You would not want any untoward incident to happen with your dream bike, especially right after you have purchased it. What many people forget after purchasing a new bike is getting it insured. Two wheeler insurance third party policy is mandatory as per the Motor Vehicles Act, 1988. Any bike plying on Indian roads must be insured with this policy at the very least to remain on the right side of the law.
Even today, a lot of people ride their vehicles without having a valid insurance policy, i.e. they do not have a motor insurance
policy at all or it has lapsed. What if an accident takes place while your policy has lapsed? You should know that you would not be able to make claims in this situation. Therefore, just like any other important date, remember your insurance policy renewal date as well. If you’re driving without a valid insurance policy, you must be prepared for the outcome.
- Financial loss
If your vehicle is insured, you are protected from legal liabilities arising out of a road accident. A third-party liability policy covers the damages caused to a third-party’s person or property. If you want damages sustained by your vehicle as well you can opt for a comprehensive insurance policy. If you’re driving without an insurance policy, you may have to face financial liabilities to the tune of thousands of rupees, not to mention being on the wrong side of the law.
- Pay fine or even imprisonment
Any vehicle plying on Indian roads must have a valid insurance policy as per the law. If you disobey this rule and get caught without an insurance policy or a lapsed one, you will be charged a fine and/or even be imprisoned depending on the circumstances. No one would want to go to jail over such a thing, so it is prudent that you purchase an insurance policy. You can buy bike insurance online
within minutes to prevent yourself from these legal implications.
- Expiry calls for an inspection
Renewing your two-wheeler insurance policy before its expiry date is always better than waiting for it to expire. The reason being that renewal of a lapsed insurance policy takes time and the process is equal to purchasing the policy all over again as you have to fill new forms, get your bike inspected, etc.
- No NCB benefit
Wondering what is ncb
? No-Claim Bonus (NCB) is a concession you receive when you don’t raise any claims in your policy term. However, if your policy lapses and you’ve crossed your grace period of 30 days, you will lose out on this benefit. You can transfer the NCB if you’re purchasing a new bike, but this isn’t possible if your policy has lapsed.
There are many disadvantages to not buying a two-wheeler insurance policy. Why take risks when you can purchase it at the click of a few buttons? The internet has made things easy for us and all you need to do is visit your preferred insurer’s website and fill in the necessary details. Once all the details have been filled and the forms have been submitted, you can proceed to make the final payment.
But don’t forget to compare multiple policies before finalizing one. Comparing policies gives you a clear idea of the coverage several insurers offer and the rates they offer them at. Online two-wheeler insurance premium calculators help you calculate policy costs with ease. With the help of this tool, you can know the approximate amount you are supposed to pay. In case of any doubts, you can always contact the insurance company’s executives. Drive safe and stay insured!