Own a bike? Then we are sure you love it too and take really good care of it by keeping it spic and span, getting it serviced on time, riding it carefully, etc. But how many of you actually remember to buy an insurance policy for your bike and make sure to renew it every year? There might be some of you who must have bought the insurance policy but forgot to renew it as and when required, right? Well, this post is for those people who are smart and don’t wish to save time and money in renewing the insurance every year.
As we all know, insurance policies are usually valid only for a year; however, certain insurance companies such as HDFC Ergo, New India Assurance and ICICI Lombard etc. have come up with a long-term insurance policy for two-wheelers. This means that instead of the standard one-year cover you get two to three-year coverage. This change has been approved by the IRDAI as well.
Read on to find out the advantages of having long-term bike insurance.
Top 5 Advantages of Long-Term Bike Insurance Policy
- Avoid Certain Risks
One of the risks of not renewing your policy in time is that in case you meet with an accident and your policy is not active; then you will undoubtedly have to pay for all the expenses from your pocket. A long-term policy can avoid these kinds of risks.
One of the best advantages is the fact that you don’t have to be bothered about remembering the policy end date and ensuring that you renew it every year at the right time. There are various reasons such as busy life, hectic schedule, lack of time, etc., because of which you can miss out on renewing the policy.
Not a fan of paperwork? That’s another benefit you can avail from a long-term insurance policy. Printing the policy, signing them, sending them back and forth – avoid all of this paperwork on an annual basis.
- No Claim Bonus
Another advantage of long-term bike insurance policy is that you have a chance to accumulate a better No Claim Bonus discount; provided you are a good and safe driver. You are eligible for a higher no claim bonus discount if you have not made any claims for a number of consecutive years.
You can save your money on premiums with a long-term insurance policy. How? Well, the IRDAI increases the premium of third-party insurance by at least 20% every year. By taking a policy for three years, you can avoid this annual charge. You would only have to pay the average amount for three years.
These were our top five advantages of investing in a long-term bike insurance policy. With the IRDAI’s approval, more and more insurance companies are now offering this option to two-wheeler owners. Our final verdict would be that a long-term bike insurance policy is helpful in the long run. Leave the hassles of annual renewal behind and stay safe and secure with a long-term insurance policy.