If you think you do not need a two-wheeler insurance then you should stop using your two-wheeler. However, if you are on the road, a two-wheeler insurance is a necessity. With Indian roads becoming increasingly unsafe over time, riding a two-wheeler without an insurance is almost unbelievable. Yet almost 75% of two-wheelers on the roads are running without a valid insurance policy or riding with a lapsed policy. Out of the lot, some genuinely tend to forget to renew their policies, but some choose not to renew in order to save a few hundreds. No matter what be the reason or excuse, you must be prepared to face some consequences in case you do not have a two-wheeler insurance policy, and they are:
According to the Motor Vehicles Act, every vehicle, be it a two-wheeler or four-wheeler must have an insurance while on the road. If you do not have an insurance while riding your two-wheeler, you will incur a very heavy fine or face imprisonment of up to three months.
In cases when you do not claim your two-wheeler insurance for a long time, the benefits get accumulated. The accumulated amount is referred to as no-claim bonus. You can claim the accumulated benefits after a certain point of time. However, if your policy has lapsed for 90 days or more, you are not eligible for the no-claim bonus. Also, you are not allowed to transfer this benefit to a new vehicle, in case you purchased another one.
Loss of Time:
In case you want to reactivate your two-wheeler insurance policy, it takes a really long time for the process to complete as you are required to fill in a new proposal form and get your vehicle inspected again. The entire renewal process is as good as opting to take a new policy. Also, the amount needed to renew your lapsed policy is really high.
A two-wheeler insurance policy that is comprehensive provides cover against all types of threats including both man-made as well as natural calamities. In case your vehicle is damaged during the time your policy is lapsed, you have to single-handedly bear the repairing costs of your two-wheeler. And if by chance you meet with an accident on your two-wheeler with a third-party, apart from being blamed for negligent driving, you could also be blamed for not having your two-wheeler insurance policy renewed. Sometimes you are also required to pay compensation to the family of the deceased. This could bring about a major imbalance in your financial status.
Life is unpredictable and is so is driving on Indian roads. Therefore, it is advisable that you do not step out on your two-wheeler without an insurance policy of your vehicle, if you value your precious purchase.