The IRDAI, i.e. Insurance Regulatory Development Authority of India presently revealed that approximately 75% of two-wheelers running on roads are not being insured, despite the fact that the law strictly regulates it. It is a must-follow task for new buyers to acquire an appropriate two wheeler insurance policy, though several existing owners avoid this fact and don’t renew their policies.
By not having a policy that is active and valid, the policy lapses. This also happens if you don’t pay the premium within the described period. In turn, all the advantages and rights are being restricted too.
Interested to check out what advantages are you missing out on when not carrying a valid insurance for your bike? Then read on and be informed.
What benefits do you lose when you don’t have an insurance for two wheeler?
No Claim Bonus (NCB) is the incentive for good driving behavior. It can go upto 50% discount on premium if there are 5 consecutive years of no claims made. This is a vital advantage that you simply cannot let go of by choosing to let the policy go into the lapsed state.
However if you let a bike policy lapse, you will stand to lose this crucial benefit. The next year when you reinstate the policy or opt for a new policy you will have to start with 0% NCB
Zero hassle driving experience
Having an insurance is mandatory by law for a two wheeler plying on the road. You can get a great driving experience without being stopped by legal authorities when you carry an authentic insurance policy on your bike.
When you opt not to have an insurance taken out, you face the trouble of being pulled up by a patrolling traffic policeman. You will then be liable to pay hefty fines and penalties for not abiding by the law. As per the Motor Vehicle Act you may also be imprisoned for upto 3 months.
Hassle-free renewal process
If you are to renew a valid policy on time before it lapses, then the entire renewal process is extremely streamlined for your convenience. All you need to do is log online and renew the policy. Hence, it makes total sense not to let go of this advantage.
On the other hand, if you choose not to opt for a policy, let it lapse, and then make up your mind to renew the policy, the process will involve more steps and more paperwork. Renewing a lapsed policy is almost same as buying a new two wheeler policy.
Protection against damage
When you have a valid insurance and are involved in a road mishap, you can be protected from the costly repairs and hospitalization bills.
If you choose not to have an insurance coverage for your bike and if you meet with an accident in this mode, then you will not get any financial assistance from the insurance company. Not only will you have to foot the bill for expensive bike repairs, but all hospitalization costs (for treating body wounds) will have to be borne from your own pockets.
These advantages are too good to let go of, simply for saving a small amount by not having an insurance. Make a smart move, get an insurance today for your two wheeler, and lock these advantages in your name.