People sometimes perceive purchasing bike insurance as a fruitless activity. Moreover, they see it as an expense and try to avoid it. Several vehicles run without a valid insurance policy in rural areas as well as cities. If you happen to be one of those who doesn’t feel the need for 2 wheeler insurance, do not ride your bike before insuring it. It might lead to serious legal liabilities, even imprisonment! Read ahead to know what happens when you ride a two-wheeler without buying or renewing a 2 wheeler insurance policy.
Riding Without Buying A Third-party Liability Policy
Riding a bike without a valid Third-party Liability policy is a punishable offense in India. You can be fined or imprisoned for it. Besides, if your uninsured bike is involved in an accident where you have caused damaged to a third-party or their property, you will face legal issues. There is a chance that you might suffer huge financial losses in such cases.
Riding Without Buying A Comprehensive Two-wheeler Insurance Policy
Although it is not compulsory to purchase a Comprehensive Two-wheeler Insurance Policy, it is advisable to do so. It protects you from suffering financial losses in case your vehicle is involved in accidents. It also insures your two-wheeler in case of calamities. You can raise a claim for a bike theft as well and the insurance company shall reimburse you for your loss as per the terms and conditions mentioned in the policy.
Apart from this, you can extend your policy’s coverage by purchasing Add-ons. Add-ons are extra covers that provide enhanced insurance coverage. If you ride your bike without a comprehensive cover and rely on the basic Third-party Liability cover, you will not avail the above-mentioned benefits. A two wheeler Third-party insurance policy does not cover damages to your bike. As a result, you will have to pay for repairing the damages from your own pocket.
Riding Without Renewing Two-wheeler Insurance
Riding a two-wheeler without renewing its insurance policy is as good as riding without an insurance policy. Your two-wheeler insurance policy becomes invalid the moment it expires and exposes you to financial losses in case of unfortunate events involving your bike.
Not renewing your bike within 90 days of its expiry period will snatch away your accumulated No Claim Bonus as well. No Claim Bonus is a discount for good driving and not raising a claim with your insurance company during your policy period. Not renewing within the stipulated period will mean losing the discount and paying a higher amount as insurance premium when you finally decide to renew your two-wheeler insurance policy.
Renewing the policy after a break of considerable days might also be slightly time-consuming. The insurance company might want to inspect your bike in case there is a break, such a policy is called a Break-in Policy.
Buy Bike Insurance Online
Digitization has made it extremely easy to renew or buy bike insurance online. You no longer have to speak to agents or fill long forms to avail an insurance policy. You can simply visit your preferred insurer’s website and transact just like any other E-commerce website. Buying 2 wheeler insurance online is not only convenient but affordable as well.
When you buy 2 wheeler insurance online, you not only save time but also save money. Usually, online policies are a bit cheaper as compared to purchasing from an offline agent, as the agent’s commission is negated in the online process. Irrespective of from where you buy the policy, make sure to read and understand the policy’s inclusions and exclusions carefully before making the payment.
