![New Bike Insurance Rules And How To Avoid Penalties Under Motor Vehicle Act](https://magarticles.magzter.com/articles/2829/385355/5dd24809423ca/Motor-Vehicle-Act.jpg)
Some major overhaul of the insurance rules has taken place over the last 12 months. Also, after the amendments in the Motor Vehicle Act 2019, the penalties for traffic violations have increased manifold. For someone not following one or more of the traffic rules, the financial setback could be heavy and get leave one short of a few thousand rupees. For two-wheeler or bike owners and car owners, driving without valid insurance papers, the penalty has been increased from Rs 1,000 to Rs 2,000. While driving, keep insurance record with you and if it has lapsed, ensure to renew it early especially before the expiry of 90 days.
While the third-party (TP) insurance cover continues to be a mandatory cover, there are three important changes that one needs to know before getting bike insurance – One, a multi-year long-term TP cover, Enhancement in personal accident coverage and thirdly the unbundling of PAC.
Before we see the options available in ensuring your twowheeler, let us first look at the road ahead for you if your bike insurance has lapsed.
A policy is considered lapsed if the premium is not paid on or before the due date. There is no liability of the insurer once the insurance gets lapsed even by a few days and as per the government rules, one is not allowed to run the vehicle on the road unless the owner has at least the third-party insurance. Still, if the insurance of your car or bike has expired, you can still get the insurance done. The general insurance company cannot deny giving the insurance subject to conditions. The vehicle can be insured till the time the registration of the vehicle is valid. Once the two-wheeler insurance or car insurance policy has lapsed, reviving it may require pre-inspection by the insurer before reviving the policy.
Bu hikaye Investors India dergisinin Nov 2019 sayısından alınmıştır.
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Bu hikaye Investors India dergisinin Nov 2019 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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