Despite the fact that motor insurance is mandatory under Indian Motor Vehicles Act, 1988, approximately 60% of vehicles in India are still not insured. Though many of us get our bikes insured at the time of purchase, we don’t renew our bike insurance regularly.
However, it is the need of the hour to buy and renew your bike insurance, and here’s why we believe this:
India tops the list in road fatalities, with a major crash on Indian roads every minute along with one demise every 4 minutes. A report on Road Safety in India says that 42% two-wheeler riders in our country don’t wear a helmet on roads and 59% didn’t take the test for obtaining their driving license. Further, 63% people driving a car don’t wear seatbelts.
In this situation, the least you can do is renew your bike insurance to save yourself from third-party liabilities.
How Renewing Your Bike’s Insurance Saves You Money
We do everything we can to save some money, then why do we let our bike insurance lapse.
Here’s how renewing your comprehensive bike insurance can save you some cash:
1. Benefit of NCB
If you renew your comprehensive bike insurance on time, you can avail the No-Claim Bonus (NCB). This is an added bonus amount that you can get if you have not claimed any amount in the previous term. The bonus is generally accrued for every claim free year and helps in reducing your premiums. However, if you let your bike insurance lapse, it is hard to avail the benefits of NCB.
2. No re-inspection
Do you remember that while purchasing bike insurance you had to go through the whole inspection process of your vehicle? With this, you might have also paid some additional charges for inspection. When you let your bike insurance lapse, you have to follow the same process from the beginning. This will cost more money than renewing your bike insurance on time.
3. Avoid penalty
As vehicle insurance is mandatory in India, riding your bike without insurance or letting your policy lapse is against the law. Hence, if you ever get caught riding without motor insurance, you’ll have to pay penalties. This penalty can either be imprisonment for 3 months, INR 1,000 fine, or both.
How Buying An Insurance Plan Protects You
1. Third-party cover
The third-party cover is mandatory in India. This insurance cover protects you from financial burden and legal implications in case of an accident. If your bike was involved in a road accident, then your insurance will cover the damage caused to the third party including the damage to them, their assets, and property.
2. Rider cover
When you renew or purchase bike insurance, you’ll be given an option to include accidental cover for the rider. This means that in case of an accident, whether a third party is involved or your bike collides with any other vehicle, the insurance will cover your damage. The Rider cover is essential because if in case you are injured in an accident and the third-party insurance doesn’t cover the rider, you’ll be under financial burden.
3. Pillion rider cover
Pillion rider cover includes the person riding with you, and in case of an accident, this cover will pay off the liabilities arising from the injury or harm to the pillion rider.
4. Roadside assistance
Have you ever come across a situation when your bike suddenly stops in the middle of the road, and you couldn’t find any help? Roadside assistance can save you from these types of situations. If you opt for this cover or a policy in which roadside assistance is inclusive, you won’t have to worry about finding help. Your insurance will provide towing service to a nearby garage.
In The End
Purchasing a comprehensive bike insurance or renewing the old one can save you from the financial burden you may face due to injuries, damage to your bike, or third-party liabilities. You can get additional benefits in the form of roadside assistance, cashless repair service in selected garages, and add-on covers. So, renew or purchase your bike insurance today. Compare and renew insurance policies on Coverfox.com and get rid of financial stress.