Find your suitable insurance plan
1589
3 min read
Updated on Jan 23, 2023
The IRDAI has allowed policy buyers to opt for long term two-wheeler insurance policies. You can now purchase a bike insurance policy for two or three years. The following are some of the benefits of opting for a long-term plan.
A long term two wheeler bike insurance invariable means a lot of savings for policyholders. Though IRDAI has the last say in premium hikes of third party policies, the regulatory body does revise the prices almost every year. A long term policy will keep you immune to these price hikes, thereby resulting in savings. Also, the insurance companies save money under the pretext of policy issuance and administrative charges. It simply translates to better savings for a policy buyer. Should you choose to compare insurance online, you can increase the savings component furthermore.
An online bike insurance comparison will help you secure a policy that fits all your needs and requirements. A long term plan ensures that you do not have to renew on a yearly basis anymore. It also keeps you away from the perils of a lapsed policy. A long term two wheeler bike insurance lets you ride for a longer duration without having to worry about the risks of riding.
Renewing two wheeler bike insurance on a yearly basis is something that puts off several policy buyers. Even though the insurance companies offer reminders and follow-ups, the process can be a bit overwhelming for some. With a long term policy, you can now eliminate the hassle of renewing your policy every year. You can compare insurance online and buy a policy for two or three years at a go and forget about constant renewals.
One of the biggest advantages of opting for comprehensive bike insurance is the NCB or No Claims Bonus. If you do not claim your policy during the term, you can avail of discounts on renewal starting from 20% for one year to 50% for five claim-free years. However, if you do not renew your policies on time, you can lose this benefit. A quick online bike insurance comparison and then the purchase of a long term plan will ensure that you can hold on to the NCB for a much longer duration.
A long term plan usually has a tenure of two or three years. However, you have the option to cancel the policy if you find the services unsatisfactory. In such cases, you can cancel the policy and compare insurance online and switch to a new insurer. Your existing insurance company will refund the unused policy amount and an NCB transfer is also possible. It is recommended that you get an NCB certificate and buy the new insurance policy before cancelling the existing one.
Online bike insurance comparison will help you extract the most out of a long term two-wheeler insurance policy.
Also read: Things to know about two-wheeler insurance policy | Two-wheeler Insurance Benefits in Case of Natural Disaster | Bike Insurance Background Check in India – What is a Two Wheeler Insurance Background Check and Why It is needed?
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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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