Long-term two wheeler insurance: A boon for multiple bike owners

Two-wheeler insurance is mandatory by law in India. Yet researchers say only 20 to 30% of the bikes have been insured so far. Therefore, the insurance companies are left around with a vast untapped market in the bike insurance segment. Let’s understand what exactly the problem is? Are people just not interested in buying two-wheeler insurance? Or they seem to be busy to get it renewed on time?

Relax! Insurance companies can read the mindset of consumer quite well and have introduced long-term two wheeler insurance policy that lets you purchase a policy for three straight years and enjoy the pure convenience and a completely stress-free experience of bike cover purchase.;

Here’s how you can figure out why long-term two-wheeler insurance is the latest buzz in the insurance segment:

Save on Premiums

Yes! That’s what all insurance seekers are looking out for. Every year, IRDAI raises third-party insurance premium by approximately 20 percent. So when you buy a long-term cover, you have the advantage of saving on the premium costs. All you have to do is pay a cumulative premium for three years. Having long-term insurance will prevent the revised rate affect your premium cost. You can save around 20 to 30% on the costs.

Protect Longer

There are a lot of things to bother around, busy schedules and hectic life. Often people forget to renew the policy each year which will lead to policy lapse or no coverage. An accident or loss to your bike at such point of time will lead to heavy financial losses.  But, with long-term motorbike wheeler insurance, you stay away from the worries of policy lapse each year. It will eliminate the hassles of yearly renewals. For people with multiple bikes, long-term insurance is a boon.

Dodge Paperwork

When you buy policy every single year, you will receive the renewed policy document. Visiting branches, filling up renewal forms, taking print outs, signing them and sending them back to the insurance companies will definitely add to your complexities plus additional costs on printouts and visits.

Therefore, the Long-term policy will let you get rid of loads of paperwork for bike insurance renewal. It frees you from the tedious process and a single document is valid for next two or three years depending on the policy you choose.

Bridge the GAP

When you forget the policy renewal or your policy ends each year then you to go through an endless process to get suitable coverage with same features & benefits.  Again, same insurance providers might want to inspect the vehicle before committing to a cover. Only after checking the condition of the vehicle, they will allot the coverage amount. Chances are that you might get a depreciating value of the cover. But with long-term two wheeler insurance, you will be insured for an extended period and the same level of cover. 

No Claim Bonus

It is the discount you receive on your own damage premium for every claim-free year. So, if you’re good in driving and treat your bike well, you can collect consecutive claim-free years. The more NCB you collect the better discount you can bank upon during the next renewal.With long-term two wheeler insurance, you not only claim the NCB but also get a higher NCB compared to single-year policies.