When you purchase two-wheeler, you need to take up an insurance policy for the same. It is mandatory to have a third-party insurance policy for every vehicle plying on the Indian roads as per the Motor Vehicles Act, 1988. However, some vehicles still have no insurance or their insurance has lapsed, while a few might genuinely have forgotten to renew their vehicles and some people might intentionally do it to save money.
People, however, don’t realize that riding a bike without insurance comes with inevitable consequences, such as:
- Hefty penalties
If you have been driving a vehicle without a valid two wheeler insurance third party cover and get caught, enforcement agencies will impose a specific amount of fine or imprisonment, or both according to the Motor Vehicle Act, as it is illegal to do so.
- Loss of NCB
If your policy has lapsed, you will lose all the benefits that accumulate in the form of No Claim Bonus (NCB). Therefore, don’t keep your vehicle uninsured for over 90 days, or you shall lose all accrued benefits.
- Legal Liability
If you have comprehensive two wheeler insurance, it will secure you against all the perils that include man-made as well as natural calamities. And if you don’t have it, then you will have to bear all the costs of repair and damages. In case your vehicle meets with an accident, and it results in death or the third-party, you must bear even the compensation that is given to the family of the deceased, and this can wreck your financial state.
- Consumes time
To reinstate a policy that has lapsed, the process is quite time-consuming. You will have to fill up the new proposal form that is equal to insuring a new vehicle. Your vehicle will be inspected by the insurer again.
Let us now look at the benefits of buying two-wheeler insurance:
Two-wheeler insurance cover helps you to insure your vehicle against disasters as well as any damage done to the vehicle because of a personal accident. If you own two-wheeler, you can claim insurance if any loss is incurred while riding, under the insurance claim. With the help of motorcycle and bike insurance policies, you don’t have to pay the cost of damages caused to the third-party because of an accident. If you haven’t made any claim for a certain period, then you are eligible to file a No Claim Bonus (NCB) that is a premium rate with a concession for the succeeding premiums.
Two-wheeler insurance service is an emerging one. Its providers are making it convenient for all the vehicle owners so they can avail it.
When you buy a two-wheeler, you certainly be driving around a lot more, which might cause a rise in the probability of any unexpected mishap occurring. Therefore, to be on a safer side, it is only wise to secure yourself and your vehicle with a two-wheeler insurance plan.