Kathmandu. Motorists who burnt their private motorcycles in the devastation during the Genji protests are now worried about insurance claims.
According to the Motor Vehicles and Transport Management Act, 2049 BS, it is mandatory to have at least third-party insurance to drive a motorcycle legally on public roads. It is advisable to purchase comprehensive insurance plans for comprehensive or intensive protection. Because this insurance also covers the damage to your vehicle. However, there are a majority of people who do not want to buy full insurance by paying a little more for the insurance cover except the compulsory.
Motorcycle insurance is also known as two-wheeler insurance. This is a type of motor insurance. It guarantees financial protection against any loss or damage caused by two-wheelers. This includes protection against road accidents, theft, natural disasters (such as floods and earthquakes), man-made disasters (such as riots and fires), and third-party liabilities such as injury or damage to property.
According to the Motor Vehicles and Transport Management Act, 2049 BS, it is mandatory to have at least third-party insurance to drive a motorcycle legally on public roads. It is advisable to purchase comprehensive insurance plans for comprehensive or intensive protection. Because this insurance also covers the damage to your vehicle.
Two-wheeler insurance covers scooters, motorcycles, three-wheelers, electric motorcycles and scooters.
What are the risks of a two-wheeler insurance policy?TAG_OPEN_strong_85
Motor insurance not only ensures financial security but also peace of mind and compliance with the law. Vehicle and Transport Management Act, 2049 (2049) and Motor Vehicle Insurance Rules and Legal Provisions issued by Nepal Insurance Authority (NIA) for two-wheeler insurance:
- Accidental damage to insured motorcycle
- Theft or Total Damage to Two-Wheeler
- Natural disasters (floods, earthquakes, storms, etc.)
- Third Party Liabilities (Injury, Death, or Property Damage)
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{{TAG_OPEN_li_87}man-made disasters (fire, vandalism, riots)
According to the Motor Vehicles and Transport Management Act, 2049, it is mandatory for all vehicle owners in Nepal to buy at least a third party insurance policy. The Insurance Authority controls the premium rate, terms of policy, and rules related to claim payment. Clause 148 of the Act states that every motor vehicle should be insured as prescribed by the owner or manager of the motor vehicle.
Section 152 of the Act incorporates the provisions related to third party insurance. This section states that if any third party or any property is damaged due to the accident of a motor vehicle, the owner or manager of the motor vehicle shall provide a third party insurance of the prescribed amount to compensate for the loss.
Benefits of Insuring Vehicles
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Financial Security: Two-wheeler insurance provides financial security. Which helps to save a lot of money in case of accident, theft or third party liability. Even a small loss can cost thousands of rupees. This insurance policy will help you repair the damage without hurting your pocket money.
Accident Injuries: covers the damage caused to your vehicle in an accident and any accidental injuries you have suffered.
Protection for all types of two-wheelers: This provides compensation for damage to a scooter, motorcycle or moped.
Types of Two-Wheeler Insurance Policies: There are 3 types of motorcycle insurance policies offered by insurance companies. Depending on your needs and budget, you can purchase an insurance policy that includes third party insurance, comprehensive insurance, and your own damage facility.
Risks to be covered in two-wheeler insurance{
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Cost of Spare Parts: The increasing demand for motorcycles in Nepal has increased their cost. Their spare parts have increased. This two-wheeler insurance policy covers the cost of parts, including simple nuts and bolts or parts like gears or brake pads. Which has become more expensive than before.
Service on the Highway: TAG_CLOSE_span_71 If you need help with the road at the time of purchasing an insurance policy, you can opt for the road assistance option. This includes services such as towing, minor repairs, flat tires, etc. This facility is usually included in the insurance of four-wheelers.
Peace of Mind: TAG_CLOSE_span_70 Any damage to your vehicle may incur a substantial repair fee. If you have two-wheeler insurance, your insurer will take care of unnecessary expenses. Which gives you peace of mind to ride a motorcycle without any worries.
Mandatory Personal Accident Cover: Bike owners can now get an in-built personal accident compensation of Rs. 3 lakhs under their two-wheeler insurance policy. Under this policy, the non-life insurance companies provide a maximum compensation of Rs 3 lakhs in case of accident and Rs 5 lakhs in case of death.
Additional Features: Additional risk coverage is available for additional premiums. But providing additional security goes a long way in making the process of filing a claim easier. These include Personal Accident Risk Bear for rear occupants, additional risk cover for spare parts and goods, Zero Depreciation Benefit.
Claim Discount: TAG_CLOSE_span_67 The insurance company rewards the insured with such a discount facility for safe driving practices and no claim in the previous year(s).
Third Party Motor Insurance
Third-party insurance covers the legal liability of the insured for damages to the third party in a road accident. Whether it’s the person or their property. The Vehicle and Transport Management Act has made it mandatory for all two-wheeler owners to obtain a valid third-party insurance while driving on public roads.
Own Damage Insurance
Own damage insurance is also known as Own Damage Risk Coverage. It provides financial protection against damage to the insured motorcycle against theft, accident, fire, etc. It is advisable to include this feature in addition to the mandatory third party insurance for comprehensive protection.
Brihat Insurance
Comprehensive insurance protects you from any damage to your vehicle in addition to third-party legal liabilities. It guarantees and compensates your motorcycle against fire, natural disaster, theft, accident, man-made disaster and related adversity.
What is the wise thing to do?
In this way, third-party insurance ensures compensation in case of any damage to the third party due to the collision of the insured vehicle. However, the owner of the vehicle does not get a single penny of compensation if something happens or the vehicle is damaged, stolen or lost. If you have only third-party insurance, don’t expect to get an indemnity claim for the insurance. To save money and buy a new or used motorcycle, contact the nearest sales center.
It’s best if you opt for intensive insurance or comprehensive coverage insurance for a little more. If a motorcycle hits, damages someone, or is swept away by theft, arson, vandalism, floods, landslides, you can rest assured that the insurance company will compensate you.
