Why choose a long term bike insurance policy?

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Long Term Motorbike Insurance Online
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Why choose a long term bike insurance policy?
IRDAI allows insurance companies to offer an
extended policy term for two wheelers. Thus, gone
are those days when your two wheeler insurance
policies had to be renewed each year! You have to
remember the renewal dates, documents submission,
etc. The long-term two wheeler insurance policy
aims to cover the financial liabilities of
uninsured two-wheelers plying on the Indian
roads. A survey being conducted with people who
bought the policy reveal that 80 would prefer
renewing their insurance policy for the long
term. Statistics say around 50 to 55 of consumer
would prefer to take 3-year long-term insurance
policy or even more.
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Its a matter of great concern that around 60 to
70 of two-wheeler running on roads are
uninsured. This will surely create a good
potential for long-term bike insurance policy in
Indian markets which is quite untapped so far.
Even though you people renew policies every
year, but still you have to face the burden of
higher premium costs, compromised benefits
features, etc. But now you can get the
convenience of renewing your policy after 3
years, depending on your insurance provider at
one go. All you have to do is pay your premium
and enjoy your cover for next 3 years without
having to keep a track of policy renewals. Thus,
a long-term policy is very useful in case you
have multiple insurance policies. The best part
of long-term insurance purchase is you tend to
save on your premium costs.
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Whenever there is a yearly renewal of policy,
people would find a slight increase in the
premium costs due to the yearly hike in the third
party insurance premium being dictated by
regulatory bodies. A long-term two-wheeler
insurance will thus protect you from being
affected by such hikes which are around 10 to 15
on an average. These premium rates will be fixed
at the time of taking the policy and stays same
for the entire policy period. From the
companies point of view, a long-term policy
helps them save on administration and issuance
costs, thereby reducing the overall operational
costs. Thus, the savings benefits will be passed
on to the end users through discounts on premium
costs. There are discounts offered by every
insurance companies that depends on several
factors such as policy type, manufacturer, bike
make and model, engine capacity, year of
purchase, etc.
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If a person missed their renewal, there comes a
gap in coverage during which your vehicle is
completely uninsured. In case you meet an
accident or your bike gets stolen, you will have
to face the brunt of the unexpected expense due
to damage or loss of your vehicle. Therefore, a
long-term motorbike insurance online policy will
help you give continuous coverage for next couple
of years. It keeps you away from hassles of
policy renewal every year, tedious paperwork,
vehicle inspection, as well as save your valuable
time and energy. One the best features of
long-term two wheeler insurance policy would be
accumulating your NCB. Its a discount that could
be availed if you dont make a claim for the
entire policy period. Thus, upon renewal, you
will get 20 discount on your own damage premium.
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