Bike insurance is very much a necessity for two-wheeler vehicle owners who often commute using their bike. It may so happen that you forget to renew your two-wheeler insurance plan and the due date for the payment has passed. Driving our vehicle without insurance can lead to heavy fines and thus, it is safer to always opt for auto-renewal or add a reminder for online bike insurance renewal. Failing to renew your policy can also cause you to lose your coverage in case of an unfortunate accident. So, let’s understand why you should opt for bike insurance renewal and the penalties applicable for driving without one.
Why Is Bike Insurance Renewal Important?
There numerous advantages of renewing your insurance policy for driving safely and legally on the road, so here are some key benefits:
Manages Third-Party Liability
In case of a mishap, if you cause any damage or loss to a third-party’s property, bodily injuries or even death, insurance comes to the rescue. Any financial liability arising out of this will be taken care of by your insurer and you wouldn’t have to worry about the monetary aspect. The compensation amount shall also be paid to the victim by the insurance provider. Thus, having third-party cover is vital to avoid such liabilities that can take a toll on your savings. If you wouldn’t have such a policy, the amount would have to be shelled out from your own pocket.
Retains No Claim Bonus
No Claim Bonus or NCB is an additional perk that you can enjoy if you do not make any claims in the policy year. You can avail a certain percentage of discount on the Own Damage (OD) cover of your comprehensive insurance plan. This percentage keeps increasing as you continue to not file any claims ranging from 20 to 50%. But if you fail to renew your bike insurance for 90 days after the due date, you could lose your NCB. This also means that you couldn’t transfer the accumulated bonus to a newly bought vehicle. Therefore, it is advised to renew your policy on a regular basis to avoid losing the bonus that can help lower your premium quote.
Secures Your Vehicle
With timely renewals, you secure your bike from an endless number of risks that are covered by your insurer. Comprehensive insurance protects your bike from man-made and natural hazards, fire, explosion, theft, robbery, strikes, etc. If your policy lapses, your vehicle wouldn’t be safeguarded from such uncertainties. In the event of an unforeseen incident, repairing or replacing your bike could affect your finances which would otherwise be taken care of by the insurer. So, to continue maintaining your coverage, you can choose the auto-renewal option and never miss a due date! An alternative to auto-renewal is setting up a reminder in your phone calendar.
Penalties Applicable for Driving Without Insurance
As you know, it is illegal to drive without a valid insurance plan under the Motors Vehicle Act, 2019. Thus, it is compulsory to have a third-party insurance plan if you want to ride your vehicle on Indian roads. The penalty for driving without a valid policy is as below:
- The penalty amount for a first offence of riding without an insurance policy is INR 2000 and/or imprisonment of up to 3 months. Previously the fine amount was INR 1000.
- If caught on the second time offence of continuing to ride your bike without a third-party cover can attract an amount of INR 4000 and/or imprisonment of up to 3 months.
How to Renew Your Bike Insurance?
Here’s how you can successfully complete online bike insurance renewal with zero hassles:
- Visit your insurance provider’s official website
- Click on the bike insurance renewal and fill out your personal details such as registration number, your contact details, name, etc.
- Choose the insurance policy you want to purchase
- Pick any add-ons that you want to combine with your plan
- You can also update the IDV or Insured Declared Value of your bike
- Now, the final premium quote will be visible on the screen
- Select any online payment modes from net banking, credit or debit card, etc.
- You have successfully renewed your bike insurance plan
In case you have missed your renewal date, or your policy has lapsed, it is recommended to contact your insurance provider to know how you can secure your cover.
With this, you can now protect your vehicle and yourself by renewing your policy. Opt for a hassle-free renewal process with ILTakeCare mobile app that gets the process done without a hitch!
