YProper bike insurance goes a long way in providing you with a myriad of benefits like protecting you from unwanted damage repair charges and other legal liabilities. If you do not have insurance, you would have to face a lot of troubles and miss out on greater benefits. You can opt for the best-selling Acko bike insurance which is very lucrative. To help you understand better, here are some of the consequences of not having bike insurance cover for theft or damages. Keep reading to know more!
Suffer the loss of your stolen bike
If you have a motorcycle that is stolen and not recovered, you can receive compensation equal to the monetary value of the bike. If you don’t have bike insurance, you’ll suffer double loss, one of the stolen vehicles and the other, which you’ll pay for buying a new one. Having proper bike insurance might be a little lucky for you. The rise in insurance costs is due to various factors, but it is important to have proper comprehensive insurance coverage if your bike gets stolen. With this knowledge, you can save yourself from a lot of hassles by choosing to get well-rewarding comprehensive insurance for your bike.
Be ready to pay the legal penalties
If you’ve been caught driving a bike without bike insurance, you should know that the penalty for this offence includes a fine of ₹2,000 or imprisonment for up to three months, as per the rules of the Motor Vehicle Act 2019. You continue driving without bike insurance and get caught a second time, you will have to pay an additional charge of ₹2,000 on the fine of ₹2,000, i.e., ₹4,000, and imprisonment of three months. If you cause an accident, and the other party sues you for damages, you’ll be required to surrender your driving license. You can easily avoid such issues and penalties by opting for a proper motor insurance plan.
Risk of paying the whole expense in case of accidents
Accidents are bound to happen; unfortunately, it can be your fault. It’s a good idea to protect yourself with a comprehensive liability cover as it can save you significant money. It is up to the insurance company to pay for the damages and prove it was the other driver’s fault. We are being made to pay for the damage accused in the accident where you were faulty. If you have not applied for insurance, you alone have to cover all the expenses.
Comprehensive two-wheeler insurance, which you can buy from insurance companies like Acko bike insurance plan, can help you take care of losses resulting from an accident and protect you from the financial burden.
The unwanted bearing of third-party liabilities
Consider the case of an accident in which you may not be liable. Without insurance, you’ll have to pay for everything on your own, including expenses arising from legal liabilities, and if you have no savings, you won’t have the funds to pay for legal fees.
To deal with such situations, it is always advisable to have a comprehensive insurance plan that covers any potential losses. Acko bike insurance policy providers are one of the institutions which provide insurance rates at low prices.
Don’t miss out on the benefits of No Claim Bonus rewards
Your NCB has expired, and you’re trying to figure out what to do. You’ve read about how it might help you get discounts on your insurance, but you’re wondering if it’s worth it. Try to renew your insurance policy within 90 days of expiry. Otherwise, it will be reduced to zero. Contact insurance providers, such as Acko Bike Insurance, to get a bike insurance policy and to save your NCB score. NCB is also a great incentive to stay safe on the road and ensure you don’t suffer a loss. You cannot make use of such great discounts and rewards of the NCB if you do not have bike insurance in the first place.
Renew your bike insurance on time to make use of it
Users who have yet to renew their insurance policy on time are at a high risk of their insurance policy lapse. It means that if they are involved in an accident or meet with an accident, the insurance company will not be liable to pay for the damages caused to a third party or their vehicle. For some, though, the cost of the premiums is just too much to bear. Hence, they decide to skip renewing the policy before the term expires. They need to find out that accidents can still occur even if the policy has lapsed and the coverage still applies. So, they might find affordable bike insurance at the Acko bike insurance site.