Why Should One Consider Purchasing Long Term Two-Wheeler Insurance | Bharti AXA

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Why Should One Consider Purchasing Long Term Two-Wheeler Insurance

One must have two wheeler insurance as contingencies might strike anywhere. The government is developing various means to encourage people to renew their two-wheeler insurance. One of the by-products of this effort is the introduction of long term two-wheeler insurance policies by the Insurance Regulatory and Development Authority of India (IRDAI), which lasts for more than one year. You also now have an option of taking insurance for your two-wheeler for three years in one go.

 

Here are some of the reasons for considering a multi-year bike insurance policy:

 

1)          Ease

If you go for a multi-year two-wheeler insurance policy, one of the immediate benefits is long-term coverage for your bike. The process is in general better than renewing your bike insurance policy every year. Though it is effortless to buy or renew two-wheeler insurance online, still it is better to opt for a three-year insurance in one go instead of doing it thrice in three years.

 

2)          Avoiding Legal Consequences

According to The Motor Vehicles Act, 1988, if you have an expired policy, it is as good as having no plan. Some of the consequences of riding a two-wheeler without valid insurance include being fined or imprisoned. Moreover, with an uninsured bike comes the possibility of suffering immense financial losses whenever an accident occurs.

 

3)          No-Claim Bonus

No-Claim Bonuses can be availed by those policyholders who do not file any claims during the maturity period of the insurance policy. The amount of financial compensation that you are liable to as a two-wheeler insurance policy holder through NCB are different for multi-year policies as compared to single-year policies. When it comes to a multi-year policy, NCB calculation is much more advantageous for the policy owner:

 

  • If you do not file any claims during the long-term life cycle of the policy (three years) you are directly entitled to a 35% no-claim bonus on your next premium.
  • If you file a claim in the first year of the policy period but then avoid filing any claims during the rest of the years, you are entitled to a 25% NCB
  • If you file a claim in the second year while the rest of the years do not see any claims being filed, you are entitled to a 20% NCB
  • In case claims are filed in the third year, or more than one claims are filed during the validity period of the policy, NCB is void for the policyholder.

 

4)          Financial Benefits

There are three main ways in which you can save immensely on costs by opting for a multi-year policy over a single-year policy. The first of these is the discounts that insurance companies offer for individuals who purchase multi-year policies. The second is the removal of the possibility of having to pay for break-in policies, which emerge during periodic checks of your vehicle by the insurance company in between single year maturity periods. The third is the chance to remain unaffected by changes in standard rates of your two-wheeler during the period covered by the multi-year policy, a liability while on the single-year policies.

 

So, consider these benefits whenever you buy a two-wheeler insurance policy for your bike.

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