Whether in India or any other country, two-wheeler insurance is immensely crucial and mandatory for owners. It provides legal compliance and offers a financial backup during un predicted mishaps.
In fact, it provides coverage for all the legal and financial liabilities which arise from your two-wheeler damage. However, there are a few people who intentionally don’t purchase bike insurance in order to save a little money. And there are some who forget to buy and renew their two-wheeler insurance.
And when you ride your bike without insurance, the authorities might thoroughly penalise you. As you’re here today, this article will give you valuable insights into the consequences of riding a two-wheeler without insurance. Please stay tuned until the end to learn more about it.
Is it Illegal to Ride a Bike Without a Two-Wheeler Insurance Policy?
Yes, riding a two-wheeler without a two-wheeler insurance third party is illegal in India. According to the Motor Vehicle Act 1988, riding your bike without insurance can incur a fine of up to Rs. 2000. Nevertheless, it can also lead to imprisonment of up to three months.
If the authorities catch you for the same offence for the second time, your fines become stringent. You either need to pay a fine of Rs. 4000 or opt for the imprisonment of up to 3 months.
Repercussions of Riding Your Bike Without Bike Insurance Policy
While you travel on the roads of India, you will notice that the traffic cops make random inspections by stopping vehicles. The cops mostly ask for several documents related to your vehicle, like RC, DL, bike insurance papers, PUC certificates, etc. And when you fail to produce an active bike insurance paper or other important vehicle documents, you might be fined.
Apart from being fined, you’re very likely to encounter various other consequences as well. Some of them include the following:
● Legal Liabilities
The comprehensive two-wheeler insurance grants you coverage and secures you from all possible perils. This insurance policy typically includes all natural and man-made calamities.
But when you don’t have a credible insurance policy for your bike, all incurred damages will be borne by you. And if your vehicle met with an accident and is responsible for a third-party death, you might have to:
- Accept the penalties of a criminal case for being a negligent driver
- Or provide considerable compensation to the family members of the deceased.
And when you confront such situations, your financial state can go completely berserk. Thus, it’s immensely crucial for you to acquire the best insurance coverage for your two-wheeler.
● Zero Financial Coverage
When you have a bike but don’t have two-wheeler insurance, it means your vehicle is uninsured. Thus, you are liable to pay for any damages caused to your vehicle and by your vehicle.
This means you will end up paying hundreds and thousands of rupees while repairing the damages incurred to your vehicle. No wonder you are completely on the wrong side of the law.
Therefore, it is immensely crucial for you to insure your two-wheeler as soon as you purchase it. You can consider acquiring a comprehensive bike insurance policy and protecting your vehicle against all legal and financial liabilities. Thus, you can discard all the extra bags of worries you otherwise carry every time you ride your two-wheeler.
● Time for Inspection
As per the estimates made by IRDA, it has been revealed that 75% of two-wheelers plying on Indian roads aren’t insured. And some of the two-wheeler insurances have also lapsed due to non-renewal of the same.
It is true that reinstating a lapsed two-wheeler insurance policy is both taxing and time-consuming. You will need to acquire a fresh proposal form to activate your vehicle’s insurance policy. And the insurer might also want to inspect your vehicle for better closure.
Nevertheless, the insurance company is more likely to charge you a higher premium for renewing your lapsed policy. And at worst, they might also end up rejecting your insurance proposal. But with advanced technology, you can easily get your renewal of two-wheeler insurance online. You will also not have to confront the extra burdens mentioned earlier.
● Complete Loss of No Claim Bonus Benefit
Even after you get bike insurance online, it’s important to renew it timely, as and when required. But failing to do so automatically makes your two-wheeler insurance policy lapse. Thus, you might lose all the benefits you might have accumulated as a No Claim Bonus.
For instance, if your vehicle is uninsured for more than 90 days, you lose all the accrued benefits. Furthermore, you also lose the opportunity to transfer the NCB benefits to your new vehicle, which you are planning to purchase.
Now that you know the possible complications of not having credible bike insurance, getting one is imperative. Also, make sure that you get a two-wheeler insurance renewal to avoid any significant loss.
Harness the power of advanced technology and purchase two-wheeler insurance from FutureGenerali. Make sure you opt for one that fits your budget and requirement well. Till then, stay insured and ride safe!