Owning a two-wheeler can significantly improve your commute by offering greater convenience and flexibility.
Long-Term Two-Wheeler Insurance
However, there are also risks involved, like accidents. Having long-term insurance for your two-wheeler provides important protection against unforeseen circumstances. Here are 5 key advantages of opting for a long-term two wheeler insurance policy in India:
1. Cost Savings
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Compared to a 1- year plan, owners of two-wheelers may save money by purchasing long-term insurance policies that offer coverage for three to five years. It is less expensive to have long-term insurance than to renew it annually since the premium can be paid in full of the policy. Owners can save renewal fees and other documentation expenditures by taking out multi-year insurance. Real savings are realised as a result every year. An owner saves more on renewal costs as well as paperwork the longer the insurance duration.
These tiny yearly savings build up considerably over a period of three to five years. When opposed to annually renewing coverage, two-wheeler owners may secure their vehicle and save money on insurance by choosing a long-term comprehensive policy.
2. Comprehensive Coverage
Comprehensive coverage against dangers to your bike and any losses to third parties is offered by long-term policies. The coverage extends beyond only accidents. It also covers unanticipated events like rioting and robbery, as well as natural disasters. You may travel worry-free, knowing that you won't suffer financial damages in the event that something unanticipated happens to your bike.
3. Avoid the Hassle of Policy Renewal
In the past, renewing bike insurance was difficult, but doing it online has made it easier. Some people still believe that renewal requires paperwork and takes a lot of time. Choosing multi-year insurance allows you to insure your bike/scooter for two to five years without having to deal with the inconvenience of yearly renewals. This is a clever strategy to circumvent the renewal process's alleged challenges.
4. Inflation Protection
Long-term plans offer indexation benefits or an inflation protection provision. It guarantees that the amount you are insured for will continue to grow annually to reflect inflation. As a result, even after a few years, when maintenance and replacement prices would have skyrocketed, your bike is still sufficiently protected. To keep appropriate coverage levels, you don't need to raise your total insured year after year.
5. Adaptable Cancellation Policy
You can terminate a five-year insurance coverage at any time if you're not happy with the company's services or the convoluted claim procedure. The unclaimed premium amount will be refunded by the present insurer. Before buying a new insurance, get the NCB certificate from your present insurer in order to switch your No Claim Bonus. To transfer your bonus to the new insurance after you cancel the old one, give the certificate to the new insurer.
Conclusion
Purchasing a long-term third party bike insurance policy is strongly advised, as it will safeguard you against third-party liabilities. The long-term comprehensive plan also comes at a reasonable price, and it guarantees complete protection against monetary losses resulting from mishaps. The offer is further enhanced by inflation protection.
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