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5 Reasons to Choose a 3 Year Comprehensive Bike Insurance Policy

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Bike owners have been observed failing to renew their vehicle insurance on time. Many explanations have been given for this, with some claiming that it is because they forget to renew their vehicle insurance since they don't use their two-wheeler very often, while others claim that it is because they find the entire procedure too time-consuming. The reality is that failing to follow this essential procedure or waiting on it frequently results in multiple bikes running on the roads without any insurance coverage.

This is not only a serious offence, but it may also result in significant financial loss in the event of an accident. A 3-year bike insurance plan allows you to enjoy two-wheeler insurance coverage for 3 consecutive years without the need for renewal.

There are two basic categories of 3-year bike insurance coverage policies:

A. Third-Party Liability Bike Insurance

As per the 1998 Motor Vehicle Act, a third party bike insurance is the bare minimum of insurance coverage that a two-wheeler must have. In the event of an accident, the policyholder is protected against liability stemming from third-party property damage, injury, or death under this form of insurance coverage. This policy excludes coverage for damages to the insured bike.

B. Comprehensive Bike Insurance

This sort of insurance, as the name implies, provides comprehensive coverage for the insured bike. It contains third-party coverage as well as certain additional perks. A comprehensive bike insurance coverage will also protect you from your own damage. Other advantages include coverage for bike damage caused by man-made crimes such as theft, vandalism, or rioting, as well as natural catastrophes such as floods, storms, fire, and so forth. Most companies also provide the opportunity to supplement your basic coverage with numerous riders.

Why you should buy a 3-year bike insurance plan?

1. There is no need for annual renewal

With 3-year bike insurance policies, you don't have to bother about renewing the plan every year because the insurance benefits are valid for three consecutive years. A 3-year bike insurance company also minimizes the likelihood of policy lapse because it is operational for a longer length of time and saves you the time-consuming task of memorizing its expiration date every year. As a result, these policies are more convenient.

2. Reduced Insurance Policy Premiums

Insurance prices tend to rise with time. This implies that your bike insurance policy quotation will rise with each renewal. A long-term insurance policy can help you avoid raising premiums. Because you will be charged premiums for three years at once, you will not be liable to any premium increases throughout the policy term. As a result, a 3-year bike insurance coverage will cost less than a standard one-year plan.

3. Stay Away From Penalties And Charges

Because there is no obligation to renew a 3-year bike insurance plan every year, the coverage policy will not lapse and customers will not face any penalties or legal fines during the policy tenure.

4. Higher No Claim Bonus Rates

If you hold a 3-year bike insurance policy, you will receive an NCB Cover reduction on the next 3 year's rate when you renew your policy. A 3-year policy earns more No Claim Bonus than a single-year coverage plan. Furthermore, if you decide to terminate your existing insurance, the NCB can be readily transferred to your new insurance policy.

5. Overall Peace of Mind

You have been buying your car insurance from the same provider for a number of years and have recently discovered that you will have to renew your policy very soon. If you are content with your insurance company, you can renew the policy for another three years without much thought. However, if things haven’t been right with your insurance company lately, you may want to look out for another firm. As there is a lot of choices available in the market today, you won’t have any trouble finding another one to go with.

Conclusion

The advantages of a 3-year bike insurance policy are undeniably appealing. If you do not intend to sell your two-wheeler within the next 3 years, this insurance coverage may be appropriate for you. Even if you decide to sell your bike, the NCB produced by your existing policy can always be transferred to a fresh one.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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