At some point or the other, you have missed your insurance renewal dates. With a lot to remember at work and chores, it gets challenging to keep track of the renewal dates for insurance policies too. Wouldn’t it be great if you could opt for a motor insurance policy for multiple tenures?
You wish is fulfilled. Insurance companies have introduced two wheeler insurance plans with longer tenures. These plans ease out the renewal process by taking away the hassle of annual renewals.
What is a long term two wheeler insurance cover?
Two-wheeler insurance policies that insure your motorbikes or scooters for longer than one year are long term policies. Before September 2018, you could buy insurance policies for a single year. But now, due to the change in regulations, you can opt for motor insurance for more than one year.
What do the new rules state?
New regulations have laid down the requirement for new motor vehicles to be insured with a long-term policy.
- These long-term insurance policies shall be mandatory only in case of a third party insurance cover.
- A motor car shall be insured with a three-year policy whereas bikes or scooters with five-year plans.
If in case you want to skip third-party insurance, you can opt for a comprehensive cover.
- Comprehensive covers are, as well, available for longer durations of three years.
- The buyers have an option to select a policy with comprehensive coverage for all years
- Alternatively, one can opt for a bike insurance plan with one year of comprehensive coverage along with five years of third-party cover
What are the benefits of a long term cover?
- A long term cover is easy to maintain, both from the administrative and the insured’s perspective.
- You need now worry for the annual renewal dates.
- Loss of benefits due to lapsed policy dates can be avoided.
- No claim bonus value doesn’t turn to zero even if you make a claim during the policy tenure.
- Premiums avoid the inflation that is otherwise the case in an annual plan.
How easy is it to buy a long term two wheeler insurance plan?
Buying insurance plans is easier than ever before. With the internet facilitating the digital revolution in the nation, selecting two wheeler insurance third party or comprehensive policy is a breeze –
- Head over to the insurer’s website of your choice.
- Enter the necessary details as required in the application form.
- Furnish the details of the vehicle in the application form.
- Select the required tenure for your long-term two-wheeler insurance policy.
- Make payment and receive the policy via email. You can opt for a physical copy too.
Isn’t that easy?
When you are buying a long term policy, you might find the premiums to be steeply-priced. The primary reason is an extended tenure. Also, you can load your policy with necessary add-ons like 24 X 7 roadside assistance or zero depreciation cover. Remember that you can purchase a long-term policy not only while buying a new bike, but also at two wheeler insurance renewal.