Having a two wheeler insurance is not only a recommended measure but is also a must have as per law in India. If you are looking for a two wheeler insurance online, there are plenty of jargons and terms that you may come across. A majority of this are terms include comprehensive insurance for two wheelers, long term two wheeler insurance, third party insurance and so on. We have simplified this for you.
A comprehensive insurance for two wheelers is a type of insurance policy which not only covers third party losses but also the owner's loss. For example, if you are involved in an accident in which the other party's vehicle suffers damage, this is covered via third party insurance (also a mandate by the law). But in this scenario, the damages caused to your own vehicle will be covered by a comprehensive two wheeler insurance.
In general, comprehensive insurance for two wheelers is available on an annual basis. These have to be renewed year on year. But if you are someone who wants to avoid the hassle of repeated renewal process and also avail extra benefits by doing so, a long term two wheeler insurance is what you need!
A long term two wheeler insurance avoids the need for a yearly renewal. You can insure your bike once and stay insured for a longer time. In addition to this benefit, you can also avail some key advantages like-
For a better understanding of the same, have a look at the table highlighting the differences between long term two wheeler and an annual comprehensive insurance along with benefits offered by Bajaj Allianz General Insurance Company
|Features||3 years long term package policy||1 Year Package Policy|
|Renewal frequency||Once in three years||Every year|
|Coverage period||Three years||One year|
|Premium hikes||No effect in the TP premium during the policy period||Every year TP premium increases|
|NCB benefit||Additional benefit at the time of renewal||As per tariff|
|NCB benefit after a claim||NCB gets reduced but does not become nil||NCB become 0 after one claim|
|Mid-term cancellation refund||Proportional refund provision even after claim during the policy period||No refund in case of any claim|
So while looking for your two wheeler insurance online, make sure you consider all the pros and cons before considering your insurance.
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