Why is Long-term Two-Wheeler Insurance Such a Great Idea?

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(No Transcript)
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Why is Long-term Two-Wheeler Insurance Such a
Great Idea?
If youve bought a two-wheeler ever, you may know
that it is mandatory to get it insured. However,
you may have forgotten to renew your annual
policy on time, and may not have an insurance
cover. If renewing the policy every year is a
hassle for you, theres good news for you. You
may now not need to renew it every year! In
2014, the Indian insurance regulating body
Insurance Regulatory and Development Authority
(IRDA) introduced the option of long-term
two-wheeler insurance. What this means is that
you can now get an insurance policy that you do
not need to renew for a few years. If you own a
bike or scooter, you may now want to get a
long-term insurance cover. Lets understand why
it is such a great idea.
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Get protection for long-term You can now get
insurance cover for a longer term. During the
policy period, if your two-wheeler is stolen or
lands up in an accident, your insurance company
will cover the loss. It will also pay for
repairs, besides any damage caused by your
two-wheeler. Note that if you select a zero
depreciation cover, your insurer will pay the
full cost of replacing the vehicle parts. Ditch
the worry of renewing yearly Yearly renewal can
be hard to keep track of, more so, if you own
more than one insurance policy. You can now save
the trouble of renewing the cover every year.
Simple buy the policy and forget about it for
the next few years.
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Save yourself the risks of non-renewal Long-term
insurance also saves you from the risks of
non-renewal. As a rule, insurance companies check
the vehicles condition before they approve a
policys renewal. When you choose a long-term
insurance, you do not have to worry about your
two-wheelers state, at least for a few
years. Lock your premium against yearly premium
hike There is usually a 10-20 hike in third
party premium rates, in case of yearly renewals.
However, when you opt for a long-term insurance
policy, the insurance regulator (IRDA) fixes
these rates for the full policy period. This
way, your premium rate is fixed for a few years
and not affected by such hikes.
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Get a higher No Claim Bonus (NCB) At the end of
the policy period, based on each claim-free year,
you get a discount (known as the No Claim bonus
or NCB) on the renewal premium rate. On buying
a long-term policy for your two-wheeler, you get
a higher NCB than you would get for a single-year
policy. Get NCB protection independent of claim
status In the case of a one-year policy for
your 3 Year Two Wheeler Insurance, you lose the
No Claim Bonus (NCB) when you make a claim.
However, in a long-term insurance policy, you
get the benefit of NCB even when you make a
claim instead of becoming zero, your NCB only
reduces.
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Get policy document instantly with zero
documentation You do not have to fill and share a
ton of paperwork to buy long-term insurance. You
can easily buy the policy online to get your
policy document instantly. All you need to do
is to give your details, choose the coverage you
want, calculate your premium, and make the
payment. Source http//www.turtlemint.com/blog/
why-is-long-term-two-wheeler-insurance-such-a-grea
t-idea/
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https//www.bajajallianz.com/Corp/motor-insurance/
long-term-two-wheeler-insurance.jsp
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