7 Benefits of Long-Term Two-Wheeler Insurance
A two-wheeler is one of the most popular vehicles on the Indian roads. This increases the need to ensure that the vehicle and its rider is properly insured for any unfortunate accidents. It can help you through the tough times on and off roads. Despite it, estimates suggest that 68% of two-wheelers on Indian roads are uninsured.
One of the most common reasons for this is carelessness and forgetfulness. The solution has been made available in the form of two-wheeler insurance. Here, you can get your bike insured for two or three years at a go. It offers plenty of benefits to any two-wheeler owner compared to an annual policy. Here, we throw light on a few of the benefits of choosing Long Term Two-Wheeler Insurance.
- Convenience
The foremost is the convenience it offers you. You can insure your two-wheeler for a maximum of three years at a go. This means that you need not fret over renewing your policy every year. You do not miss the renewal date nor does the insurance lapse to leave your bike uninsured. It is a welcome relief for many bike owners.
- Discounted premium
Another major benefit of opting for the long-term insurance policy is the premium amount savings. The first saving that come to you is in the form of discounts that the insurance company provides you in going for a long-term insurance policy. The premium amount of cumulated three years is far less than that you would have paid had you renewed your policy each year.
The second savings come in the form of skipping of premium rate hikes. It is believed that the premium amount of a two-wheeler rises at an average of 10-15% every year. When opting for a long-term policy, you get the premium rates of the first year for the next three years. This amounts to huge savings.
- No-Claim Bonus remains intact
In an annual policy, if you forget to renew the policy on time; you lose out on the No Claim Bonus. It is the bonus that you receive for not making any claim in a given year. With a long-term policy, you have no fear of losing out this bonus. It keeps getting accumulated fir every year if no claim and you receive its full benefits.
- Higher NCB
The formula used for calculating the NCB is different for short-term and long-term policy. You get a higher NCB with a long-term policy. According to estimates; you get around 5% higher NCB with a long-term policy than a short-term one. This implies that you get a greater discount when you avail of the benefits of the NCB.
- Avoid non-renewal legal implications
According to Indian law; it is mandatory for all two-wheeler owners to buy an insurance policy. Any two-wheeler commuting on the roads without insurance is punishable by law and can attract a monetary fine as well as imprisonment. A long-term policy helps you keep on the right side of the law.
- No policy lapse before three years
In the long-term, your policy does not lapse before three years. Hence, you can avail of all the benefits and protection for a much longer period. If you have taken a comprehensive policy with all required add-ons, you get protected against any accident, bike damage, theft, and even its accessories getting stolen. Thus, you can enjoy your bike stress-free, both on and off the roads.
- Easy cancellation
Buying a long-term policy does not mean that you are stuck with it for the policy tenure. In case if you are unsatisfied or unhappy with the insurance provider, you can easily cancel it and get the amount refunded back to you on a pro-rata basis. This freedom is an assurance that most welcome. ‘
Wrapping up
As evident, there are plenty of benefits associated with a long-term bike insurance policy. Hence, it must be your choice for any two-wheeler you own for a safer and stress-free ride.
