WHY IT IS IMPORTANT TO GET TWO WHEELER INSURANCE FOR A SECOND HAND/OLD VEHICLE
As we all know, on a daily basis, more than a million vehicles ply on the Indian streets. Further, more than a third of these motor vehicles are uninsured. Thus, this not only poses a risk for the people driving the vehicle but also for the ones plying on the streets beside them.
The reason why people usually drive with an uninsured vehicle is either that they forget to renew their cover or because they fail to purchase when buying a second-hand motorbike. Thus, today in this article, we will be providing you with a few reasons as to why it is important to get two wheeler insurance for your old vehicle. And those reasons are here as follows:
It is mandatory: The Indian authorities have made it compulsory for all the vehicles plying on the streets to at least opt for the minimum requirement of third party bike insurance. Thus, driving a motor vehicle without an insurance policy may result in the driver facing financial, legal as well as bodily harm.
To avoid the headaches of policy renewal: This data will not only help you with the 2 wheeler insurance renewal date but also with information pertaining to the number of claims made. Thus, after you have acquired policy renewal date, ensure that you don’t let it lapse; because if you do, the insurance company will send a surveyor to audit your vehicle before you can renew it.
Safeguard your Insurer Declared Value: There are chances that your two-wheeler might get stolen or could get completely destroyed in an accident.Further, also ensure that you choose the right amount of IDV; because if you opt for a lower amount in order to save on premium then you will receive less amount of compensation. You can also opt for additional protection by choosing add-ons over your comprehensive insurance policy.
Hope this article helps you to understand the importance of purchasing 2 wheeler insurance for your second hand/ old vehicle. Good luck and drive safely!
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