3 min read
Updated on Aug 08, 2023
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.
Visual stories by PayBima
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.
Also read : What Is IDV In Bike/Two Wheeler Insurance and Why Is It So Critical? | Consumable Add-On Cover in Two-Wheeler Insurance Policies | Reasons a Two-Wheeler Insurance Claim gets Rejected | How to Choose The Best Two-wheeler Insurance Online?
Found this post informational? Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance and Investment section. You can visit PayBima to Buy Insurance Online.
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.
On average, 100 million bikes and 67 million cars are produced every year across the globe. With such a humongous number, you can assume the.
The performance of your bike or the way it runs depends on various things, including the quality of your two-wheeler tyres. Alloy wheels and spoke.
You cannot ride a two-wheeler without insurance, at least not without the mandatory third-party insurance. But what if the policy you bought for your vehicle.
Acquiring a new bike is an exciting time of your life. A bike gives you the liberty of mobility and a sense of confidence. However,.
For a rider, the sense of freedom while riding a bike is exhilarating. However, the thrilling adventures on the road can take an unfortunate turn.
Until recently, Motorcycles occupied the two-wheeler segment in India. However, the trends are changing now with scooters taking over the market slowly and steadily. Let.
India is one of the countries with a vast two-wheeler or scooter market. Manufacturers keep bringing in new scooter models to make this vehicle as.
In India, every two-wheeler owner must mandatorily have a two-wheeler insurance policy as a compulsory document to ride a bike freely on the roads. But.
Are you planning to buy bike insurance online? If so, you should have a good understanding of some jargons in the insurance sector, especially related.
Speak to our advisor
Mahindra Insurance Brokers Limited (A Mahindra Group Company) - Unit-202, A-Wing, 2nd Floor, Amiti Building, Agastya Corporate Park, Kamani Junction, LBS Marg, Kurla West, Mumbai - 400070. Tel: +91 22 66423800
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 © 2023 Mahindra Insurance Brokers. All Right Reserved.
Verify your number to activate your best premium offer
Please enter the OTP sent to XXXXXX 4099 to continue