Difference Between Long-term and Short-Term Two-wheeler Insurance

Many people are apprehensive when it comes to buying insurance as it can be challenging to know which one suits your bike. You also need to know the covers and the benefits that insurance offers. All of it can make buying insurance difficult.

When you purchase bike insurance, you get protection from the damages due to accidents, it saves you from legal liabilities, takes away financial stress, etc. There are two types of two-wheeler insurance:

  1. Third-party insurance
  2. Comprehensive two-wheeler insurance

Third-party bike insurance covers you against the damages to the third-party. The insurer incurs the cost of repair in case of damage caused to third-party and its property. But it will not cover you or your bike against damages.

Comprehensive insurance covers you as well as third-party in case of an accident. The insurer can offer to pay for the repairs of your bike as well as the third-party property. Comprehensive insurance can also cover you against damages due to natural and man -made calamities.

Difference between third-party & comprehensive bike insurance

Third-party insurance is economical than comprehensive insurance. But comprehensive insurance offers more protection. In an accident, your bike might get damaged too. Third-party insurance will not cover your bike while comprehensive insurance can pay for the repair cost of your bike as well. You can protect yourself from the expense of repairs to your bike with comprehensive insurance.

Here are some benefits of third-party insurance-

  • Cover against damage to the third-party property.
  • Cover against death or injury to the third-party.

Below are some benefits of comprehensive insurance-

  • Cover against damages due to natural calamities such as storm, earthquake, flood, frost, etc.
  • Cover against damages due to man-made calamities such as theft, accident, etc.
  • Cover against damages to your bike and third-party property.
  • You can buy add-ons such as cover for additional people who are with you on the bike, etc.

The benefits of bike insurance are offered until the insurance expires. The insurer will not provide cover if the policy isn’t renewed. Many people have difficulty to renew their policy as they don’t remember the last date of their insurance. They might get into an accident and know that they aren’t covered as their policy isn’t renewed. In such a time, they will have to pay for the cost of the repairs. What if this difficulty can be solved easily?

You can buy short-term insurance, and it will only cover you for one year. But you can purchase long-term bike insurance to get cover for more than one year.

Take a look at some things that you need to know about short-term bike insurance-

  • The benefit of buying short-term insurance is its cost as it is economical to purchase.
  • You will have to renew it every year.
  • You will not get the cover if you don’t remember renewing the policy.
  • The cost of insurance might increase every year

Here is what you need to know about long-term bike insurance-

  • You will not have to renew your policy every year.
  • You can get the benefits of protection for a longer time.
  • The increase in premium cost will not impact you as it can be paid one time.

When you purchase short-term insurance, you can buy another policy after one year. Also, after a year, you can get add-ons. But long-term two-wheeler insurance policy doesn’t give you such a benefit. With short-term insurance, you will have to pay for it every year, and the cost might increase. You have to make the payment only one time to get long-term two-wheeler insurance, and it might be more economical than short-term insurance.

You can purchase insurance online as well as offline. You can visit the office of the insurer to buy it offline. Make the payment to get insurance. Buying two-wheeler insurance online is easy as you can visit the website of the insurer. See which policies and benefits are better for your bike. You can purchase insurance by paying for it online.

Protect yourself from the cost of repairs with insurance. Also, renew it to ensure you have the benefits of it.

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