A two-wheeler provides numerous advantages and benefits, particularly in terms of time and resource savings. In fact, an increasing number of people are choosing a two-wheeler as a form of transportation, particularly in cities where traffic and crowding are an issue.
However, while a two-wheeler has many advantages, it also has its own set of dangers. For one thing, the possibility of an unforeseen collision might result in injuries to the rider and pillion rider, as well as damage to the two-wheeler. This could put you in a financial bind.
So, how do you prepare for such dangers? Two Wheeler Insurance can help you in this situation. A two-wheeler, or bike, insurance policy will ensure that you are financially secure.
- Anyone who has purchased a new motorcycle must purchase an insurance policy. The Government of India has made it essential for every bike owner to obtain an insurance policy under the Motor Vehicles Act.
- Accidents are more likely when roads are in poor condition and drivers are rash. Accidents can damage automobiles, cause injuries, and even result in the death of people. Money loss is unavoidable in these instances because one must spend money to fix the vehicle and seek medical attention if damaged. If a policy has been purchased, the insurance provider will cover all of the repair costs. As a result, it won’t burn a hole in your pocket, and you won’t have to worry about unexpected costs.
- Natural disasters such as floods, earthquakes, and fires are also covered by insurance policies. As a result, you are eligible to file a claim in these instances.
- The bulk of bike owners are low-income individuals. Having an insurance coverage protects them against the financial strain of unexpected bills in the event of a car accident or theft.
- With third-party bike insurance, you can file a claim for damages to the other vehicle involved in an accident (known as the third party).
- The main purpose for having an insurance policy is that it provides financial assistance to the policy holder for any expenses incurred as a result of car repair work caused by accidents, natural calamities, and so on. One can claim a respectable quantity of money in their moment of need by just spending a minimal amount to purchase an insurance policy.
- It is prudent to purchase a bike insurance coverage for a minimal fee in order to avoid an additional financial burden if the bike is involved in an accident.
* The information in this article is broad in nature and provided solely for educational reasons. It is not a substitute for personalized advice tailored to your individual situation.
Can I ride bike without insurance?
No matter how many options there are for your safety, none of them will help you unless you approach them on your own. A bike insurance coverage is an essential when it comes to road safety. Although it cannot prevent an accident or disaster from occurring, it can provide significant relief in the form of compensation for damages, losses, bodily injuries, and death that may occur as a result of the incident.
Every year, over a lakh individuals die as a result of road traffic accidents. It implies that purchasing a bike insurance policy is a necessity rather than a legal requirement. Every bike rider has a moral obligation to be cautious and follow the rules of the road. Bike insurance policies are constructed in a variety of ways. Some insurance plans cover you, while others protect the third party, which means that if you damage someone else’s property or injure them as a result of an accident with your bike, your insurance plan will compensate them.
A comprehensive bike insurance policy covers losses incurred by you or third parties as a result of an accident involving your bike. However, due to an increase in liability accident claims, the Indian Motor Tariff has made third-party insurance a requirement.
Is It Illegal to Drive a Bike Without an Insurance Plan?
Yes, according to the Indian Motor Tariff, riding a bike without at least the basic insurance plan, also known as Third Party Insurance or Liability Only Insurance Plan, is prohibited and punished. All two-wheeler vehicles are required to drive legally on the streets.
What Is the Fine for Driving Bike Without Insurance?
According to the Indian Motor Tariff, the penalty for driving a bike without an insurance policy for the first time is Rs. 2,000 and/or up to 3 months in prison. However, if you continue to operate a car without an insurance policy for the second time, you will be fined Rs. 4,000 and/or sentenced to up to 3 months in prison.
Is the Same Fine Applicable for All Types of Vehicles?
Yes, the punishment for operating a motorcycle without insurance is the same for all types of vehicles, including two-wheelers, four-wheelers, and commercial vehicles.
What happens if you don’t have bike insurance?
There are various perks that you may lose if you do not have bike insurance or do not renew your two-wheeler insurance. If you do not have bike insurance or if your two-wheeler insurance policy is expired or lapsed, you may suffer the following consequences:
Costly Penalties:
A car insurance policy is required for every vehicle that travels on Indian roadways. If you are detected riding your bike without legal two-wheeler insurance, you will be fined Rs. 2,000 and/or imprisoned for up to three months for the first offense, and Rs. 4,000 and/or imprisonment for up to three months for the second offense.
Loss of No Claim Bonus (NCB)
You gain the benefit of NCB, a discount for not filing a claim and for riding carefully, if you do not file a claim for the first year. You will forfeit the discount if you do not renew or purchase bike insurance within 90 days of the expiration date. When you don’t file a claim for five years in a row, the discount increases to 50%. You can also keep your bike insurance NCB and take benefit of the discount if you move your two-wheeler insurance policy to another provider. However, if your insurance coverage has expired or lapsed, you will not be able to port it.
Legal Liabilities
The Comprehensive bike insurance coverage covers you against damages, loss, or theft of your bike as well as third-party liabilities, whilst the Third-party Liability policy covers your financial liability for damages/injuries to a third-vehicle party’s or property. If you ride without a bike insurance policy or one that has expired or lapsed and are involved in an accident, you may face legal consequences. You will also be responsible for any repair or hospital bills that the insurer would have covered if your bike had been insured.
Time Consuming Process
It takes a long time to renew a lapsed bike insurance coverage. It’s possible that you’ll have to start the procedure of getting new two-wheeler insurance all over again. Before the insurer would issue you insurance, you may need to have your vehicle evaluated by a surveyor. You will also lose the NCB discount and pay a higher premium as a result.
No Financial Safety Net
Bike insurance provides a financial safety net in the event of a variety of tragic occurrences involving the bike, such as accidents, bike theft, damage to the bike due to a natural calamity, and so on. You, on the other hand, void this financial protection by failing to renew your bike insurance coverage on time.
Which insurance is compulsory for 2 wheeler?
For those unfamiliar with Indian motorcycle insurance laws, acquiring at least a Third-Party Liability Two-Wheeler Insurance Policy is required. The Motor Vehicles Act provides the basis for this rule. If you do not follow the law, you will be subject to financial fines. Non-compliance might even land you in jail! Worse, an uninsured bike accident might result in serious legal implications. But why is it necessary to have bike insurance in India? Read on to learn the answer to this question, as well as other details about the necessary nature of vehicle insurance in India.
MOTORCYCLE INSURANCE IN NSW
Every licensed driver or rider on Australian roads in New South Wales is required by law to obtain Compulsory Third Party insurance (commonly known as CTP insurance or ‘green-slip’). So, what exactly is a “green slip” or “CTP”? In the event of a motor vehicle or motorbike accident, CTP insurance covers your liabilities, as well as the liability of anybody else who drives your vehicle, for injuries caused to others. This insurance is included in every rider’s registration as a safeguard for injured parties, ensuring that they receive necessary compensation regardless of the rider’s financial situation, while also protecting riders from costly legal and medical costs incurred as a result of accidents on Australian roads.
Compulsory Third Party is automatically included in your registration fees in VIC, WA, TAS, and the NT, but you have the choice to choose an insurer in New South Wales, SA, ACT, and QLD.
What happens if police catch you without insurance?
Yes, if you are pulled over by the police on the side of the road and they discover you don’t have insurance, they can seize your vehicle and charge you for transfer and storage. If you do not claim your vehicle within 14 days, it may be scrapped.
Is it mandatory to get insurance for your vehicle?
In India, as well as the rest of the world, having your car insured is a legal requirement, not a choice. Before a car can drive on the road, it must be covered by an appropriate insurance coverage, according to the Motor Vehicle Act of 1988. The Motor Vehicles Act of 1988 covers legal requirements such as car registration, having a valid driver’s license on hand at all times, and having insurance coverage. A vehicle must have at least third-party legal liability insurance before it may be driven on a public road as a minimum requirement in terms of insurance. A third-party legal liability policy will cover the expense of any legal obligations that may emerge if your car is involved in an accident in which a third person is harmed or property is damaged by a third party.
Which is best insurance for bike?
Two-wheeler insurance plans provide coverage against third-party liability for all forms of two-wheelers, including bikes and scooters. Furthermore, on a bigger scale, it protects you from unwelcome financial costs in the case of a loss or damage caused by a mishap/accident.
When looking to purchase a bike insurance policy online, don’t forget to compare different bike insurance rates and evaluate the policy’s features. The following are the two-wheeler insurance policies that are available in India:
What if bike insurance expired?
When you fail to pay the premium to renew your policy on time, your coverage will lapse. As a result, there are no advantages during the break-in period, which is the time between when the old insurance expires and the new policy takes effect.
If the policy is let to lapse for more than 90 days, the No Claims Bonus (or NCB) that you may have accumulated with your bike insurance over the years would be forfeited, including up to a 50% discount that adds up under the NCB benefit.
Obviously, this will result in a higher renewal premium. Furthermore, you will be unprotected against any damage or loss caused by an accident, as well as any associated third-party obligations. As a result, the easiest approach to avoid a situation like this is to renew your insurance on time. In this case, renewing your bike insurance online will save you both money and time.
How do I know if my bike is insured?
You only need to submit your car registration number when purchasing bike insurance online. After you acquire a plan, the details of your bike insurance policy are tied to your registration number, which the RTO, state, or federal government can access. This insurance vehicle information is also available on the insurance company’s and IRDAI’s websites, which can be reached through the following methods:
- Visit the Regional Transport Office’s (RTO) official website to find out where your bike is registered. When you enter your car registration number, the information of your bike insurance will appear.
- To verify the specifics of your bike insurance, go to the State Transportation Department’s website and enter your registration number.
- The Ministry of Road Transport and Highways’ website (www.parivahan.gov.in/parivahan) also provides information about bike insurance by just inputting the registration number.
- To check bike insurance online, go to the Insurance Information Bureau’s website, www.iib.gov.in, which was designed by the Insurance Regulatory and Development Authority of India (IRDAI).
If your bike is brand new, it may not yet have a registration number or may have one that is only temporary. You’ll need to file for a registration certificate in that scenario.