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Why You Should Consider Long Term Two Wheeler Insurance in India

Jan 17 2019 by Sidharth Kapoor Category Business Services Views

If you are a bike lover and have it insured, but getting it renewed every year is a hectic task for you then, getting a Long-term two wheeler vehicle insurance is just the right pick.

Buying a bike has been very common nowadays, and getting it insured has become mandatory. No one would want that their bike to get into an accident due to some unforeseen events and they are left with nothing to amend it back. But it is also understandable that getting a two wheeler vehicle insurance renewed every year could be tiring.

People are busy in their lives, and they have numerous other things to worry about. It might happen that when the time comes to get your insurance renewed, you are unable to do so, due to some work that cannot be neglected. And when that happens, your insurance lapses, and you’re in for a break-in policy. In that case, you could get two wheeler long-term insurance. Getting two wheeler long-term insurance is same as getting just two wheeler insurance. The process of application is just similar, it is the benefits that make it different.

Bike Insurance

Many insurance companies like Bajaj Finserv provide you with an extended time period of two to three years, so that one is not required to go through the hassle of renewing it every year. This does not only save your time because it is convenient,  but allows you to enjoy added perks. Some of the major benefits of buying long-term two wheeler insurance plans are:

  • In regular two wheeler insurances, if your policy has expired and you want to renew it online then you will have to go through an inspection process and only then you could move further for your renewal. But in case of long-term two wheeler insurance, you will be spared from this and it becomes very easier to renew it online.
     
  • Buy two wheeler insurance online, because the price becomes more affordable as there is an absence of a middleman. Processing cost also gets lower and the savings are passed to the customers by the insurance providers. In this way, you can enjoy the benefits of lower premiums on your two wheeler insurance.
     
  • The third party two wheeler insurance premium rates are published every year, by the Insurance Regulatory and Development Authority in India (IRDAI), and the rates soar sky high, almost every year. Only if you get two wheeler long-term insurance plans, you could avoid the hikes in the premium rates and the increment in your service tax. This will protect you from the increase in the expenditure during your policy period.
     
  • If you have regular two wheeler insurance, and you want to claim it during the policy period, then your No Claim Bonus (NCB) becomes nill. But you would not have to worry in case of your long-term two wheeler vehicle insurance. As opposed to regular two wheeler annual insurance, your No Claim Bonus (NCB) gets reduced but you still reap certain financial benefits.
     
  • When you are buying your long-term bike insurance online, then you can transfer the existing No Claim Bonus (NCB) of up to 50% with the help of your insurance provider.

The above points keenly describe all the benefits that come with Two wheeler long-term insurance. If you are someone who is overloaded with work and does not get time to look out for the renewal of your insurance plan, then this policy is well-suited and tailored for your needs. Once applied, you can ride hassle-free. The only thing you’d need to worry about post applying for a long-term insurance, is driving well.