Though our car has an insurance policy, the two-wheeler doesn’t have any. When we bought the vehicle, insurance came along with the deal. As it got expired the policy was renewed. It went for a while before the vehicle got pretty old. Now it makes no sense to give premium for such an old vehicle. I’m just prying the eyes of traffic police as having an insurance policy is must here to drive a vehicle. You do have a similar situation?
We have 2 cars which are both 3 years old. They have the so called comprehensive insurance that would handle the repairs for damage and the cost of injuries. It is expensive but my wife said that the insurance is not for saving money but for the peace of mind that it can give us. At least we need not worry much when our car would be stolen because it is covered by the insurance. I cannot argue with that reasoning anymore.
I always renew my vehicle insurance on time. The main benefit is that I get some discounts on timely renewal of insurance. Moreover, nowadays it's easy to renew it online. I think if your two wheeler is too old and you don't want to waste your money on that you can have a third party insurance which is really cheap. But it s the minimum mandatory requirement by law. Moreover, if the vehicle is very old the premium may not be that big due to reduction in depreciation costs. Old vehicles are more prone to have accidents and I believe an insurance is a must for any vehicles on road.
