July 18, 2024

Out post-es

Automotive rocks

How Can You Make the Most of a Long-term Two-wheeler Insurance Policy?

How To Purchase Long-Term Bike Insurance Policy Online?

Vehicle insurance is mandatory, irrespective of whether you own a bike, scooter or a car. Most people usually have the urge to buy a two-wheeler if their daily commute is very hectic. They may have to switch between various modes of transport to reach their office. Others buy cars and two-wheelers as a status symbol. 

With the increase in the number of motor vehicles on the road, accidents have also increased. So, if in case your bike insurance policy has expired and you don’t have coverage, you now have the option to buy bike insurance online — easily and conveniently.

Why should you consider buying long-term two-wheeler insurance?

It is mandatory that you get insurance for your two-wheeler. However, a lot of people have false beliefs about purchasing long-term insurance for their bike or scooty.

Consider the case of Rahul. He purchased his new bike insurance only for a year. But he decided to skip it after the policy period expired as the paperwork was too much. Unfortunately, he was involved in an accident not long after. He was forced to pay for the repairs out of his pocket as his policy had lapsed. He could have saved money if he had chosen long-term insurance coverage. The premium, mostly, would have remained unchanged as well.

We, therefore, suggest you buy a long-term insurance plan. Do a bike insurance check online before buying a long-term two-wheeler insurance plan and compare various policies and premiums to choose the most cost-effective and suitable policy as per your needs. * Standard T&C Apply

How does long-term two-wheeler insurance work?

In the Indian insurance market, this is a relatively new concept. Some insurers provide plans that can last up to three years. But what exactly do they entail, and what distinguishes them?

Before we get into the specifics, let us first understand how a typical bike insurance policy works. There are two types of two-wheeler insurance:  

1. A third-party two-wheeler insurance policy, or a ‘liability only’ policy 

2. Comprehensive bike insurance plan or a package policy.

The first type covers third-party property damage and third-party bodily injury. Damages to your motorcycle are not covered. The second type covers loss or damage to your insured vehicle along with third-party liabilities.

The premium payment for a long-term policy differs from a standard two-wheeler policy. A long-term policy’s premium must be paid in advance, all upfront. * Standard T&C Apply

What are the advantages of long-term two-wheeler insurance?

  1. You are not required to gather documents for renewal every year. You are covered for at least three years when you purchase a long-term policy. 
  2. You are secure in the event of theft or an accident. The insurance covers you for more than a year.
  3. Your premium remains constant throughout the policy term, allowing you to better plan your finances. If you buy yearly insurance, you would be paying a higher premium each year if rates change.
  4. If your current plan doesn’t meet your expectations, you can still switch to another insurer guilt-free.

* Standard T&C Apply

In the end, we can conclude that buying long-term two-wheeler insurance could be more beneficial. Do look up various policies for bike insurance online before choosing one. 

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.