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When you ride out of a motor showroom on your brand new bike, you not only own your dream motorcycle but also the mandatory bike insurance policy which has you covered for third-party damages - at least for a year. The Motor law of the country makes it compulsory for people to buy a third-party insurance cover. The insured receives cover for liabilities caused to a third party in case of accidents. So, you can breathe a sigh of relief and cruise the road without the fear of having to bear any cost from third-party damage.
Here are the damages covered under the respective policy:
When the 2 wheeler insurance nears its expiry, you may promise yourself to renew the policy on time. However, a minor slip-up and forgetfulness can seem detrimental to your finances. This is because, during the non-renewal period, your motorcycle is not covered for any respective damage. Thanks to the Insurance Regulatory and Development Authority of India (IRDA), you can now purchase long term insurance of up to 3 years. This change in motor policy has several benefits for the customers.
It is not mandatory to buy bike insurance for a longer tenure. But you do have it as an option. One of the advantages of opting for a longer tenure policy is that you do not have to remember its renewal date, every year.
Insurance companies predict that a motor insurance policy of three years or longer has the potential to reduce the cost of administering and issuing the policy as well as follow-ups for renewals. Thus, the insurer can pass this benefit to customers and charge a lower premium amount.
In a bike insurance policy of longer tenure, if the market premiums reduce in the future, then there is no scope of passing this benefit to the existing policy. This is because the longer tenure policy will be locked onto a fixed rate already. The current premium rate will not change even if the premium rates go down in the future. But, on the upside, if the premium rates go up, the existing premium amount will not increase.
And as the trend goes, inflation always causes the premium rates to increase, thus, purchasing a long term third party liability cover is indeed a wise choice. You can save big on premiums and give up the worry of renewing the policy every way if opting for a longer tenure motor insurance.
Purchasing a long-term third-party liability cover for a motorcycle is purely subjective. Some may choose to do so, while others may still prefer annual policies. As discussed above, a longer tenure policy is indeed beneficial in many ways. It overrides the risks of future hikes in premiums. The same also offers an upfront discount on premiums. You may also receive a good amount of no-claim bonus. Thus, if you find a longer tenure cover feasible, then do not think twice, but go for it.
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Disclaimer :The information published on this website is for the public's reference only. Content of this information is to provide an overview of your Insurance needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice for Travel/Health/Motor. Bharti AXA General Insurance Company Limited makes no representations about the suitability, reliability, timeliness, and accuracy of the information, travel, services, or any other items mentioned on this subject for any purpose whatsoever.
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