Risks You Could Face For Not Having Two-Wheeler Insurance

What is life without little joys? Buying a new house, your first paycheck, getting home your dream bike, and more. Such events hold different involvement and attachment to every individual. But one common thing across all such situations is to care for those things.

Say, it is your first house; you are bound to love it because you have spent your hard-earned money to make it a home. A similar case for your two-wheeler. Availing an insurance cover is important to ensure that your vehicle always has a safety net. Moreover, the Motor Vehicles Act makes it mandatory for all vehicles to have insurance.

With the increasing congestions in metropolitan areas, there is a growing risk to two-wheelers. This makes it even more necessary to have two wheeler insurance. Still, there are a vast majority of the vehicles plying without an insurance copy or with a lapsed two-wheeler insurance policy. While some are genuine cases, there are consequences of driving without one.

Let us look at the risks of not having a two-wheeler insurance policy.

Penalty

The Motor Vehicles Act makes it mandatory to carry a copy of insurance, whether in digital or physical form. Failing to do so will attract a heavy penalty or even imprisonment. The penalty amount varies as per the type of vehicle. Make sure you do not miss on ensuring two wheeler insurance renewal of your policy in due time.

Legal compilations

Two-wheeler insurance plans are your best friend when driving on the roads as they save you mental stress about damage to your vehicle and any legal liabilities. Apart from this, any financial burden can be avoided when you have a comprehensive motor policy. Your insurer along with damages to you and your vehicle covers any costs, in case of an accident. If compared to the cost of repairing in case of such adverse situations, purchasing a motor insurance policy is a wise and prudent decision.

No Claim Bonus

Every insurance company provides benefits in the form of No Claim Bonus or NCB for every claim-free year. This kind of added facility is provided in case of a comprehensive two-wheeler insurance policy. One of the downsides to missing your renewal date among many is the loss of NCB. After 90 days from the lapse of your policy, you cannot claim the accumulated NCB on your insurance plan. Also, if you wish to buy insurance from a different provider, the same accumulated benefits of NCB cannot be transferred. This will reinstate your premium amount to the original amount at its first purchase.

Time-consuming process

The process of reactivating a lapsed policy is time-consuming. Moreover, one has to complete all formalities as required at the time of new purchase. To add to it, you lose all accumulated NCB benefits. Thus, it makes the entire process lengthy and not very beneficial as opposed to timely renewal.

To conclude, ignoring buying or renewing your two-wheeler insurance policy will not only invite hefty penalties but also end up in you missing out on existing policy benefits. Lastly, don’t forget to make use of a two wheeler insurance premium calculator while buying or renewing your policy. It will help in checking for an affordable premium for your desired policy.

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