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4 min read
Updated on Jan 12, 2023
Do you know buying a long-term car insurance policy can get you more benefits than buying regular yearly policies. Let us find out what all benefits you can earn from long-term auto policy and how?
It is mandatory for everyone with a car to have a car insurance coverage, especially the third-party insurance to take care of the third party liabilities that might arise because of an accident. A car insurance policy comes with a specific tenure, which can be between one year to three years. A policyholder is required to renew the car insurance policy online before it expires so that he/she can avoid any kind of penalties and can enjoy coverage of their vehicle all the time. That is the reason it is recommended to buy long-term best car insurance policies. Let’s understand the long-term and multi-year insurance policies to know more about their benefits.
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A long-term comprehensive auto insurance policy offers coverage against both third-party liabilities as well as against your own car damages caused due to accidents and other natural and man-made disasters. Further, it also compensates the insured in the event of personal injury or disability.
In case of death of the policyholder, the nominee of the insured receives a death benefit on behalf of the insurer. Also, the added benefits that can be availed with a multi-year comprehensive policy include add-on coverage, riders etc.
There are many benefits of Long-term insurance policies over other insurance types available for car owners. These long-term policies especially suit such people who generally miss their renewal dates and deadlines or who remain very busy remembering these dates every year.
In 2018, a new act by the Supreme Court made it compulsory for every new car owner to buy a three-year third-party long-term car insurance in India. This way, they wanted to ensure a longer duration of protection against third-party liabilities by the car owner. However, unlike third-party policies, the Own Damage insurance plans require yearly renewal. This becomes tedious for many policyholders to renew their car insurance policy every year. Further, in such cases the insured need to renew the Own damage insurance along with maintaining a third-party cover, which also becomes costly.
So, to solve this problem, insurers came with multi-year or long-term insurance policies to offer extended coverage of three or more years so that the insured can stay worry-free from renewing policy on every year basis.
Read More: Rates of Car Insurance By Age And Gender
Below are some of the benefits that can be enjoyed with long-term car insurance policies:
To Conclude
If you are looking for long-term best car insurance policies in India for your vehicle, you must check and compare the best policy online before buying them. All you need is to look for different policies and choose the one suiting your requirements best.
Also Read: How to Check Vehicle Insurance Status Online on Parivahan Sewa/RTO?
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 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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