Buying a two-wheeler insurance comprehensive policy is a must but renewing it every year is a cumbersome task. There is also the possibility of forgetting the renewal date. This way you could miss out on the benefits of timely payments. It is also a significant risk to ride on a two-wheeler without insurance. You cannot afford to delay your insurance premium as it puts you at risk every single day. It is also illegal to drive a two-wheeler that is not insured. Hence, a long-term two-wheeler option is a boon for you in many ways.
Forget the difficult task of renewing your policy every year. With long-term insurance renewal of up to three years, things do get more convenient for you as a vehicle owner. Also, it means fewer risks for your bike and you.
Mentioned below are a few benefits of a long-term comprehensive bike insurance policy:
If in case your policy has lapsed before you could renew it and God forbid your vehicle gets involved in an accident or was stolen, then, in this case, the insurance protection won’t be offered. Even a single day’s delay will carry a massive financial risk for you.
Moreover, if you choose an annual policy, then your vehicle would be inspected every year. Along with depreciation, wear and tear, as well as other related factors, the condition of your two-wheeler will get worse and this will affect your coverage amount.
Your premium depends on the condition of your bike or scooter. With a long-term insurance plan, you can avoid this inspection as well as the annual premium hike.
Fixed premium rates
A long term two wheeler insurance, you get monetary gains as well. Your premium rates are constant for that particular period. You need not worry about any hike in your premium.
Both short-term and long-term policy owners are provided with a no-claim bonus (NCB). With an extended policy being claim-free, you also get an added advantage. In the case of a long-term policy, the NCB is much higher compared to someone who receives NCB for one year. Based on your auto insurance history, this might go up.
Keeping a short-term insurance plan doesn’t make sense in most cases. If you’re worried about changing insurance vendors, then portability is a viable solution. It is more economical and convenient if you opt for a long-term insurance policy.
Avoid policy lapse
Renewing a policy every two or three years is more convenient than renewing it yearly, especially if you have more than one policy. If your policy lapses, you have to go through many hassles to renew it. If you get involved in an accident after the renewal date has passed, then you cannot make a claim.
Also, the insurer can insist on having the vehicle inspected before the date of two wheeler insurance renewal. You might also have trouble finding an insurer who is willing to offer coverage for your vehicle if a lot of time has passed since your policy lapsed. However, if you buy long-term two-wheeler insurance coverage, the threat arising from such complications is far less.
These are the main reason that make long-term two-wheeler insurance policies more appealing.