- 24X7Claim Assistance &
Free Customer Support
- 20 Lakh+Happy & Satisfied Customers
- 100%Claim Support
“Uninsured Bike Looks Great in Garage Not On Roads”
According to IRDA, 75% of two-wheelers plying on Indian road either have no insurance or their insurance has lapsed. While there are instances when one genuinely forgets to renew bike insurance, some vehicle owners do it intentionally to save a few hundred rupees. Whatever the reason, if you are riding a bike without insurance, you should be ready to face the following hurdles-
Driving a vehicle without third-party insurance cover is illegal in India. If you are caught up without insurance, enforcement agencies can impose fine up to Rs 1000 or imprisonment up to 3 months or both as per the Motor Vehicle Act.
Loss of NCB
Lapsed policies lose the benefits that may have accumulated in the form of no claim bonus (NCB). In case your vehicle remains uninsured for over 90 days, you shall lose accrued benefits. Also in the process, you lose out the opportunity of transferring NCB benefit to the new vehicle if you were to buy the one.
The comprehensive two-wheeler insurance secures you against all perils, including man-made and natural calamities. In its absence, the cost of repair/damages has to be borne by the vehicle owner. In case your vehicle met with an accident, resulting into death of the third-party; two cases will be filed against you- criminal case (for negligent driving) and the second one to get the claim. The compensation given to the family of the deceased has to be borne by you. This situation can wreck your financial state.
Reinstating a lapsed policy is a time-consuming process. You may need to fill up the fresh proposal form akin to insuring a new vehicle. Also, the insurer will again inspect your vehicle. The insurance company may charge a higher premium to renew a lapsed policy or may even reject the insurance proposal.
Time to Put on Your Thinking Hat
Given the multiple losses and complications towards renewing lapsed bike insurance, it is imperative to renew it on time. Nowadays, insurance companies notify customers regarding policy renewal through different mediums like emails and SMS alerts. Harness the power of technology and renew the policy online.
- Most Read
- How to Get the Details of Bike Insurance by Registration Number?
Date: 06 November 2019
- How ‘Pay and Recover’ Policy Helps you Get the Compensation if you Get Hit by a Biker?
Date: 11 October 2019
- New Traffic Rules: Hefty Traffic Violation Fines to be Imposed from September
Date: 11 September 2019
- Own Damage Cover: A Saviour in the Hour of Need!
Date: 11 September 2019
- 7 Maintenance Tips to get your Motorcycle prepared for Long Trips
Date: 06 September 2019
- Renew Your Two-Wheeler Break-in Insurance Policy at PolicyBazaar
Views : 218835
- Lost Your Two Wheeler Insurance Documents? Here Is What You Need To Do
Views : 171510
- Two Wheeler Insurance Plans
Views : 161971
- Top 7 Best Two-Wheeler Insurance Providers in India
Views : 150555
- A Complete Guide to Third Party Two-Wheeler Insurance
Views : 101141
GET ARTICLE ON EMAIL
- Income Tax Calculator
- Other Calculators
- Pension Calculator
- Savings Calculator
- Save Regularly
- Actual Savings
- Health Insurance Premium Calculator
- Car Insurance Calculator
- Bike Insurance Calculator
- SIP Calculator
- Life Insurance Calculator
- Term Insurance Calculator
- ULIP Calculator
- Premium Calculator
- FD Calculator
- Investment Calculator