Why should you Buy Long term two-wheeler Insurance policy?
Are you one of those who forgets to renew their two-wheeler policy in time? Does renewing your policy each year seem like a tedious job? If the answer to the above two questions is ‘Yes’, then a long term two wheeler insurance policy is what you need.
As the number of two-wheelers grows exponentially each year, the number of vehicles which are insured will go up as well. Buying a long term insurance policy for your bike has its own advantages such, ”No Claim Bonus” discount protection and freedom from annual renewals. Below are some more advantages of buying this insurance policy
1. Avoid on renewal related risks
The insured is exposed to certain risks in case of non-renewal of an insurance policy or till the time it is renewed. A bike owner can negate such risks via a long term insurance policy. Once the policy is bought, the owner is protected from renewal procedures for the entire policy period—up to three years. For example, if you forget to renew your policy even by a day or so and are caught in traffic driving your vehicle without an insurance, you would be fined for having an expired two wheeler insurance plan .This is just one of the reasons why having this type of insurance plan for your bike is beneficial.
2. No hassles of renewals each year
Having a long-term insurance policy saves the hassle of renewals each year. Many people find it cumbersome to renew their policy each year, especially someone having multiple policies like health, travel, or business.In addition, people tend to forget the renewal dates and lapse on the policy renewal. With a long term policy, you only need to worry about renewing your bike insurance once every three years.
3. Savings On Premium
Having a long-term insurance is a great tool for savings compared to a regular two wheeler insurance.While the third party premium set by the insurance regulator (IRDA) may change; with a long term policy, you are secure. When you buy this plan, the third party rate prevailing at that time gets fixed and you only pay the fixed amount. The result is savings as you are shielded from a possible third party insurance price hike.
4. Advantage on No Claim Bonus (NCB)
NCB is the reward an insurer gifts to the insured in the form of a discount for the next year of the policy- if they did not make a claim in the previous year. Those who hold a long term policy carry an advantage over regular two wheeler insurance policy holders. When a long term policy holder makes a claim, his or her NCB does not go away, it stays intact because they enjoy NCB protection. Post completion of the plan’s tenure, the policy holder is awarded a higher NCB slab based on each claim-free year.
5. It is easy to buy
Getting a long term bike insurance online. It is quick, saves time, takes a maximum of three simple steps, and has easy payment options such as net banking, credit and debit cards, or digital wallets. The long tenure ensures that you do not have to worry about the renewal dates, documents, and other important details.
In today’s time, an insurance policy should be seen as a safety instrument to protect you financially. The long term two-wheeler insurance providers offer many deals with added features, like-24x7 claim assistance, 3400 is for car, I am not sure for 2 wheeler.
Due to an increasing traffic in the city, a lot of people prefer to own a two-wheeler. Hence, taking a longterm insurance policy is a good idea. In addition, it is economical and convenient on a whole.