Every two-wheeler in India must be protected by bike insurance coverage. What started as a mandate from the Motor Vehicles Act of 1988. has turned out to be one of the most remarkable ways to protect your finances from unfavourable traffic incidents. Additionally, it is crucial to periodically renew your coverage to prevent it from expiring. You are able to get a vast number of perks, including a No-Claim Bonus (NCB), by doing an on-time Bajaj Allianz bike insurance renewal. *
If you don’t make a single claim during the course of your policy, you will essentially earn an NCB as a concession on your premium payment. However, you can lose out on the entire collected bonus if you forget to renew your insurance coverage and it expires. Additionally, it’s against the law to operate a two-wheeler without valid insurance coverage. Riding a motorbike while holding expired plans will get you into trouble.
What are the adverse effects of operating a two-wheeler without valid insurance?
Insurance is compulsory when riding a two-wheeler. You will only be covered if your two-wheeler insurance renewal date is met and the grace period is skipped. Furthermore, you will end up in legal trouble.
Continue reading for a few more repercussions of using a two-wheeler without a valid bike insurance online policy.
- Severe punishments
If you are caught operating a two-wheeler while in possession of expired insurance coverage, you may be required to pay hefty fines. The sense of security and peace of mind it offers you allows you to ride your bike whenever and wherever you choose, which is a significant factor in insurance renewal.
- Liability for third parties
The Motor Vehicles Act states that all vehicles be covered by third-party insurance. As a result, if you have an accident while riding your bike with expired coverage, you could face legal consequences. Not to mention that you would be required to pay out of pocket for the damages.
- Giving up the NCB
You receive a concession on your bike insurance, known as a No-Claim Bonus (NCB), for each year that you go without making a claim. You may earn a concession of up to 50% over a 5-year period. But before your policy expires, you need to renew it. Some insurance providers give you a second chance to renew your coverage during a grace period of 30 days. In the event that you still fail to do a bike insurance renewal within this grace period, you will forfeit all accumulated NCB. *
- Zero coverage
Under comprehensive two-wheeler insurance, you will be provided with complete coverage in the event of an accident. Along with its own harm, third-party damage is also covered. However, if your insurance has run out, you will be responsible for paying everything out of pocket. *
The steps to renewing an expiring policy online are as follows:
- To get a decent bargain that also meets your demands, you have to browse the website of your selected insurer and use a two-wheeler insurance premium calculator to select a policy.
- After that, you must enter the necessary information, along with that of the vehicle and the candidate.
- The final step would be to make the payment online using an appropriate payment option after everything has been completed.
Although it isn’t too difficult, it is always preferable to renew your bike insurance policy in a timely manner. When you renew your insurance, you not only keep your NCB in check, but you can also claim bike insurance when you need it. So, what are you waiting for? Save yourself from trouble, and go get yourself two-wheeler insurance. ##
* Standard T&C Apply
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘
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