If you use your two-wheeler every day and are always on the road, it is not a brilliant idea to drive without a two-wheeler policy. This record is just as relevant as your PUC or registration book. If you have bought an insurance policy, but it has collapsed, then you'll be at fault. You need to ensure that your two-wheeler insurance renewal is done on time. Or else, if something goes wrong, you'll have to pay a hefty fine or face the costs on your own.
Also, many consumers purchase a two-wheeler policy but struggle to pay their premiums on time. An insurance policy can expire as a result of this. It is imperative to make sure the two-wheeler insurance renewal is done on time to prevent any inconvenience.
If you don't renew your two-wheeler policy on time, you can find yourself in the following situations:
1. Not Be Safe During Accidents
People ride a bike to get an adrenaline high or to commute to work quickly. However, did you know that the majority of injuries occur while riding a bike? Two-wheeler accidents can happen at any time. As a result, you should prepare for such mishaps by renewing your premiums on time.
If your bike is involved in an accident after the scheme has ended or has lapsed, you will be responsible for all injury claims as well as treatment costs for bodily injuries.
2. Pay Hefty Fines
Additionally, if you're caught driving without getting your two-wheeler insurance renewal done, you'll have to pay a hefty fee and face legal repercussions. The Motor Act has made it mandatory to provide third-party insurance; otherwise, you will be fined if you ride without it.
3. No Get NCB Benefits
Remember how we still emphasize the importance of the no-claim incentive and how it protects you? If you let your policy expire or do not get your two-wheeler insurance renewal done within the specified time frame, you will forfeit the no claim bonus (if any) that came with it. This way, you will get a No Claim Bonus of up to 50%, which would not have been available otherwise.
4. Late Fee Fines
You ought to pay a late fee, and your services will be cancelled if you do not pay on time. It is still safer to be careful than sorry, so don't take any chances and get your bike insured if you haven’t already.
5. Go Through Long Process
Retaining a lapsed policy is a time-consuming and repetitive operation. It requires a great deal of paperwork and tends to be time-consuming. For others, it's like having a new insurance policy. It is in your best interest to not get to that point because it is more hectic and stressful. Instead, make sure you always get your two-wheeler insurance renewal done on time.
Any insurance agent will contact you well in advance of your renewal deadline. They give you every kind of contact possible so, make sure you don't forget anything. If you continue to forget after all warnings, it is due to a failing on your end. If you don't think you will be able to renew it next year, get a two-wheeler policy for a longer term to prevent policy relapse. Reputed insurers like Tata AIG offer a transparent process of two-wheeler insurance renewal online. They also help you with all the details. If you do not have a two-wheeler policy yet, explore their various polices and add on to get the best one in the market.