2 min read
The Insurance Regulatory and Development Authority of India recently introduced the option to buy Long-Term Two-Wheeler Insurance bike policy. You can now either opt for a two-year or three-year bike insurance policy. You can compare insurance policies to make the most of long-term insurance plans.
The annual renewal process can be a bit overwhelming for some insurance buyers. Even though buying an online two wheeler policy is much easier than their offline counterparts. And this in turn makes them miss or delay the insurance renewals. However, with the introduction of long-term two-wheeler insurance plans by IRDAI, you no longer have to worry about annual renewals. You can buy an online two-wheeler policy for two or three years at a stretch, thus providing you with added convenience.
Policyholders who do not claim their policies and renew on a timely basis are rewarded in the form of NCB or No Claims Bonus. The bonus is applicable on the own damage component and can go anywhere from 20% for the first year to 50% for the fifth consecutive year. However, if you fail to renew your bike insurance policy on time, you stand to lose the benefit. With long term two-wheeler insurance, that risk is averted. You can compare bike insurance policy online and save furthermore on your policies.
The IRDAI regulates the premium prices for third party liability insurance plans and the insurers must adhere to it. However, the IRDAI does increase the premiums prices almost every year. When you compare insurance policy and buy it for a longer duration you are immune to these price hikes. Since the premiums cannot be increased during the policy tenure, you stand to save money on this front.
If you have not renewed your policy in more than two years and want to buy a new policy, the insurance company might inspect your bike due to a considerable gap. Such duration is usually referred to as break-in periods. However, when you buy a long term online two-wheeler policy you can avoid getting into such situations. As you have to renew your policy once every two or three years.
You can compare bike insurance policy online before committing to a long term plan. However, there is a possibility that you do not like the kind of services being offered and want to move out of the policy. In such cases, you do not have to wait for the end of the policy term to switch to another insurer. You will receive the unutilized premium amount along with the NCB if there is any. When you compare bike insurance policy online, you can look at different aspects before zeroing down on a specific plan.
Opting for a long-term insurance policy enables you to forget about yearly renewals, protect your NCB and save money when you compare insurance policy.
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.
No Objection Certificate (NOC) Online for Bike or Two-wheeler in India NOC or No Objection Certificate is required if a bike owner is selling his/her.
What Do You Mean by Bike Warranty and Bike Insurance Policy - Major Differences Between Two-wheeler Warranty and Two-wheeler Insurance Many people confuse a bike.
National Bike Insurance Claim Process - A Step by step Guide National General Insurance is a government insurance company that has settled a number of.
Changing the Name of Your Bike Insurance Nominee - Know the Steps and Things ? Nominee details of your bike insurance policy can be changed..
Penalties & Fines in India if You Drive Two-wheeler on the Wrong Side of the Road Did you know that driving on the wrong side.
Is Your Bike Insurance Policy Genuine or Fake? Here is How to Check This Are you planning to buy a bike insurance policy online, but.
Benefits of Bike/Two-wheeler Insurance in Case of a Natural Disaster Unpredictable weather conditions due to natural disasters cause havoc to almost everything including your vehicles..
Looking to buy a two-wheeler to commute to work? Saw your favorite bike model in the showroom but too highly priced to possess it? Well,.
Speak to our advisor
Corporate Office : Mahindra Insurance Brokers Ltd ( A Mahindra Group Company ) Sadhana House, Ground Floor, 570 P. B. Marg, Behind Mahindra Towers, Worli, Mumbai 400018.
Licenced by IRDAI License No. 261; License Validity : 17-05-2025; Category : Composite Broker; CIN : U65990MH1987PLCO42609 Member of Insurance Brokers Association of India (IBAI).
Insurance is the subject matter of solicitation.
For a seamless experience, use the latest version of Chrome/Firefox/Internet Explorer.
Copyright © 2022 Mahindra Insurance Brokers. All Right Reserved.