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5 big reasons to never miss your two-wheeler insurance renewal

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Published on August 25, 2021. EST READ TIME: 3 minutes

While riding a bike can be a super cool experience, it comes with several responsibilities too. For starters, you should get it serviced on time, ride very carefully, and always wear a helmet. Plus, you should always carry important bike-related documents with you when you ride. And one of these documents is your two-wheeler insurance. If you choose wisely, the insurance policy can protect you financially in case a third party or you or your own bike gets damaged in an accident or other unforeseen events. But maintaining a valid insurance policy is equally important because you can land in a lot of trouble if you do not do so.

Let us look at 5 reasons why you must renew two-wheeler insurance on time

1. First and foremost, if you fail to renew two-wheeler insurance punctually, you will end up exposing your vehicle to the financial risks associated with an accident, calamity or theft. After all, the own damage cover of your policy protects you in case your bike meets with an accident. It covers you if your bike gets stolen. It also provides you appropriate cover in case of natural calamities and fire damage. Since technology is becoming increasingly advanced, getting your bike repaired after any damage is also becoming more expensive. With a valid bike insurance policy that has been renewed timely, you do not have to worry about any of these problems. If your bike suffers any damage, the insurance company will pay for repairing the bike.
2. You must renew your insurance on time because otherwise you will be subjected to heavy challan amounts by the traffic police. As per the Motor Vehicles Act, a person can only be legally allowed to drive a vehicle if the latter has been duly insured by an IRDA approved insurance provider. A third-party insurance policy is a must for every vehicle and if the driver is found to be operating the vehicle without a valid insurance, they will be issued a challan of Rs 2000. This is for the first offence! If you are caught riding a bike without valid insurance a subsequent time, your challan will be doubled to Rs 4000. The court can also sentence you to three months jailtime or community service.
3. Apart from the risk of getting a challan, you will end up exposing yourself to considerable legal liability if you don’t have a valid bike insurance. Third-party insurance policy is mandated by law for a reason. It is meant to cover the damages and losses that a third party may sue you for, if you cause them any harm in an accident. Having a valid insurance policy means that the legal liability pronounced by the Motor Accident Claims Tribunal falls upon the insurance company. So, if you fail to renew two-wheeler insurance on time, there will be no insurance company to share the liability with, and whatever compensation is ordered by the court, will have to be paid from your own pocket.
4. You will end up losing all the No Claims Bonus that you have accumulated over the years due to careful driving and not making any claims. This is very important for people who own high end and expensive two-wheelers. Say, you have a super costly bike and with years of patient and careful riding, you have accumulated 50% of NCB on your bike premium. But if you forget to renew two-wheeler insurance punctually, you will lose that NCB completely. Then you will need to pay the full premium and start accumulating NCB from zero all over again.
5. Finally, although the process to renew bike insurance while it is still valid is simple, getting insurance for a bike when the policy has already expired is complicated. You will have to take the bike to an authorised surveyor from the insurance company for inspection. They will take photos and ask you to get any pre-existing damages fixed by a garage before they can issue an insurance policy. Basically, while renewing a valid insurance can take less than 5 minutes, taking your bike to an authorised surveyor and then getting a new policy can take days. And you may have to pay surveyor fees as well!

Conclusion

All in all, it can be a pain to renew two-wheeler insurance after the policy has expired. And riding without a valid insurance is a complete no. So, make sure that you renew your bike policy on time and enjoy stress-free rides always.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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