Why Two-wheeler Owners Should Consider Multi-Year Insurance Plan?
If you love riding a bike, you are probably aware how fun it is to drive one. It can be Be your everyday commute by a bike or a scooter, it is fast and the best option to get through those congested roads. While no matter how amazing the experience of riding a two wheeler is, a two wheeler is surely vulnerable to many accidents. Not to mention third party damages and unexpected occurrences that can cause damage to your two wheeler too. While purchasing a two wheeler is an investment worth paying for, spending money on its repairs may need you to shed a hefty amount of money. Who is not aware of rising costs of labour and spare parts? While it is a legal requirement to have a third party insurance for your vehicle in India, it is also suggested that to ensure you enjoy absolute peace and drive worry free, you have a valid two wheeler insurance plan for your vehicle.
HDFC ERGO provides super savertwo wheeler insurance plans that provide discounts of as much as up to 50%.
Besides annual insurance policies, HDFC ERGOalso provides multiyear policy that offers perotection to your vehicle against any impact damage, theft, fire, natural calamities etcalong with any third party liability in terms of death, injury and property damage. A multiyear policy can be taken upto a duration of 3 years. . Other than giving you peace of mind and safety net on roads for three years instead of one, it also saves you from the hassle of renewals every year. As we all know, the third party premium take a hike every year.By taking a multiyear policy, you can save yourself from any third party insurance hikes for three years which means additional savings.
In case you need more convincing, here are a few more benefits of taking two wheeler insurance for 3 years:
- Enjoy Lower Premium
If you purchase a two wheeler insurance policy for 3 years, you will be paying a lesser per year premium amount as compared to the premium you will pay for an annual policy. A multi-year policy also gives the insured person with an immunity against any hike in third party premium On an average the third party premium increase by about 10% to 15% every year. By taking a policy for multiple years, you can lock in your lower premium rates for a longer time.
- Avoid The Risk of Policy Lapse
We all know that renewal of a policy that has been lapsed is a cumbersome task which is better to be avoided. A 3 year two wheeler insurance can save you from the risk of lapsed policy and you can hence ride worry free for three years.
- Avoid Penalties And Fines
Riding without a valid insurance policy is a punishable offence in India. So, an expired policy may lead you to paying hefty fines if caught by the traffic cops. In case of a mishap, it may also act as a problem if you need to file a claim.
Hence, it is advisable to invest in an insurance for longer term and ride hassle free for three long years.
Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before going ahead with the sales.
To know more about two wheeler insurance plans and its benefits click here