According to the mandate of the Indian government, it has been mandatory to have a proper third-party two-wheeler insurance plan to legally drive on Indian roads. While choosing adequate coverage is necessary, opting for a long tenure is also equally important. It helps you with a myriad of benefits and keeps you away from other hassles and issues. To help you gain a clear picture, here are all the details regarding the coverage you will get under long-term two-wheeler insurance.
No hassle of frequent renewals
Long-term two wheeler insurance is a great way to get the most out of your insurance policy. It allows you to ride carefree and enjoy the roads without worrying about mishaps. But what if it’s time to renew your policy? You can renew it once every two or three years, whereas normal two-wheeler insurance is one-year insurance; you have to keep renewing it year by year.
Long-term two-wheeler insurance is one of the best ways to ensure your bike or scooter is covered even during unforeseen circumstances. The long-term two-wheeler insurance plan is convenient and more affordable than third-party bike insurance online. It provides a hassle-free process to claim two-wheeler insurance in case of an accident, theft, etc.
By investing in such proficient long-term bike insurance, you can have access to better coverage and do not have to be under the hassles of frequent renewals. So, you can be worry-free about the expiry date.
Long-term safety
When you buy a long-term two-wheeler insurance policy, you get a long-term comprehensive cover that protects you against financial losses you may suffer due to damage to your two-wheeler or theft of your two-wheeler. You also get 3-4 years of third-party bike insurance online to cover all kinds of damages that your two-wheeler may suffer from accidents. By having access to long-term road safety, you can go about your routine and other activities effectively without having to worry about any other issues or concerns. Opt for proper and well-rewarding bike insurance that covers all your needs.
Long-lasting coverage
With growing traffic on roads, traffic accidents have increased, leading to a rise in accidents. The Government of India has made this policy mandatory as it is a good thing for the public. This policy has become a leading law that people don’t leave buying bikes from a list of regulations. A long-term two-wheeler insurance policy offers you third party bike insurance online cover for your two-wheeler for three years or more. By choosing to purchase long-term bike insurance for yourself, you can have access to long-lasting coverage.
No effect from the increment of premium rates
Suppose you have a two-wheeler insurance policy in place for your bike. You renew it on time and keep your premium on track. But when the renewal comes around, you realize your premium amount has increased.
But suppose you are a long-term two-wheeler insurance policyholder. In that case, you need to be relaxed because no price hike affects the price of this policy until it is available in its period. But, if you have yet to take a long-term cover for your two-wheeler, then the premium will be calculated based on the registration year and the tenure.
Better accumulation of NCB
If you own a two-wheeler, you must be aware of the term No Claim Bonus (NCB), which gives you a discount on the premium of your next policy. The discount is usually 20% of the premium paid for the previous year, assuming you didn’t make any claims on your policy.
It is a trend that your NCB gets reduced to nil if you claim your bike insurance policy before its expiry, but this only applies to Long-term two-wheeler insurance. You might face a minor loss in the value of NCB, but you will not completely lose it, unlike the other bike insurance policies.
Insurance Regulatory and Development Authority of India (IRDAI) has announced that from now on, NCB on your long-term two-wheeler insurance will be reduced by 50%.
Refund on cancellation of bike insurance
Suppose you have a long-term two-wheeler insurance policy with us. In that case, you can get a refund on the premium if you cancel your policy before the end of the contract period. In a recent announcement, the IRDAI has made it mandatory for all insurance companies to provide a mid-term cancellation option in the long-term two-wheeler insurance policy. The new rule applies to all new policies and renewals from 1st April 2020 onwards. It is great news for policyholders who want to avail themselves of the mid-term policy cancellation option.You can avail of this offer on comprehensive or third-party bike Insurance online purchasing. You can’t get this offer if you are going to buy standard bike insurance policies.