Automobile lovers are protective of their new purchase. Bike owners insure their vehicle to protect it from road mishaps or collisions. While buying two-wheeler insurance, buyers are offered with either a short-term or a long-term insurance policy. It is advisable that individuals opt for a long-term two-wheeler insurance policy due to its benefits in the long run.
Before availing long-term two-wheeler insurance, understand the advantages offered by the policy. Knowing the benefits will help a policyholder to make smarter decisions during purchase of two wheeler insurance online
or even offline. Go through the following benefits mentioned below of long-term two-wheeler insurance. Take a look at 5 benefits of long term two-wheeler insurance below:
- Offers lower premiums
Availing long-term policy allows in reducing the premium amount. The premium of a multi-year policy is generally lower than that of a short-term plan.
This is because under the short-term policy, inflation is the prime reason for the increased hike in the premium. However, when a policyholder opts for long-term two-wheeler insurance, his/her premium is locked for 3 years regardless of any fluctuations in the premium.
- Makes provision of No Claim Bonus (NCB)
When a policyholder is a responsible driver and doesn’t claim their policy for a certain duration, the insurer rewards them with a NCB. For two-wheeler insurance, an individual receives NCB benefits up to 50% at the time of renewal. In case a policyholder switches his current insurance policy to a new one, their existing NCB can be transferred along as well. It’s important to understand what is ncb
to ensure that you make the most out of it.
- Reduces yearly renewal hassles
The lock-in period of a long term two wheeler insurance policy is 5 years. With long-term coverage, a policyholder and his vehicle are protected for 5 years without the fear of constant renewals. Moreover, an individual doesn’t have to worry about the policy lapse. That way, you can avoid any hefty penalties or punishments when you’re pulled over.
- Offers a convenient purchase option
Like any other bike insurance policy, long term two wheeler insurance
plans can also be purchased online. The digital avenue allows you to compare coverage & features so you can find a policy that serves you best.
- Allows for easy cancellation
A long term two wheeler insurance does not come with any restrictions on cancellation. You can avail the policy on your on terms and switch to a different policy, should you feel the need to do so, without any hurdles. You may also keep the accrued NCB of your policy and transfer it to the newly purchased two wheeler insurance plan, but do so before you cancelling the current policy.
To sum up, owning a long term two wheeler insurance is considered as an economical solution. However, before opting for a long-term insurance policy, compare the two-wheeler insurance and then select the best two-wheeler insurance based on your needs. Bajaj Allianz General Insurance avails a long-term insurance policy to cover your two wheeler during contingencies on roads.