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Saturday, October 5, 2024
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Risks & Consequences of Not Having a Bike Insurance in India

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As soon as you buy a bike, whether it is second-hand or new, it is essential to buy bike insurance with that. It protects the bike as well as the rider and not buying it is a huge risk that you will be taking. Let’s take a look at why it is important and the risk & consequences faced if not owning bike insurance.

Risks of not having bike insurance in India

Two-wheeler insurance is mandatory by the law, it is at least important to have a third party insurance for bike by default in India. Look for this policy as soon as you buy a bike.

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However, if you do not have insurance then you are putting yourself in a precarious position. This situation can also occur if you forget to renew your bike insurance or if you renew your bike insurance at a later date and there is an accident in the interim. Let us take a look at some of the risks.

  • Must bear expenses caused to third-party – In case of an accident, there may be some damages to your and the other person’s vehicle. It would be difficult to bear the expenses of your damages as well as the other person’s damages.

Apart from this, in case of the worst scenarios, it is possible that both parties may need medical attention as well. In such cases, bearing all the expenses can be burdening. In extreme cases, there may be a death due to the accident caused. In such cases, the insurer is liable to pay a sum assured to the insured depending on which insurance policy is bought by him/her.

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  • Chances of losing NCB amount – No Claim Bonus is the amount accumulated over the year on account of not placing a single claim. This percentage of the amount is carried forward to the next year and it is available to you at no extra cost.

If you do not have bike insurance, you are not eligible for the same. If you do not renew your insurance before the expiry date, your NCB does not get carried forward to the next tenure.

  • Must pay a higher premium in the future – Buying and renewing insurance online is easy and it should be done before you miss the deadline. You just need to search for the same and compare features, benefits, and quotes from different insurers to get started.

You can pay your premiums by calculating it with a two-wheeler insurance premium calculator to determine how much premium you will end up paying according to the insurance and add-ons you have bought. If you miss your deadline for renewal of bike insurance, apart from leaving you and your bike vulnerable to damage, you are also risking a higher premium.

Also Read – Calamitous! 5 Killed In Road Accident In Darrang; Deceased Includes 1 Child

Consequences of not having bike insurance

There are dire consequences to not having bike insurance. Let us take a quick peek at the consequences.

  • Must pay a hefty penalty – If you are asked to produce the insurance policy by cops and you cannot do so, you can be asked to pay a hefty fine of up to 4000 rupees. The penalties depend on whether your policy is expired or you don’t have any documentation and so on. The penalty for not having bike insurance once is much higher than the cost of bike insurance.
  • The obligation of legal liabilities – It is illegal to drive on Indian roads without third party insurance according to the Motor Vehicles Act. Be on the right side of the law and buy your bike insurance today!
  • Unnecessary financial burden – If you are in an accident, then paying the whole amount of damage to your vehicle and the third party’s vehicle can put you under financial duress and take a huge chunk out of your savings. There may be various reasons due to which you may have to take support from your insurance policy.

In case of fire, natural calamity, theft, and other disasters, it is possible that your bike may be damaged irreparably or not available to be repaired at all. In such cases, you might end up spending a large chunk of your savings.

Also Read – Diesel At ₹81, Petrol At ₹94, Oil Prices Decreases For The Second Day After Tax Cut

Bike insurance is important for the long healthy life of your bike as well as you. It is important for the safety of you, the pillion rider, and everyone else that you pass by on the street. The risks and consequences are too great if you do not buy bike insurance. Go online and get started now!

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