Things To Know About Long-Term Two-Wheeler Insurance
So, you’re a bike rider. That implies that you would obviously do everything to keep your two-wheeler in immaculate condition. But, are you doing that at the cost of compromising on your vehicle’s insurance?
It is well-known that two-wheeler insurance is mandatory, and this is why most of us buy the least possible cover for our two-wheelers. Purchasing only third-party cover seems lucrative as the premiums are lower, but what’s the point of buying insurance if it doesn’t provide the required cover?
Anyone who loves their bike would never compromise on safeguarding their vehicle together with themselves. Hence, purchasing a comprehensive two-wheeler insurance policy is a wise decision to make as it not only secures third-party and your bike, but you as well.
Now, if you see renewing insurance every year to be a hassle, then here is some good news for you - now you can buy long-term two-wheeler insurance which offers you cover for up to 3 years.
To give you a better understanding of long-term two-wheeler policies, here are 8 things that you should know -
1. The choice for policy tenures
Long-term insurance policies come with choice for policy tenure. You can choose tenures of up to 3 years. When you buy a long-term vehicle insurance policy, you get a choice between 2 or 3 years. So, depending upon your requirement, choose the tenure that suits your needs. Besides the tenure, the benefits, inclusions, and exclusions of both standard and long-term two-wheeler insurance policies are the same.
2. Premium rate same for three years
Long-term insurance policies freeze your premiums for three years and save you from the annual hike in premium rates. Premium rates are normally hiked by 10-15% per annum on an average. Moreover, based on the claim experience, policy coverage, and certain other factors, insurers may also increase the OD (own damage) premium over time. When you buy a long-term policy, you remain insulated from these hikes during the policy term. Besides, when you buy these policies online, your premium is usually lower compared to offline purchase through an agent as there are no agent commissions and related expenses.
3. NCB advantage
Further, long-term two-wheeler policies score over one-year policies in case of No Claim Bonus or NCB. Usually, the structure of the NCB slabs in case of renewal of a long-term policy is different from the NCB slabs for standard one-year vehicle insurance policies.
4. More Benefits
Long-term two-wheeler insurance plans are cost-saving plans for the insurers as they save on administrative and policy-issuing costs. These savings are in turn passed on to the insured in the form of fewer premiums paid by the insured. But, this extra saving is generally not available with all the insurance companies. So, when you consider a policy, check whether the benefits of less OD premium are attached to it or not.
Considering the above aspects, buying long-term two-wheeler insurance is obviously a much more feasible option for your convenience and the continued coverage of your two-wheeler. However, no two requirements can be the same when it comes to insurance; hence, analyze your insurance requirements to get the best insurance cover for your two-wheeler.
**To understand exactly about the policy coverage, exclusions, etc. read the Policy Wordings carefully.**