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Risks Involved in letting Two Wheeler Insurance Policy Expire – Explained by Coverfox

 Two wheeler insurance policy - Coverfox

Risk involved in Expired 2 wheeler insurance policy

INDIA, November 26, 2021 /EINPresswire.com/ -- In India, there are a wide variety of narrow roads of a rural countryside location and high ends crammed metropolitan city roads and national highways. Riding on these roads on two-wheelers is undeniably the most convenient and economical means of transportation. With this ease, accessibility, and comfort, there are an increased number of two-wheelers on the road yearly.

However, like other vehicles, two-wheelers are also prone to uncertain events, due to poor road conditions in the country. Hence, to be safe, it’s important to have an adequate insurance policy to ride on Indian roads as it would not only protect one as a rider and one's two-wheeler from unforeseen situations like personal accident, third party liability, or theft but also against man-made calamities and natural disasters too.

Importance of Two-Wheeler Insurance in India:

There are extremely utmost important reasons to have a valid insurance policy to ensure that bike riders and vehicles are always secured from accidents and other damages.

In India, natural disasters like floods, earthquakes, etc. end up damaging a lot of physical infrastructure and properties. To avoid any mishap and secure oneself from such unprecedented events one can make sure that precious vehicles always stay protected by purchasing insurance policy. In addition to that, it will also provide the vehicle along with riders to stay secure under circumstances that are out of control like damages due to theft, fire, explosion, riots, as well as terrorism or destruction & damage.

If there is no bike insurance or if two-wheeler insurance has expired, there are several disadvantages to it. Here are some penalties or disadvantages for not having the proper documents

1. Expensive Fines/Challan:
In India, every vehicle running on the roads must have a motor insurance policy which is mandatory by law. If caught without valid two-wheeler insurance, the authorities will impose a heavy penalty, and can be imprisoned too.

2. Loss of No Claim Bonus (NCB)
In our country, being a vehicle owner and If haven’t raised a claim for the first year, one get's the benefit of No Claim Bonus (NCB), a rebate for not registering a claim, and for riding safely.

3. Legal Liabilities
While the Third-party Liability policy covers one's financial liabilities, the Comprehensive two wheeler insurance policy provides cover against damages, loss, or theft. If a bike insurance policy is expired or lapsed and in case met with an unforeseen accident, one can get into a lot of trouble that can land him/her with legal issues. In addition, a person will have to bear the other expenses.

4. Tedious/ Complicated Process
Renewing a lapsed bike insurance policy could be a complicated task altogether. In the process, you may also lose out on the NCB discount and pay a higher premium.

5. No Financial Safeguard
With bike insurance, one can have financial security in case of several unfortunate events related to the bike, for example, accidents, bike theft, damage to the bike due to a natural calamity, etc.

6. No Protection from accidents
Even during these times, if one takes their bike on the road, there are chances of meeting with an accident unprecedently. If riding without an insurance policy coverage one might land in some serious circumstances and in such incidents taking place, there would be no protection provided.

Hence it is advisable to secure oneself against unforeseen troubles down the road with Two Wheeler / Third party bike Insurance policies that offer the most articulate plans with a wide gamut of add-on covers, quick claim settlement, and hassle-free renewals.

Smriti Gala
Coverfox
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