Why Should You Consider Long Term Two-Wheeler Insurance
24 Jun 2019
If you own a bike or any two-wheeler, having a comprehensive insurance cover is essential. Thanks to the availability of two-wheeler insurance online, purchase as well as renewal can be completed in just a matter of minutes. However, even a small break in renewal can leave you and your bike vulnerable to innumerable risks. Which is why the timely renewal of your two-wheeler insurance policy is crucial. When you buy long-term two-wheeler insurance, you need not go through the hassle of renewing your policy annually. Long-term two-wheeler insurance policies are generally available for a period of 3 years. The three-year tenure reduces the cost of issuing policies, administering them and hence insurance companies offer long-term two-wheeler insurance policies at a discount. If you opt for a long-term bike insurance policy, you can secure up to 20%-30% discount on the policy premium. You can use online bike insurance calculators to know the exact premium for your vehicle. Besides the cost and convenience, buying a long-term two-wheeler insurance policy has several advantages. Read further to know why you should consider buying a long term two-wheeler insurance online:
Features of Long Term Two-wheeler Insurance
Third-Party Liability Cover
Just like the standard two-wheeler insurance, long-term policies also cover you against losses arising out of damages and losses faced by a third-party in case an accident was caused by your bike/scooter.
Besides covering third-party liability, most long term policies also cover own-damage losses which include risks such as theft, accidental damages and losses caused due to natural and man-made disasters.
Personal Accident Cover For Owner/Driver
In the event of death or total disability in an accident caused by your two-wheeler, the expenses are compensated up to a certain amount with the personal accident cover.
Personal Accident Cover for Co-Passengers
For a little extra premium, you can also opt for a personal accident cover for the co-passengers for your two-wheeler.
In the event of an accident, a long term two-wheeler insurance allows you to make cashless claims at authorized network garages.
Quick Issuance And Renewal
If you buy two-wheeler insurance online, you can avoid the hassles of extensive paperwork and get your policy within minutes. Moreover, applying for two wheeler insurance renewal online is a simple process and has to be renewed only once in three years.
If you are not satisfied with the features and benefits offered by your current policy, you can easily port your insurance policy from one insurance company to another.
Benefits of a Long Term Two-wheeler Insurance Policy
Bid Goodbye To Yearly Policy Renewal
Yearly renewal can be quite a hassle, especially if you have multiple vehicles. A long term two-wheeler insurance can save you from the hassle of remembering the expiry date and renewing the same after going through a tedious process every year. However, with long term two-wheeler insurance, you can secure seamless insurance protection for your bike/scooter by paying a single premium.
Lower Insurance Premium
Although the one-time cost of a long term two-wheeler insurance policy may seem higher, the per-year cost is actually much lower compared to annual policies. On the other hand, the rate of premium tends to rise due to inflation. Hence, when you purchase a long term two-wheeler insurance policy, you remain immune to the effects of inflation as you pay the premium three years in advance. Moreover, some companies offer exclusive discounts for long term two-wheeler insurance.
Reduced Risk of Policy Lapse
At times, policy renewals can be complicated, especially through offline channels. And if you miss the renewal date, you need to get the vehicle inspected to set the new IDV. The whole process can span over a few weeks and you may need to spend more on insurance due to the yearly rise in the rate of premium. On the other hand, a long term two-wheeler insurance lowers the risk of policy lapse for 2-3 years and you can ride protected at a lower premium for a longer period of time.
Avail No Claim Bonus
When you renew or buy bike insurance online, you can avail the No Claim Bonus (NCB) if you have not made any claims on your policy in the preceding year. The NCB is a discount offered by insurance companies for being a safe rider. In case of a long-term two-wheeler insurance policy, you can avail an NCB of 20% at the time of renewal. The NCB discount will also be applicable for the subsequent years in case of no claims.
Avoid Penalties And Fines
In India, riding your bike without a valid bike insurance policy is a punishable offence. Besides the legal implications, you will also be vulnerable to potential losses without a valid insurance policy. If you don’t have an active bike insurance policy, you will not be able to file the claims on your policy. However, by opting for long term insurance, you can reduce your risk policy lapse for a long duration. Hence, you are also saved from paying unnecessary fines and penalties.
Trouble-Free Policy Cancellation
A long-term motor insurance policy does not bind a policyholder to continue until the policy ends. If you wish, you can choose to withdraw from your policy and receive the unutilised premium as a refund. However, ensure that you have a new insurance policy in place before cancelling your existing policy. Also, make it a point to retain your NCB benefits when you buy a new insurance policy.
Clearly, the benefits of buying a long term two-wheeler insurance policy are plenty. If you are planning to buy online insurance for your bike, a long-term policy is a prudent option as you can enjoy seamless insurance protection for 3 years and avoid the hassle of yearly renewal. Moreover, with Bike Insurance plans available on Finserv MARKETS you can enjoy exclusive benefits like cashless claim facility across 4000+ garages, quick claim settlement, round-the-clock assistance and much more. To buy or know more about bike insurance visit Finserv MARKETS.
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