Every bike owner knows the importance of getting their vehicle insured before taking it out on roads. But what if the person forgets to renew the two-wheeler insurance on time? While it may look like a minor mistake, its consequences can be grave. If you own a bike that you regularly use to commute to your office and back home, you should ensure that you never miss a single insurance renewal payment.

If you feel missing a timely bike insurance renewal is not a serious matter, you probably aren’t aware of its consequences. Let’s look at the following situations why bike owners should consider renewing their two-wheeler insurance policy.  

Two-wheeler insurance is a type of insurance that covers the damages and liabilities that may arise from owning and using a two-wheeler vehicle.

By using a two-wheeler insurance premium calculator, you can compare different plans and choose the one that suits your needs and budget.

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• Hefty Road Penalties

The Indian law mandates vehicle owners to get their two-wheelers insured before taking them out on roads. Failure to renew your insurance on time or driving with inactive or expired bike insurance will equal having no bike insurance at all. 

If the traffic police or other concerned authorities ever caught you driving without valid two-wheeler insurance, you will be subjected to pay hefty road penalties. The penalty amount can vary depending on the situation, but it will be enough to cause you an unpleasant pocket pinch in most cases.  

• Legal Liabilities in Case of Third-Party Damage
  No matter how excellent you are at riding two-wheelers, the chaotic roads can make everyone vulnerable to road mishaps, especially the narrow lanes. Vehicle owners take insurance to secure themselves against financial and legal obligations arising from road accidents involving damage caused to any third-party individuals and third-party property.

So if you ever get involved in an accident during the period when your vehicle insurance status is expired or inactive, you will have to bear all the financial expenses equal to the damage caused to the third party from your own pocket. If you don’t want to take this risk and always stay covered by your insurance company, always renew your two-wheeler insurance on time.  

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• No Claim Bonus

One of the benefits of having consecutive claim-free years is the opportunity to become eligible for a no claim bonus. Insurance companies reward people who have not filed for any claims for a set number of policy years in a row by offering a discount in premium during insurance renewal. Even if you were maintaining a clean driving record and didn’t file for claims, you may not get the no claim bonus benefit if you miss even a single renewal payment.

• Loss in Case of Man-made & Natural Calamities

Bike owners give their best to secure their vehicles, but there can be situations that are beyond human control, affecting the vehicle. For example, even if you parked your bike at a secure parking lot, it can still get damaged beyond repair due to riots, earthquakes, flash floods, or other manmade or natural calamities at any point in time.

If you have active two-wheeler insurance when your bike gets damaged due to natural calamities or manmade disasters, you will be eligible to get compensation from your insurance company as per the pre-agreed terms. But if you forgot to renew the insurance on time, the insurance company won’t be liable to pay the compensation for any damage that took place when the policy status was expired or inactive.  

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• Financial Burden for Own Vehicle Damage due to Road Accidents

The busy Indian roads can be a challenge for even the most skilled bikers. If you ever get involved in an unfortunate road accident wherein your bike gets severely damaged, you will head to the insurance company to claim compensation. But the insurer will only proceed with your claim application if your insurance policy was active when the accident occurred.

So if you don’t want to receive any unpleasant surprises while filing a claim application, be sure your insurance status is always active. Missing even a single insurance renewal can come heavy on you when you least expect it.   

Safeguard Your Peace of Mind by Timely Purchasing/Renewing Two-Wheeler Insurance

Vehicle insurance was created to save owners from unexpected financial obligations arising from unpleasant events. When buying/renewing bike insurance can save you from the consequences discussed above, why take the risk of driving without active vehicle insurance. If you don’t want to renew your existing insurance and are looking for better alternatives, start your search and switch to a new insurer before the policy period expires.

You can start your search a little in advance and take the help of an online two-wheeler insurance premium calculator to get a near accurate idea of the premium you’ll have to pay going forward. It can give you a near accurate premium estimate, provided you correctly fill in all the required details. Use these details to compare and evaluate the best available insurance plan and proceed accordingly.

If you’ve read all the points discussed above, you’ll probably understand why renewing insurance on time is crucial. So look for ways to remind yourself or get notified a few days prior to the insurance renewal date. It will help you prepare in advance, ensuring you always ride stressfree.  

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