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Business Standard
03-06-2025
- Business
- Business Standard
Skipping Third-Party Bike Insurance? Here's What It Could Cost You
NewsVoir Noida (Uttar Pradesh) [India], June 3: Owning a motorcycle comes with responsibilities, and having third-party bike insurance is among them. Indian law requires two-wheeler third-party insurance to protect against damages to others in an accident. Riding without it could lead to legal penalties, financial burdens, or even suspension of your license. The two-wheeler third-party insurance gives peace of mind and ensures law compliance. With online third-party insurance for two-wheeler riders, securing the coverage takes more or less a few minutes. Knowing the consequences of riding without these two-wheeler third-party insurance policies will enable you to make a well-informed decision. Consequences of Not Having Third-Party Bike Insurance Biking without third-party bike insurance can cause severe legal and financial implications. Here is what you risk by not having third-party insurance for bike owners: Legal Penalties for Uninsured Riding Indian law requires all two-wheeler riders to insure themselves against third-party liability. Riding without one can attract fines, prison sentences, and license suspensions. The Motor Vehicles Act of 1988 prescribes a fine of Rs2,000 for first-time offenders and Rs4,000 for repeated offenders. In some extreme cases, authorities can suspend your driving license or seize your vehicle. Avoid these unwanted run-ins with the law by getting third-party two-wheeler insurance to comply with legal requirements. Financial Burden in Case of Accidents Accidents can be costly, especially regarding efficacious compensation, such as when others stand injured, or property damage occurs. In the absence of third-party motorcycle insurance, you will have to pay the medical fees as well as repair costs. Depending on the severity of the accident, expenses can quickly escalate, causing financial distress. Third-party insurance two-wheeler policies ensure that these liabilities do not fall on you. Taking out proper coverage will prevent financial strain. Legal Complications in Accidents If you're an uninsured rider involved in an accident, court cases can be filed against you by a third party seeking compensation. You could be stuck in lengthy court battles without valid third-party bike insurance. This creates substantial financial strain and leaves you with a legal standpoint. The court could rule that the victim should be compensated, leaving you liable for a hefty payment. Compliance with the demands of third-party insurance legally requires one to avoid such unfortunate events. Loss of No Claim Bonus (NCB) Benefits Failing to renew your two-wheeler third-party insurance policy on time means you will lose out on any accrued NCB benefits. NCB discounts insurance premiums for every claim-free year so that you can save on the premiums. Having the NCB benefit cancelled poses a problem for other policies because the premium will shoot up for future policies. By renewing your two-wheeler third-party insurance on time online, you can be assured of continuous coverage while saving big time. Staying insured also prevents one from experiencing any kind of financial loss. How Does Third-Party Insurance Protect You? Third-party bike insurance is recommended for every two-wheeler owner in India. It is, therefore, a legal requirement to secure against financial liabilities and damages caused by one another. Here's how a bike insurance policy safeguards you: Legal Compliance According to the Motor Vehicles Act of 1988, bike owners must have third-party insurance. Failure to do so may result in severe fines, imprisonment, or even suspension of the rider's license. Having a valid policy allows the rider to adhere to regulations and avoid any unnecessary legal troubles in the event of routine checks. Coverage for Third-Party Injuries or Death In some cases, accidents can lead to injuries or deaths of pedestrians or other motorists. In such cases, third-party insurance two-wheeler policies cover the medical expenses of the affected party while providing compensation. This ensures that one does not have to pay an enormous amount from his pocket. Financial Security Against Lawsuits If the accident victims demand compensation from uninsured riders, things can get nasty as it would result in a legal process. This is where third-party bike insurance comes in handy, as it takes care of legal expenses and settlements and also protects the insured from unforeseen financial stress. Riding with Peace of Mind Riding knowing that the insurance can compensate any third-party liability that occurs provides peace of mind for most riders. Accidents can happen at any time, but the availability of some financial protection ensures that you are prepared. With third-party insurance, you can escape the worries of financial uncertainties. Affordable and Easily Accessible Coverage Third-party insurance is cheaper than comprehensive insurance. It provides essential protection at a reasonable premium, which makes it a good option. You can buy third-party insurance online, and the digital process of issuing and renewing any policy is much easier. Insurance coverage on third-party two-wheelers protects against mishaps and protects you from financial misconduct. Third-party insurance for two-wheeler owners is a legal requirement and a smart investment. Online purchase for third-party insurance for two-wheeler owners provides an array of benefits.
Business Standard
15-05-2025
- General
- Business Standard
ICCPL Foundation Wins DO GOOD Award 2024
NewsVoir Noida (Uttar Pradesh) [India], May 15: ICCPL Foundation has been awarded the DO GOOD Award 2024 in the Child Welfare category for its stationery distribution initiative under the #RahatWithICCPL campaign, at an event in New Delhi. The recognition highlights purpose-driven programs that create tangible impact at the grassroots level. The award-winning initiative was part of the broader #RahatWithICCPL campaign, which aims to support children from marginalised communities by ensuring access to basic educational resources. Through this focused stationery distribution drive, the Foundation reached underserved areas where lack of supplies often acts as a barrier to learning. The campaign played a key role in helping children maintain continuity in education, especially during times of hardship. Ambika Saxena, CEO, ICCPL Foundation, said, "This award reaffirms our belief that meaningful change lies in addressing real, everyday needs. Distributing stationery might seem simple-but for many children, it's the bridge between dropping out and staying in school. We're proud to be part of their journey." Beyond this initiative, ICCPL Foundation continues to lead several sustained social programs. These include donation drives in underserved regions, free meals to thousands, observance of International Sign Language Day to promote inclusion, Vivah Utsav to support the weddings of economically weaker couples, and tree plantation drives. Each effort follows a grassroots-first approach, in line with the Foundation's long-term commitment to equity and empowerment.
Business Standard
01-05-2025
- Automotive
- Business Standard
What is Electric Bike Insurance and How is it Different from Regular Bike Insurance?
NewsVoir Noida (Uttar Pradesh) [India], May 1: The acceptance of electric vehicles has increased in recent years due to the rising trends of adopting sustainable practices. As a result, most daily commuters are leaning towards electric two-wheelers. Now, for people planning to buy an EV bike or scooter, electric bike insurance is a factor they must consider. It is a mandatory requirement, just like bike insurance, and knowing the differences between the two and the key factors to consider while choosing can help make informed decisions. Keep reading! What is EV Bike Insurance? Electric Vehicle (EV) bike insurance is specifically designed to meet the special needs of electric bikes and scooters. Its coverage would include the subjective coverage of bike insurance, such as third-party liabilities, plus personal accident cover, but all under the ambit of electronic vehicle component risks. Such plans cover the electric bike's battery, motor, and other electronic parts. They provide financial protection from potential damages and losses while legally being required to ride the EV two-wheeler on public roads. Key Difference Between Traditional and Electric Bike Insurance Fundamentally, both traditional and electric bike insurance are similar. They provide financial protection for the two-wheeler against accidents, theft and more. However, they differ in some aspects: * Conventional bike insurance covers the engine and mechanical components essential for running petrol-or diesel-powered bikes. * Electric bike insurance covers the most important parts of EV bikes: the electric motor, battery pack, and associated electronic circuitry. Types of Coverage Under Electric Bike Insurance Policies Whether you purchase bike insurance online or offline, knowing in depth about all the coverage options is customary to make an informed decision. Here are the categories of coverage you will find under EV bike insurance plans: * Third-Party Coverage: This is a legal requirement for all vehicles. It will cover the damage or injuries caused by your EV to third-party individuals, vehicles and properties. * Comprehensive Cover: These insurance policies provide complete protection for your EV bikes. This entails third-party liabilities and damages to your EV or its parts due to accidents, thefts, natural disasters, etc. EV insurance policies offer various add-on covers to enhance your vehicle's protection. Here are some add-on covers to consider: * Battery Protection: The battery is an EV bike's most essential and costly component. This add-on feature covers the battery's repair and replacement costs. * Roadside Assistance: Your EV bike may break down in the middle of the road due to a technical malfunction or damage. This add-on feature helps cover the costs of towing, flat tyre changes, and on-site minor repairs. * Zero Depreciation: This essential add-on cover helps get a full claim settlement for parts replaced after an accident without considering depreciation, which is highly beneficial for costly EV components. Key Factors to Consider While Buying EV Bike Insurance While selecting electric bike insurance, it is essential to keep these factors in mind: * Relevance of Insurance Declared Value (IDV) IDV is the maximum amount you can claim in case of theft or total loss of your EV two-wheeler. Such vehicles and their components are expensive, so ensure that the IDV covers the full value of your electric bike. * Coverage for Battery and Other Parts EV batteries are expensive yet vital to a bike. Ensure the policy covers battery and electric motor damage or replacement costs. * Personal Accident Cover It protects the rider from medical and financial losses in an accident. Having this cover is essential to ensure peace of mind during any journey. * Policy Exclusions Understand the policy's exclusions so you can customise it and take necessary add-on features into account. This will ensure comprehensive protection for your vehicle. Common exclusions include breakdowns, wear and tear of components and substance-related damages. Benefits of Buying Electric Bike Insurance Electric bike insurance caters to the specific needs of EVs and provides the following benefits: * Extensive Protection Electric bike insurance offers comprehensive protection for EV bikes and their components in case of theft, damage, or loss. It also covers third-party liabilities and accidental damages. * Cost Efficient You can easily purchase electric bike insurance online through various digital platforms. This eliminates intermediary fees and helps you find a suitable policy at the best rate. They also offer multiple discounts throughout the year that will help you save a lot on the premium amount. * Legal Benefits According to the Motor Vehicles Act 1988, every bike owner needs to have insurance coverage for third-party liabilities. So, buying EV insurance will help you easily navigate the legal aspects of owning an electric bike. How to Choose the Right Insurance for Your EV Bike? While choosing an insurance policy for your EV bike, it is essential to consider the following key factors: * Assess Your Needs Consider your vehicle usage and analyse the possible associated risks related to its components. It will help you determine an adequate coverage amount for your bike. * Research and Compare Policies Evaluate multiple policies and insurance providers for better insights into their offerings and pricing. This will help you find the best option that meets your needs and fits your budget. * Carefully Read the Policy Documents Attentively read all the policy documents to understand the terms and conditions, coverage, exclusions, etc., to avoid any hassle during claim settlement or policy renewal. Since electric two-wheelers have unique needs, investing in electric bike insurance is wise. With the right insurance plan, you can ride stress-free, comply with the legal requirements and reduce out-of-pocket expenses in case of any unforeseen mishaps.
