accident.