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March 28, 2023
A staggering 75% of two-wheelers currently active on Indian roads either do not have any insurance at all or the insurance is no longer valid. While some may genuinely forget to renew their policies, there are many who do not do it in order to save a few thousands of rupees.
With Indian roads still unsafe, what happens when you do not have two wheeler insurance? The ramifications of this can have a considerable impact on the vehicle, the owner, and the pillion.
Regardless of what your reason may have been, here are a few insights into the consequences that you have to experience if you do not purchase a two-wheeler policy.
The penalties involving lapse of policies and driving without insurance is dangerous. The results are damaging to all parties involved. When a death occurs, the situation will get worse. These are serious factors to keep in mind. Hence, buy the insurance required for your two-wheeler. Ensure all the paperwork is up to date. Never delay these things.
The penalties of driving without any motor vehicle insurance in India can have severe ramifications. Also, driving within India without motor vehicle insurance is illegal. Anyone breaking the law will be charged a fee which is a penalty of INR 1000. This would also involve imprisonment for 3 months in the event of a traffic violation. Alternatively, the law and traffic authorities can impose both penalties.
No Claim Bonus:
In the case of a lapsed policy, the bike owner will lose the no claim bonus (NCB). Also, if the bike/vehicle remains uninsured for over 90 days, all the accrued benefits will be annulled. Hence, the company which provided the insurance cover for the two-wheeler will no longer entertain any issues.
If one is a forgetful person by nature, it is best to mark the calendar with important dates such as policy renewals and purchase. Keep a reminder on all your devices and ensure that when the insurance company representative calls you to fix an appointment to finish all the paperwork. Once all the details have been updated, your insurance company can send a renewed policy.
There are legal liabilities in the event of driving without insurance. These would include natural disasters and man-made incidents. Which means that the comprehensive cover which was bought will be of zero validity on a lapsed policy. Also, in the event of an accident and the death of another person, without a third party cover, you would be subjecting the rider to breaking the law. It can lead to a criminal offence, and further have ramifications of serving time in jail. In such cases, all expenses have to borne by the offender/lawbreaker.
Loss of Time:
In the event of attempting to renew a lapsed policy, it becomes an extremely lengthy and cumbersome process. It is as good as buying a new plan This would require the owner of the two-wheeler to start the process right from the very beginning. Stage 1 would involve submitting all required documents for the purchase of a new insurance policy. The cost would go up as well.
With complications and unnecessary losses, it is best to purchase your renew your two wheeler insurance policy within the given time frame.