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Why to Buy Long Term Two-Wheeler Insurance?
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Why you should get a Long Term Bike Insurance?

Having a valid two wheeler insurance policy is standard practice among responsible bike owners. But living a fast-paced life in the big city means you might miss the renewal date or worse, completely forget about it altogether.

You do not want to find yourself in a frantic situation - checking the calendar, searching through documents, worrying about the conditions of your two wheeler and calling the insurance broker at the very last minute. Precisely for this reason, policy holders have the choice of opting for a long term policy while buying two wheeler insurance. While it is not mandatory, the long term cover does has its benefits, convenience being one of them.

With standard bike insurance requiring renewal annually, it is often observed that vehicle owners fail to renew their bike insurance on time. This was one of the reasons for the Insurance Regulatory and Development Authority to give the green signal for long term two wheeler insurance. After all, riding an uninsured vehicle on Indian roads is against the law. Having a long term two wheeler insurance policy means you have little to worry about the duration of the cover.

Another good reason is that the premium amount remains unchanged for the duration of the policy! With long term bike insurance, you can avoid the annual hike in premium that is applicable to a standard policy. The same applies to revised policy rates and claims made on losses. After all, as a policy holder, you would not want to see an increase in premium year after year.

There is also the benefit of a higher NCB, or No Claim Bonus. In a standard bike insurance policy, the year you make no claim on the insurance makes you eligible for a discount on the premium for the following year. The percentage of discount increases with each claim-free year but comes right back down to 0% the moment you file a claim. Compare this to long term two wheeler insurance and you have two benefits - a higher NCB, and you get to avoid a gradual drop down to 0% even if you do make a claim.

One of the issues with having to renew lapsed bike insurance is that you might be asked to get the vehicle fully inspected. Though this depends on the insurance company, it is definitely one less thing to worry about if you go for the long term two wheeler insurance policy.

And finally, you have the benefit of compensation for personal accidents. If the insured or the passengers are involved in an accident and sustain injuries and disabilities, or face death, the insurance cover makes them eligible for a compensation of up to Rs. 2 lakh.

Long term two wheeler insurance comes with nothing but all round benefits. After all, wouldn’t you rather opt for the most convenient option when it comes to something as crucial as financial security?

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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 Travel needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice. 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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