Ill-Effects Of Not Buying Bike Insurance - Greyfont

Ill-effects of not buying bike insurance


My neighbour Jay has been a bike freak since the time he was a teenager. Over-confident on his riding skills, he almost rode his prized possession right from the lanes of Mangalore to the crazy traffic of Mumbai. But, when it came discipline of buying a bike insurance policy, Jay was too lackadaisical. He cared a damn about the significance to it and so never renewed his two wheeler insurance on time.


But, was this wise on his part to just forget renewing his bike insurance conveniently?


Weren’t he exposed to any sort of risks associated of not buying a bike insurance on time? Read on to know more.


Hazards of riding a two wheeler without insurance

Mentioned here are some of the risks that are associated with not buying bike insurance:

  • Doesn’t offer coverage for any damages caused to the vehicle because of an accident or theft
  • Doesn’t offer coverage for any health treatment costs post meeting with a bike accident
  • Doesn’t offer coverage for third-party compensation and therefore has to be paid out of own pocket
  • Heavy fines in case you get caught by the cops along with imprisonment for breaking the Indian law


Advantages of buying bike insurance

Buying two wheeler insurance has other advantages too. They are:

  • Covers all the costs: Your two wheeler insurance offers coverage for an accident as well as theft.To be specific, if are found guilty in an accident with a third party, the expenses to incur the damages of the third party would be borne by you. As a result you would have to bear the high financial liability.

  • Prevents fines and penalties: Indian law mandates you to buy a two wheeler insurance for any vehicle plying on the Indian roads. Therefore, if the traffic cops catch you for riding minus a valid two wheeler insurance cover, be ready to pay a hefty fine. There are chances that you might be arrested if you are found guilty in a road accident. A valid bike insurance plan in place would otherwise take away all your hassles and won’t be a financial liability.

  • Easily available: Two wheeler insurance policies are widely and conveniently available in the Indian markets. And because there is a plethora of bike insurance plans, you can easily compare two wheeler insurance plans online and narrow down your search on the best policy ever. Besides, the rate of the premiums too would be affordable if ‘comparison’ is the key you followed.


Drawbacks of not buying/renewing your bike insurance

Mentioned below are the drawbacks of not buying/renewing a bike insurance policy on time:

  • Loss of NCB: You will earn a discount in the form of no claim bonus from your bike insurer if you have claim-free years. This NCB ranges from 20% to 50%. But, if you fail or give a miss to buy/renew your two wheeler insurance on time, be ready to lose on the accumulated No claim bonus over the years.
  • Accidental claim: In case you meet with an accident when your bike insurance policy is lapsed already, your insurer won’t help you to meet the financial liabilities. Therefore, it makes sense to buy/renew your bike insurance on time rather than inviting unwanted troubles both physically as well as financially.


    Need Help in choosing right product

ORplease reach out to us at (022) 4891 3051


Contact Us

We want to hear from you