Two-wheeler insurance plans are available for long term tenure. You can opt for a long term comprehensive cover wherein third party cover and own damage cover is both offered for the long term. You can buy the long term cover or an annual cover for your bike and get it insured.
When you buy long term bike insurance online, you can get several benefits. These benefits are as follows –
1.No hassle of annual renewals
When you buy a long term cover, the hassle of renewing the policy every year is eliminated. You buy the policy once and you are insured for a long term period. This also reduces the possibility of policy lapse since you don’t have to remember the due date every year and your cover continues non-stop.
2. Premium discount
Insurance brokers offer attractive premium discounts when you choose to buy long term bike insurance online. Since you ensure coverage for a continuous period, insurance companies offer you a reward for loyalty in the form of a discount on the premium.
3. The third-party premium remains constant
The Insurance Regulatory and Development Authority of India (IRDAI) reviews and revises the third party premium rate every year. The premium might increase upon the annual review done by the regulator. However, when you buy a long term plan, the third-party premium applicable in the year of purchase is fixed over the entire coverage duration. Thereafter, even if the IRDAI increases the premium in the subsequent years, your premium would not change. You would get the benefit of the fixed third party premium over the coverage duration even when the actual rates have changed.
4. Higher NCB
Bike insurance plans allow no claim bonus if you do not make a claim in a policy year. This NCB is allowed on an annual basis and keeps on increasing after every successful claim-free year. However, if you make any single claim in your policy, the entire accumulated NCB becomes zero and you start all over again. This does not happen in long term plans. Under long term plans, however, the no claim bonus does not become zero even after you make claims. The no-claim bonus reduces in a claim but you continue to enjoy the discount at the time of renewals. Thus, under long term plans, you get the benefit of NCB even after a claim which is not available under annual plans.
5. Convenience
Lastly, long term plans are convenient. Besides the benefit of not renewing the policy annually, you also escape the hassles of renewals after a lapse. Since the possibility of lapse reduces under long term plans, you don’t have to undergo bike inspections which are common if your policy lapses. Thus, you can enjoy easy coverage and even save on the premium cost since renewals after expiry incurs higher premiums.
So, opt for long term bike insurance plans and stay insured without any hassles. When buying, however, compare insurance policy online before buying. Almost all insurance companies allow long term two wheeler plans and when you compare bike insurance online, you can find the best deal.
