Every year, the number of road accidents is increasing with the increase in the number of vehicles on the road. In India, it is mandatory to own two-wheeler insurance before taking your bike or scooter to the road. Despite the law, many people do not take buying or renewing insurance seriously, considering it a waste of time and money. What they do not consider is—in case of an accident, without valid insurance, you will have to pay for the damages from your pocket. It can put a dent in your budget and drain your savings. But, with a long-term insurance cover, you can save on repetitive documentation and enjoy the same amount of premium over the years.
What is long-term two-wheeler insurance?
A lot of two-wheeler owners are not aware of the option of buying a long-term insurance policy. Many insurance companies offer plans that can extend to a period of three years. When you buy a long-term policy, you enjoy a difference in the premium amount as you will have to pay the policy premium as one instalment. This puts an end to paying a premium for each year and keeps you covered for the policy period.
Benefits of long-term two-wheeler insurance
Low premium and high discounts
Since you pay the premium amount in one go, you pay a lower amount as compared to paying each year. It saves the administrative costs to the insurer who passes the benefit to you in the form of discounts. On comparing the premium amount for an insurance policy for one year and three years, you will notice a significant difference. It is true for the own damage provision in the policy. Additionally, you get to enjoy the benefit of a frozen premium for the tenure of the policy. The premium amount remains the same throughout the term of the policy, thus helping you in planning your finances better. In a yearly insurance policy, you will have new premium rates every year.
No yearly renewal
When you buy a long-term policy, you do not need to worry about renewing it every year. The process of renewal is also easy and convenient. It will free you from the burden of annual renewals, setting reminders for the same and looking for a good deal every time. All you have to do is buy long-term insurance and then think about it after three or five years, depending on the tenure of your choice. With a long-term policy, you can put an end to your worries about when to renew bike insurance.
- Peace of mind
With long-term two-wheeler insurance, you can rest assured that you are covered for the next three to five years. You can ride your two-wheeler with peace of mind and not worry about the coverage lapsing due to non-renewal. You do not need to worry about collecting the documents every year or about the policy expiry. You also enjoy peace of mind in case of an accident or theft. If the plan does not meet your expectations, you can port to another insurer.
When you look for bike insurance online consider all the inclusions and exclusions before making a decision. Long-term bike insurance offers extensive coverage and is available at a lower cost, making it an ideal choice for you. Buy bike insurance online and ride your two-wheeler with complete protection.