Uninsured two-wheelers are a major safety concern

Two-wheeler fatalities rose by 8% in 2022, claiming almost 75,000 lives or 44% of the over 1.68 lakh accident deaths that year; India logs highest number of road accidents globally.

Each year, countless lives are lost on Indian roads due to accidents. India has the highest number of road accidents globally, driven by reckless driver behaviour, non-compliance with traffic rules and human errors. Alarmingly, two-wheeler fatalities rose by 8% in 2022, claiming nearly 75,000 lives — accounting for 44% of the 1,68,491 road accident deaths that year.

India’s roads have become busier over the years as average per capita income rises, leading to more people purchasing two-wheelers. With the world’s third-largest road network, the country had 354 million vehicles as of FY22, as per Statista. Yet, a significant concern stays— lack of insurance among vehicle owners.

As per a General Insurance Council report, over 60% of vehicles in India are uninsured, with two-wheelers leading the category. In 2015-2016, Only 8.26 crore of the about 19 crore registered vehicles were insured.

Although, third-party motor insurance is mandatory, many vehicle owners remain uninsured. This issue stems from three key factors: many bike owners avoid insurance to save money, and those who buy, often fail to renew policies and lack awareness about insurance products.

But being uninsured can severely jeopardise your financial security. In the event of a road accident causing property damage or injury, you have to bear all costs out of pocket.

Taking precautions by insuring your vehicle is far better than regretting it later. Driving without insurance also carries legal consequences. First-time violators face a fine of ₹2,000 and/or up to three months in jail. Repeat offences incur a ₹4,000 fine. Here are your options for insuring two-wheelers viz.

Two types of bike insurance are available: third-party insurance and own-damage (OD) insurance.