As per the recent stats, more than 15 million two-wheelers have been sold in the FInancial Year 2021. This reflects the popularity of two-wheelers among the young and old people of India.
While bikes are fun, they come with risks. In 2019, more than 1/3rd of the road accidents in India were two-wheeler accidents. Hence, bike insurance becomes critical. The Motor Vehicles Act 1988 makes it mandatory for every vehicle on the road to have a third-party insurance policy.
Importance of Two Wheeler Insurance in India
We encourage all riders to buy two-wheeler insurance. No matter what two-wheeler you own, the stats suggest that having long term two wheeler insurance is necessary. It protects you and your bike from the sudden liabilities arising towards a third party in case of an accident and provides the necessary financial cover which protects you from the unexpected monetary crunch.
There are numerous natural disasters in India that do significant damage to infrastructure and property, but with comprehensive bike insurance coverage, you can ensure that your vehicle is always protected. Additionally, it will keep you and your vehicle secure in the event of theft, fire, explosion, rioting, terrorism, or vandalism, all of which are out of your control.
Failing to Renew your Expired Bike Insurance - A Major Problem
Ensuring that your bike insurance is renewed on time is not only essential but can save you from further troubles. Bike insurance renewal is mandatory under the Motor Vehicles Act 1988. However, if you fail to renew insurance on time, there can be some negative consequences. Let’s take a look at them:
1.Loss of No Claim Bonus (NCB):
For the year you don't make a claim, the insurance company provides you a No-claim bonus which can be as much as 50% of your bike insurance premium. If you do not renew your policy on time, you can strip off from this benefit.
2.Loss of Financial Safety:
In case of a sudden event like an accident or theft, you will not be able to avail the benefits of the insurance cover irrespective of a good track record in the past. Driving with expired bike insurance can be risky and is not advisable at all.
In the case of driving with expired bike insurance, an accident can't bring severe financial liabilities on your head. This can cause financial and emotional pressure on you and your family.
4.Takes Up More Time:
Once your policy expires, purchasing a new policy all over again in the usual process can be tiring and time-consuming. Additionally, all the formalities and paperwork shall have to be repeated.
Choose a trusted insurance service provider
The smart thing to do is to set a notification on your phone at least two weeks in advance of your insurance premium due date. If you use the Coverfox app, it's easier for you as you get your notifications in advance.
While renewing your long term two wheeler insurance or buying two-wheeler insurance, it's essential that you make the right choice when it comes to the insurance provider. To do so, you must compare the various insurance providers and the policies offered by them. The factors to consider while comparing insurance providers are:
- Sum Insured
- Policy Tenure
- Claim-settlement Ratio
- No Claim Bonus
- Customer Service
- Review of policy and the insurance company
Coverfox allows you to buy two-wheeler insurance online easily. WIth Coverfox, you get a comprehensive list of the best bike insurance companies in India which allows you to directly compare the policies and choose the best one for yourself. And with the Coverfox App, you do not miss your renewal deadlines anymore.