Most of the two-wheeler owners do not have a motor insurance cover. However, it is mandatory to have insurance for your two-wheeler in India, as per the Motor Vehicles Act, 1988. Some people still haven’t insured their vehicle while some get insurance for their vehicle and don’t renew it from time to time.
To tackle this issue, several general insurance corporations have introduced long-term insurance policies for bikes. This is helpful because you won’t have to face the problem of non-renewal again. Now, you can easily renew your long-term two-wheeler insurance plan online, through website and mobile apps to ensure transparency in transactions.
Demand for long-term motor insurance policies is seen now. It seems that more and more automobiles are going for long-term plans.
Let’s now look into the various benefits of buying three-year two-wheeler insurance:
- No yearly renewals
Having multi-year two-wheeler insurance is quite convenient. This saves you the hassle of yearly two wheeler insurance renewal. Your vehicle will be insured for the long term. However, for now, this plan is available to you only for three years.
- You save more
At the start of the first year, the premium for your third-party liability policy is frozen.For single year policies, you pay the premium price decided for that year. If the premium increases, you need to pay more but since the prices for long term policies are fixed since the first year, you do not have to pay any additional premium for the next year. With the help of a long-term insurance plan, you will be immune against inflation as well.
- High No-Claim Bonus
No Claim Bonus (NCB) is a concession that is providedduring the next renewal if you haven’t made any insurance claim during the previous year. The longer the claim-free period, the higher the percentage of No Claim Bonus. Also, you receive a bigger concession.
Is buying a Long-Term Motor Insurance policy a good idea?
There are more pros than cons to this question. There are very few chances of the premium rates being reduced in the future. They are only going to increase. If you’re not planning to sell your vehicle and wish to save on the premium rate, go for long-term plans, because if you save your money now, it will be beneficial for you in the future.
Also, a long-term plan will save you from all the hassles of renewing the policy yearly.
Here are a few benefits of buying bike insurance online:
- You can make Informed Decision
You get plenty of information online about various insurance policies. This helps you to select from a wide range of insurance products and meet your requirements. Bike owners can look into the terms of risk coverage, features as well as exclusions of the policy very easily on the website of the insurer. Also, the website helps you in locating your nearest network garage for cashless claims.
- You can purchase directly from the company
You canget the policy-related information from the insurer online directly. There’s no need for a middleman; you can choose from the available options on your own.
- You can avail 24×7 Assistance
If you don’t understand any terms, you can ask your queries by simply signing into the online chat room, and they will be answered directly by the company.
- Payment Security
Now you can do bank-to-bank payments with the help of net banking, debit or credit cards, etc. With the help of a secure payment gateway, the risk of fraud is eliminated.
- Offers Convenience
Online bike insurance policies are hassle-free as they involve less paperwork. It also provides a convenient method of payment such as E-payment (Internet banking) and M-payment (mobile banking), which helps you to complete the task from anywhere.
Online bike insurance policy adds even more flexibility to the contract of insurance. It has become effortless to purchase, and the security, as well as reliability, makes the online purchase procedure quite attractive.