Long Term Motorbike Insurance Online
Why choose a long term bike insurance policy? IRDAI allows insurance companies to offer an extended policy term for two wheelers. Thus, gone are those days when your two wheeler insurance policies had to be renewed each year! You have to remember the renewal dates, documents submission, etc. The longterm two wheeler insurance policy aims to cover the financial liabilities of uninsured two-wheelers plying on the Indian roads. A survey being conducted with people who bought the policy reveal that 80% would prefer renewing their insurance policy for the long term. Statistics say around 50 to 55% of consumer would prefer to take 3-year long-term insurance policy or even more.
It’s a matter of great concern that around 60 to 70% of two-wheeler running on roads are uninsured. This will surely create a good potential for long-term bike insurance policy in Indian markets which is quite untapped so far. Even though you people renew policies every year, but still you have to face the burden of higher premium costs, compromised benefits & features, etc. But now you can get the convenience of renewing your policy after 3 years, depending on your insurance provider at one go. All you have to do is pay your premium and enjoy your cover for next 3 years without having to keep a track of policy renewals. Thus, a long-term policy is very useful in case you have multiple insurance policies. The best part of long-term insurance purchase is you tend to save on your premium costs.
Whenever there is a yearly renewal of policy, people would find a slight increase in the premium costs due to the yearly hike in the third party insurance premium being dictated by regulatory bodies. A longterm two-wheeler insurance will thus protect you from being affected by such hikes which are around 10 to 15% on an average. These premium rates will be fixed at the time of taking the policy and stays same for the entire policy period. From the companies’ point of view, a long-term policy helps them save on administration and issuance costs, thereby reducing the overall operational costs. Thus, the savings benefits will be passed on to the end users through discounts on premium costs. There are discounts offered by every insurance companies that depends on several factors such as policy type, manufacturer, bike make and model, engine capacity, year of purchase, etc.
If a person missed their renewal, there comes a gap in coverage during which your vehicle is completely uninsured. In case you meet an accident or your bike gets stolen, you will have to face the brunt of the unexpected expense due to damage or loss of your vehicle. Therefore, a long-term motorbike insurance online policy will help you give continuous coverage for next couple of years. It keeps you away from hassles of policy renewal every year, tedious paperwork, vehicle inspection, as well as save your valuable time and energy. One the best features of long-term two wheeler insurance policy would be accumulating your NCB. It’s a discount that could be availed if you don’t make a claim for the entire policy period. Thus, upon renewal, you will get 20% discount on your own damage premium.
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