Benefits You Should Consider To Buy A Long Term Two Wheeler Insurance Policy

2 min read

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.

1. Big on Savings

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.

2. Loads of Convenience

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.

3. Policy Renewal Hassles

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.

4. Keeping NCB Intact

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.

5. Easy Policy Cancellations

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.

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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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