Road accidents have become an everyday occurrence in Bangladesh. We constantly receive news of casualties from various road accidents. And accidents seem to bring not only casualties but also various financial losses. Financial damage to vehicles is no exception. Vehicle insurance is necessary to get financial benefits from such damages and losses caused by accidents. And if you are a biker, then having bike insurance can be a wise decision for you. Because with bike insurance, there will be a guarantee of compensation if the bike or motorcycle is damaged or involved in an accident for any reason. At one time, insurance was mandatory for all types of vehicles on the road, including motorcycles, cars, buses, and trucks, but the law was repealed in 2018. Although there is no precedent in any country in the world for vehicles to operate on roads without vehicle insurance, vehicle insurance was relaxed in 2018 due to the influence of transport owners. Although there were more than 56.61 lakh vehicles in the country until 2023, the government is deprived of an annual revenue of BDT 878 crore from these vehicles because vehicle insurance is not mandatory. (Prothom Alo) However, this year, on March 1st, at the inaugural ceremony of National Insurance Day, Prime Minister Sheikh Hasina instructed that no vehicle should be allowed to operate on the roads without vehicle insurance. As a result, vehicle insurance, including for bikes, has once again been made mandatory in the country. Moreover, if a vehicle does not have insurance, the owner will be fined up to BDT three thousand. Additionally, the Traffic Police have the authority to file cases for non-compliance with the law, as stated by the Financial Institutions Division of the Ministry of Finance. 

What is in the 2018 Road Transport Act - 

The Road Transport Act 2018 has four subsections regarding vehicle insurance. Subsection 1: The owner or institution of any motor vehicle may, if they wish, insure the lives and properties of the specified number of passengers for any motor vehicle they own. Subsection 2: The owner or institution of a motor vehicle shall insure the vehicles operated under them, and the damage or destruction of the motor vehicle shall be covered by insurance, and they shall be entitled to appropriate compensation through the insurer. Subsection 3: If a motor vehicle is involved in an accident, damaged, or destroyed, no compensation can be claimed from the financial assistance fund for it. Subsection 4: The terms of insurance, limits of insurance liability, insurance insolvency, payment of insurance claims, dispute resolution, validity and transfer of insurance certificates, and other related matters shall be determined by rules.

What will be in the amended law -

Analyzing the previous Road Transport Act reveals that in Subsection 60(1), vehicle insurance for passengers was made optional. Additionally, although Subsection 60(2) mentions vehicle insurance, there is no provision for punishment if insurance is not taken. Therefore, an 11-member committee has currently been formed, chaired by Amal Krishna Mandal, Additional Secretary of the Financial Institutions Division, with the aim of making some amendments and additions to these subsections. The proposed new subsection will be - ‘If any person violates the provisions of Section 60(2), it shall be an offense, and for this offense, he shall be liable to a fine not exceeding three thousand taka.’ Courtesy - (Prothom Alo) 

How to get bike insurance?

To get bike insurance, you can contact any insurance company in the country that provides insurance facilities for two-wheeler vehicles. By observing the policies of various insurance companies, you can purchase an insurance policy for your bike according to your preference. 

To get vehicle insurance, after filling out the information form provided by the insurance office and submitting the necessary documents, the motorcycle insurance process is completed. Additionally, you can also get bike insurance online if you wish. 

Rules for getting bike insurance online

You can easily get bike insurance online from home. For this, you need to fill in all the required information on the vehicle insurance company's website and choose your preferred policy. The insurance company will send one of their representatives to observe your bike's condition and confirm all information. 

If all information is correct, you will receive all insurance-related documents via courier within the next 24-48 hours. 

What is required to get motorcycle insurance?

• Bike papers
• Two recent passport-sized photographs of the bike owner
• Photocopy of National ID card
• Bike blue book
• Driving license
• Bike purchase receipt

Benefits of getting vehicle insurance

• Freedom from financial pressure when replacing or repairing a stolen or damaged vehicle or bike.
• Easy protection from legal complications.
• Financial compensation is received from the insurance company if the bike is damaged in an accident.

Since vehicle insurance is now mandatory in the country, don't delay and complete your motorcycle insurance quickly. To know more about the motorcycle market in 2023, visit the Bikes Guide site.