Do You Really Need A Long-term Insurance Plan For Your Two-Wheeler?

Renewing your two-wheeler vehicle insurance policy year after year can be challenging to renew, as policy renewal dates can often get lost in the pace of life. But any delay in renewing your coverage is problematic, as it is illegal to ride without at least third-party liability insurance. A simple – and useful – solution to this problem is selecting a long-term plan. So, let’s look at some of the benefits you can enjoy from long-term two-wheeler vehicle insurance:

1) Cost effective options 

Policyholders can easily save on long-term insurance plans. Insurance companies offer customers a variety of sustainable solutions and incentives on long-term contracts which in turn helps them save on administrative costs. And with the no-claim bonus and available underwriting benefits, this is also provided. When it comes to auto insurance, personal vehicle damage cover is not mandatory by law, but third party liability coverage is. Along with Bajaj Allianz General Insurance’s third-party bike insurance plans, it also offers Cover for Financial Obligation.

2) Renewals  

Having to renew a policy annually is more work than doing it every two or three years, as the policyholder usually has to go through the long-drawn process of renewal. Besides, in the event of an accident after the renewal date, the policyholder cannot make a claim, as the insurer may also require the vehicle be inspected before extending the policy or issuing a new one. Additionally, if a significant amount of time has passed since the expiration of your insurance, it can be difficult to find an insurer willing to cover your vehicle. And that’s exactly why long-term two-wheeler insurance coverage greatly reduces the possibility of such problems arising.

3) Premiums  

Each year, IRDAI increases the price of third-party liability insurance by 20%. A direct benefit of  long-term auto insurance, then, is the peace of mind that comes from the premiums not changing during the first three years of the policy.

Why Would Someone Want To Purchase Long-Term Two-Wheeler Insurance?

Insurance companies are increasingly offering the ‘Own Damage’ (OD) cover on the policy fee for long-term bike insurance at competitive rates. Insurance companies can save on administrative and policy-issuing costs by using long-term plans, the benefits of which are passed on to the customers.

Premiums  

Each year, the price of third-party insurance premiums has increased. IRDAI increases the price of third-party liability insurance by 20% annually. If a person needed to purchase long-term auto insurance, their premiums would not change during the first three years of the policy.

Why Would Someone Want To Purchase Long-Term Two-Wheeler Insurance?

Insurance companies are increasingly willing to offer savings on the Own Damage (OD) element of the policy fee for long-term bike insurance. Insurance companies can reduce administrative and policy-issuing costs by using long-term plans, the cost savings for which are passed on to the customers.

A bike insurance coverage is essential as it protects you from a number of expenses you may incur in the event of any unfortunate incident while operating your two-wheeler. Without a valid two-wheeler insurance policy, it is against the law to ride a two-wheeler in India. Depending on your needs, you can choose between a third-party liability insurance policy and a comprehensive two-wheeler insurance policy. The latter offers customers more coverage. The only time a two-wheeler is exempt from insurance requirements is when you stop using it. However, we recommend never risking riding a two-wheeler without insurance even if you “barely use it”, or “only use it for short distances.” Accidents happen without announcement.*

*Standard T&C Apply 

It is obvious, then, why investing for the long run is better than traditional annual insurance plans. Using a long-term two-wheeler insurance policy lets you live and ride stress-free, away from the hassles of yearly renewal. Ultimately, understanding the benefits and features of long-term two-wheeler insurance will help you weigh your alternatives and choose the best cover for your motorcycle.

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.