We all have a special place in our heart for our bikes and hence we always want to keep it well maintained. One of the measures which we take is to get our two wheeler insured. But there are times when we miss on the renewal as we are too occupied with our lives.
For all those who have their hands full with work, here is a good news! You can opt for a long term two wheeler policy.
With an exponential rise in the number of vehicles on the road every year, the Insurance Regulatory and Development Authority of India (IRDAI) has allowed the insurers for a long term insurance cover. This means that now you can choose the tenure of your two wheeler policy and can opt for either a 1 year or 2 year or 3 year cover. Having a long term policy is much more beneficial and also provides continuous protection to your vehicle. Here are a few benefits of long term two wheeler insurance policy:
Getting a long term two wheeler policy saves you from hassles like renewing the policy every year and keeping a tab on renewal date. Hence it is always advisable to opt for a long term cover and save yourself from annual renewal procedures.
Saves You from Risks Related To Non-Renewal
You can be exposed to certain risks as a two wheeler owner during the period between the lapse of your policy and its renewal. Buying a long term two wheeler policy will avert you a financial risk for 2-3 years.
Fixed Premium Rates Up to 3 Years
Every year, third party premium increases by 10-15%. Opting for a long term two wheeler insurance policy insulates you from the hike for the entire policy term.
Saves You From Inconvenience of Renewing A Lapsed Policy
Insurance companies insist on getting your vehicle inspected in case your policy is lapsed before renewing it. Buying a long term policy saves you from such a situation for the entire tenure you have opted for.
Insurance companies offer discounts on the long term cover and the insured is also entitled to a no claim bonus (NCB) post the tenure. In case you opt for a regular two wheeler yearly policy, you lose the NCB even if you make a single claim. In a long term two wheeler policy, your NCB decreases but does not become nil in case of a claim during policy period.
Voluntary Deductible Discounts
Voluntary deductible is the minimum amount that a person declares to bear at the time of the claim and the India Motor Tariff sets certain voluntary discounts which need to be given.
Some insurance companies like Bajaj Allianz also offer an additional voluntary deductible discount than made compulsory by the India Motor Tariff with additional slabs for vehicles having IDV (Insured Declared Value or current market value of your two wheeler in lay man’s term) more than Rs. 75000 in a long term cover.
Refund of Premium on Cancellation of Policy with Partial Claim
Some insurance companies offer refund as per the slab if you cancel a policy and have partially claimed from it.
Opt for a long term two wheeler insurance cover and save yourself from unwanted hassles in life. Know more about best two wheeler insurance plans with Bajaj Allianz.