The current lockdown has disrupted our normal lives in such a drastic way, that most of us have forgotten what ‘Normal’ was in the last 5 months. We are now getting accustomed to the new normal. Wearing masks, gloves, maintaining social distance, sanitizing hands every time we touch something when we step out, these are few things that have become a part of the protocols we have to follow. We have started to live with the COVID situation. As we continue to take care of ourselves and family, we must not forget to take care of our belongings, especially the ones that are left outside in our garages, or our parked building spaces – our beloved vehicles.
Whether it is buying a bike or car, it always is celebrated with great fanfare. It is a proud moment for the vehicle owner, a feeling of owning something – a proud possession indeed! A bike is always considered to be your best companion while travelling. However, irrespective of whether you are riding the bike or not because of the lockdown, there are some responsibilities towards your bike that you need to consider.
Today, we are going to talk about bike insurance and why is it necessary to keep it active even during the lockdown.
Keep the insurance policy for your bike active during the lockdown
Here are some reasons explaining the need for a bike insurance policy during a lockdown:
1. It is mandatory
Most people believe that since they are not riding their bikes on the roads due to the lockdown, they do not need a bike insurance policy. This is incorrect. In India, all vehicles are mandatorily required to have an active third-party liability insurance policy. Failure to do so can attract fines and even imprisonment.
2. You might lose the No Claim Bonus
If you have an existing insurance policy for your bike and have not filed any claim last year, then you are eligible for a discount on premium next year. This feature is called the No Claim Bonus offered by most insurance companies. However, if your policy does not get renewed within specified days of expiry, then you stand the risk of losing this discount. Hence, keeping your bike insurance policy active is important.
3. Protection against natural disasters
If you have purchased a comprehensive policy, then you are financially protected against natural disasters like earthquakes, floods, lightning, etc. that can damage your bike. These disasters cannot be predicted, and a lockdown doesn’t mean that there won’t be an earthquake or a flood. If such an unfortunate event occurs and your bike does not have an active policy, then you will have to bear all the costs of repair and/or replacement.
4. Protection against theft
A lot of cities reported an increase in the number of bike theft cases during the lockdown. While parking your vehicle in a safe place and installing an anti-theft device can help you keep your bike safe, an active insurance policy ensures that if your vehicle gets stolen, the insurer compensates you for it.
5. Protection against man-made disasters
A comprehensive policy also offers protection against man-made disasters like riots, vandalism, terrorist activities, etc. While these events can’t be predicted, an active bike insurance policy ensures that you are protected against financial losses arising from any such event.
6. Higher chances of accidents during a lockdown
While most people remain indoors during a lockdown, some are on the roads for necessary reasons like buying essential goods or availing essential services. Since the roads are virtually empty, these motorists are less vigilant than normal. When you get your bike out for one such reason, the chances of an accident are therefore high. Hence, an active bike insurance policy is needed to protect yourself from any financial liability arising from any such mishap.
With most providers offering online services during the lockdown, it is easy to buy two-wheeler insurance online. All you need to do is visit the insurer’s website, fill the required details, pay the premium, and receive a soft copy of the policy at your registered email address. Also, since these are difficult times, the bike insurance cost can be a huge factor.
Therefore, while renewing your policy, you might want to compare insurers and choose at the most affordable plan.
Summing Up
While most of us hoped for this situation to tide over us soon, currently, it is impossible to predict the end of this pandemic and restricted movement. These are challenging times, and we need to be well-prepared to manage the situation. With most people facing a drop in income due to salary cuts or job losses, every penny saved is a penny earned. Not having an active insurance policy is exposing yourself to potential financial losses. Hence, ensure that, lockdown or not, you keep your bike protected and insured at all times. Good Luck!
