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According IRDA (Insurance Regulatory and Development Authority) reports, about 70% of the two-wheelers plying on Indian roads are uninsured or their policy has lapsed. This is mainly because many two-wheeler owners in the country have little or no awareness about the importance and benefits of bike insurance.
While some people genuinely forget to renew their bike insurance policy, others intentionally avoid renewing or buying an insurance cover because they think it is an unnecessary expense. However, the truth is, apart from being a legal requirement, bike insurance is a necessity for all bike owners. It helps you get financial protection against the damages or losses you may suffer due to your involvement in an accident.
If you don’t have bike insurance, it is advisable that you purchase one immediately or you must be ready to face the following consequences:
According to the Motor Vehicles Act, 1988, driving without a valid two-wheeler insurance is illegal in India and is a punishable offence. If you are caught driving without an insurance cover by the traffic police, you would be liable to pay a fine or even face imprisonment up to three months or both.
If you forget to renew your bike insurance policy for over three months since its due date, there is a high risk of losing all the accrued NCB (no claim bonus) benefits. Also, you would lose the opportunity to transfer the NCB benefits to the new vehicle if you were to buy one.
Losing the NCB benefits could be a significant loss. You would lose the chance to increase the sum assured of the policy or get a discount on the premium.
A comprehensive two-wheeler insurance policy assures complete financial protection against unfortunate accidents, and man-made and natural calamities. Without an insurance cover, you must bear the cost of repairs from your pocket. Also, if you damage the third-party’s vehicle, you must pay for it as well. In case of loss or theft of your bike, you would get zero compensation. This can wreak havoc on your finances; you may lose all or a significant amount of savings.
Lastly, if you wish to reinstate your lapsed bike insurance policy, it can be a time-consuming process. The insurer may ask you to submit a fresh application form and inspect your vehicle again to decide the premium and the IDV. Also, owing to your past records for failing to renew the policy, the company may charge a higher premium.
So, it is obvious that you face the risk of heavy losses and paying penalties, if you don’t buy or renew your bike insurance policy.
If you are looking for the best bike insurance plan, you can consider buying the Kotak Long Term Two-Wheeler Secure from our Two wheeler insurance page. You can choose a policy tenure of 1,2 or 3 year based on your requirement. Also, you get a wide range of benefits along with an affordable premium. Visit our two-wheeler insurance page to know more about the policy.
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