Long-term insurance policy for your bike

Posted by sanjay on March 31st, 2017

Bike and two-wheelers are the most convenient forms of vehicles, especially during the snarling traffic, dropping your school to kids, rush to office, or getting things done at a quicker place. They are easy to drive and one of the most convenient means of transport. However, along with the convenience they are at higher risk of meeting accidents. There could be an unfortunate event of an accident involving your two-wheeler or motorcycle; the driver may be exposed to different type of risks. In such an awful situation, the owner of the motorcycle will need to pay for the hospitalization as well as compensate the loss of property or health of the pedestrian who gets injured in the accident. Apart from this, there would be losses to your bike due to natural calamities like fire, theft, earthquake, storm, etc. or man-made incidence of stealing it or damage due to riots, etc. In all such scenarios, it’s a proper two-wheeler insurance plan that will take care of your financial needs.

However, in spite of knowing the benefits and importance of bike cover, there are very few buyers for the product in the market. Either due to a hectic schedule or may be not having enough product knowledge. Relax! Many insurance companies have, therefore, come up with long term two wheeler insurance policy that can be purchased for around 3 years in one go. By paying a one-time premium you can protect your bike from any financial losses for 3 consecutive years.

Experts say it's a must buy product for bike owners as it will not only help you cut down the hassles of every year renewal but also let you save thousands of bucks on your insurance premium.

These 3 year two wheeler insurance policies give you a break from the yearly annual premium payments and cover your bike against natural calamities, human riot activities and third-party liabilities. Additionally, the policy offers cover for loss or damage to electronic accessories, personal accident cover and much more, as policy add-ons.

Some features & benefits of multi-year two wheeler package policies are:

•You get freedom from annual premium payments as it’s a one-time payment procedure

•Policy comes with tenure options of around 2 to 3 years

•It provides comprehensive protection for loss or damage to vehicle and third party liable losses.

•Enjoy greater benefits on NCB bonus in case of no claims

•Protection against the hike in third party premium every year.

•No hassles of annual renewals

When a customer forgets the policy renewal then they have to go through an endless process of getting suitable coverage with same features & benefits. Again, insurance providers might want to inspect the vehicle before covering up your vehicle. Only after checking the condition of the vehicle, they can go ahead with the coverage amount. Chances are you may get a depreciating value of the cover. But with long term two wheeler insurance, you lock the coverage amount for the extended period. More and more bike owners can switch to this flexible and cost-savings mode of bike insurance coverage.