Even if you don't ride it often, your bike is probably one of your most treasured things. However, it might not be used frequently, and your bike might only be used occasionally. Because of this, you may have thought twice about choosing not to insure your motorcycle or two-wheeler because you may feel it is unnecessary.
However, for several reasons, you are advised to obtain a reliable bike insurance policy with the appropriate coverage for your bike. Continue reading to learn all you need to know about why it is advised that you insure your bike, even if it is only occasionally ridden.
What Happens If You Don't Renew Your Motorcycle Insurance on Time?
Your two-wheeler insurance defends you against monetary loss against damages, theft, and loss. It covers any harm or injuries to a third party's vehicle or property and is one of the mandatory bike documents you must always have.
Additionally, it covers the operator of the insured bike from accidents. Bike owners must renew bike insurance before the expiration date because it is necessary and protects their financial obligations.
Reasons to Have Bike Insurance Even If You Rarely Use Your Bike
Legal Responsibility
Riding a two-wheeler without the required bike insurance on Indian roadways is prohibited. The minimum required level of two-wheeler insurance is the third party.
You would therefore be breaking the law if you chose not to get bike insurance. Even if you don't ride your bike often, it's still a good idea to have it insured if something happens.
Protection from Theft and Accidents
You won't be safe from collisions by riding your bike infrequently. When these events occur, it's critical to have insurance coverage to minimize the financial loss brought on by traffic collisions.
No matter how diligent & cautious you are, these things can still happen, so it is important to be ready with the right bike insurance policy. Additionally, if you obtain comprehensive bike insurance, you will be protected if your bike is stolen.
Superior Resell Value
You will likely consider selling your bike if it is not routinely utilized. It will probably sell well, particularly if it is less used.
However, suppose it can be proven that the bike is insured and used only occasionally. In that case, the results will be even better, making it advantageous for you to purchase bike insurance.
Unclaimed Bonus
You can maintain accruing no-claim bonus by keeping your motorcycle insured. A discount will be given at renewal if no claims have been filed for the vehicle during the policy's term.
As a result, you will receive a discount on your rates moving forward, especially since you are less likely to file a claim for a rarely used bike.
Delayed Renewal Process
It takes time to renew a bike insurance coverage that has expired. You might have to start the full two-wheeler insurance purchasing process over again.
Before the firm offers you bike insurance coverage, you might need to have your vehicle evaluated by the surveyor. Additionally, you will pay a higher premium and forfeit the NCB discount.
Financial Safety Net Missing
With bike insurance, you have a safety net for your finances in the event of several unfavourable circumstances involving the bike, such as accidents, bike theft, damage from a natural/man-made disaster, etc. Failing to renew your bike insurance promptly revokes this sense of security.
Read more - Why Choosing a Long-term Bike Insurance Policy is a Good Deal?
Key Takeaway
For these factors, it is to your best advantage to constantly ensure that a current two-wheeler insurance plan protects the bike. You can choose a level of coverage that is appropriate for you. Shop around online and get the plan that best meets your requirements.
The advantages of purchasing bike insurance surpass the cost of the yearly payment. Compare the costs and coverage offered by various insurers, then purchase one as quickly as feasible. Whether your bike is new or used, you shouldn't ride it without a current bike insurance certificate.
Avoid purchasing used bikes without adequate bike insurance because the transfer process is time-consuming and requires additional insurance payments. Following traffic and road regulations is a good idea, as the Motor Vehicles (Amendment) Bill has increased fines and penalties.
Read more - Beginners Guide to Buy Bike Insurance Online
