What are the Side Effects of NOT Having a Two-Wheeler Insurance Policy?

So here you are— avoiding bike insurance for your motorcycle because you think it is the wastage of money. But do you know, what can you lose if you don’t buy a two-wheeler insurance or do you know what the drawbacks of not buying a bike insurance are? Let me unveil it to you:

You have to pay fine: As per the law, it is mandatory to have a third-party liability insurance policy to run your vehicle on Indian roads. If the police caught you without a valid insurance policy, you would have to shell out Rs 2,000 from your pocket.

No one would compensate your losses if someone steals your vehicle: In 2016, a vehicle was stolen in Delhi in every 13 minutes. Gurgaon, the city that boasts of luxury bikes, has become a happy hunting ground for bike lifters as well. In 2015, out of all the vehicles stolen in the city, 83% were two-wheelers, mostly bikes. The sad part is that in comparison to cars, only a few stolen two-wheelers are recovered in the past. May be because it is easier to hide or dismantle two-wheelers. While, many of the stolen bikes are dismantled for parts, some are sold in Nepal, West Bengal, and Bihar as well.

What if your newly purchased motorcycle becomes the next target of thieves? Can you part away with your motorcycle so easily which you had bought from your hard-earned money? While, you can rely on a police officer for its recovery, a two-wheeler insurance can help you recoup your losses. The insurer will cover the loss and compensate you with an amount as stated in the policy. However, make sure to file an FIR or lodge a police report and inform your insurer immediately. In case the vehicle was financed, the insurer pays the amount to the financier.

Documents Required for Theft Claims:

Duly filled claim form RC copy of the vehicle with original key
Copy of driving license Police Copy
Original FIR copy RTO transfer papers with duly signed Form 28, 29, 30 and Form 35
Non-Traceable Report obtained from the Police Policy document

If in the future, the police recover the stolen vehicle, it is the responsibility of the policyholder to inform the insurer to whom it now belongs to.

Your family will suffer monetary loss: As per the 2015 Road Accidents in India statistic report, two-wheeler accidents have seen an alarming rise in the number of road fatalities as well as injuries. The number of two-wheeler accidents raised from 26.3% in 2013 to 28.8% in 2015. Out of the total number of 1.44 lakh two-wheeler accidents, 36,803 people lost their lives, while 1.35 lakh persons wereseriously injured.

Though, bikes make commuting easy when the city traffic is killing us, the saddest part is that many people are losing their precious lives in accidents. Annually, around 3.4 lakh youngsters die in the age group of 15-29 years. While, it is impossible to compensate for the emotional loss, one can curtail the financial loss to some extent by buying a comprehensive bike insurance policy.

Image result for Two-Wheeler Insurance

The insurer offers a personal accident cover to the owner/driver while travelling, mounting, or dismounting from the vehicle. The optional personal accident cover is also available for passengers.

Type of Injury Scale of Compensation
Death 100%
Loss of two limbs or sight of two eyes or one limb and sight of one eye 100%
Loss of one limb or sight of one eye 50%
Permanent total disablement from injuries other than named above. 100%

In case of fatal accident claim, the insurer can also ask for the age and income proof of the victim.

You would have to pay all theexpenses in case of third-party claim or loss/damage to your vehicle: What if your two-wheeler runs into another vehicle and causesdamages to that vehicle and injures its occupants? Or, what if your bike also gets damaged in a collision and requires extensive repair, who would bear all the expenses? Obviously, you! However, the situation would have been different if you had bought a comprehensive two-wheeler insurance policy.

A comprehensive two-wheeler insurance policy offers the complete coverage by covering both third-party liability and own damage. It means, in addition to covering damages caused by your vehicle to another vehicle or occupant, the policy will also make a payout in case of any loss or damage to your vehicle.Moreover, the policy covers both natural and man-made perils like fire, earthquake, riot, flood, etc. Also,if your bike insurance policy offers cashless feature, you can get your vehicle repaired at network garage without paying any expenses as the insurer will pay directly to the network garage.

However, make sure to inform the insurance company immediately and give a complete account of the accident.

Documents Required for:

Accident Claims Third Party Claims
Duly filled claim form Duly filled claim form
RC copy of the vehicle FIR copy or police report
Driving License copy Driving License copy
Policy copy (First two pages) Policy copy (First two pages)
FIR on a case-to-case basis RC copy of the vehicle
Original Estimate
Original Repair Invoice and Payment Receipt

You would have to face all the mishaps alone: Do you dread of pushing your bike and frantically searching for a garage to get it repaired post breakdown? As a proud owner of a bike, we usually tend to forget that nothing lasts forever and even our vehicle has a tendency to breakdown and thus requires repairing. Be it a flat tyre, mechanical fault or vehicle run out of fuel, there are many such situations which can disrupt your otherwise smooth journey.

However, if you have a roadside assistance cover attached to your bike insurance policy, there is nothing to worry about. The roadside assistance rider offers various benefits like minor on-spot repairs, flat tyre support, supply of fuel, etc.; to help you resume your journey.In case of minor repair/errors, the insurer offers telephonic assistance as well.

A comprehensive bike insurance not only helps a victim, but also the legal heirs of the deceased victims who will get a substantial compensation. Moreover, compensation can be recoveredonly if the vehicle involved in the accident is insured. For this reason, having a comprehensive bike insurance is a win-win situation for both the accident victim as well as the vehicle owner.

So now when you know how much risky it is to ride an uninsured two-wheeler, I hope your next move will be to buy a bike insurance policy online.

 

Author Bio

 “Ruchir Chauhan is a creative story teller (because someone has to get their hands dirty) who has dispersed his words around topics like technology, travel, health, auto content and home improvement. His work reflects a grin of knowledge, imagination and a fun element. Lover of road trips, animals, pizza and peanut butter, he is often found reading on the beach while sipping his favourite drink.”