Things to remember when your bike insurance policy expires
(Contributed post for our Indian readers)
The renewal of the insurance policy for your bike is due shortly and you have set a reminder for it. You fret missing the due date because this time you intend to enhance the cover as much possible. The relevance of a bike insurance policy has increased as it prevents you to spend unexpected and sudden amount incurred after a collision.
More than for your safety, a bike insurance policy is needed mandatorily if you put your vehicle to use in public. Failing to do so, you will be held liable to pay penalties and/or face imprisonment.
Why is it important to insure the bike?
Imagine you were driving your bike one fine morning to reach the office. It was important for you to be there on time. As soon as you were about to get on the main road, you did not see on your left but tried to merge in the flowing traffic. A car coming from behind banged on your bike. You immediately fell and went sliding for about 50 meters. Ahead of it, you collided with another person on a two-wheeler and injured him. It was your mistake because of which you were hurt and your bike got damaged.
You intimated the whole incidence to the insurance company and sent your bike for the repair. Owning the Bike Insurance policy helped you because you never had to pay the cost of restoration other than the compulsory deductible. It also paid you for the legal liability as you hit another two-wheeler rider. Your Bike Insurance Policy paid as it offered you protection in favour of the financial expenses incurred due to:
a) Own Damage
b) Third-Party Liability.
How to renew the Bike Insurance Policy online?
Renewing the Bike Insurance online is not a challenging task anymore. You can renew the policy in simple steps:
The existing insurer: If you wish to continue the insurer, then you can simply deposit the premium amount.
Any Other insurer: If finding another insurer is in your mind, then look for offers, discounts, and coverage. Compare the quotes from different insurance companies and finalize one for the renewal. This can be done online easily without wasting time.
Remember if you wish to extend the basic Bike Insurance Policy with some add-on covers, you can do that at the time of renewal. You may get the renewal either online or offline but before you finalize it will be wise if you make intensive research.
Some companies make you tech-enabled by offering you quick online links. It reduces the premium amount comparatively and thus turns out to be a better option.
What are the consequences of driving a bike with expired insurance?
If you happen to miss the renewal of the Bike Insurance trust you will be putting your foot for worries. Putting it straight, “Bina insurance policy ke bike chalaoge to nuksaan uthaoge.” Let us see how will it cost you:
Fine: As per the updated Motor Vehicle Act, 2019 driving any vehicle without insurance policy will attract a fine of Rs.2000/- and/or imprisonment of 3 months. Buying a Third party bike insurance policy is made mandatory by law. It is done in the interest of the people.
Illegal: Driving a bike with an expired insurance policy is considered illegal in the eyes of law. It will come with some cost to you.
Pay compensation in case of any third party damage: If you drive your bike without an insurance policy and hit a third-party leading to losses that relate to bodily injury or property damage, then you will have to extend the compensation.
Pay from your pocket in case of own damage: Driving without a Bike Insurance policy can force you to bear own damages if there occur any.
How to ensure the timely renewal of Bike Insurance Policy?
When you know that if you happen to drive your bike without an Insurance Policy you can incur some penalties for it. Hence, it is better that you ensure the timely renewal for your Bike. But the question is how should you do it?
Here is what you can do to ensure timely renewal of Bike Insurance Policy:
Set a reminder on your phone before the due date.
Note down the renewal date.
Keep checking your email. Most of the Insurance companies keep sending policy renewal reminders 1 or 2 months before the policy expiry date.