Why should you Buy Long term two-wheeler Insurance policy?

Posted by sanam on June 30th, 2017

As the number of two-wheelers grows exponentially each year, the number of vehicles which are insured will go up as well. Buying a long term insurance policy for your two wheeler has its own advantages such, ”No Claim Bonus” discount protection and freedom from annual renewals. Below are some more advantages of buying this insurance policy

1. Avoid onrenewal related risks

The insured is exposed to certain risks in case of non-renewal of an insurance policy or till the time it is renewed. A two wheeler owner can negate such risks via a long term insurance policy. Once the policy is bought, the owner is protected from renewal procedures for the entire policy period—up to three years. For example, if you forget to renew your policy even by a day or so and are caught in traffic driving your vehicle without an insurance, you would be fined for having an expired two wheeler insurance plan .This is just one of the reasons why having this type of insurance plan for your two wheeler is beneficial.

2. No hassles of renewals each year

Having a long-term insurance policy saves the hassle of renewals each year. Many people find it cumbersome to renew their policy each year, especially someone having multiple policies like health, travel, or business.In addition, people tend to forget the renewal dates and lapse on the policy renewal. With a long term policy, you only need to worry about renewing your two wheeler insurance once every three years.

3. Savings On Premium

Having a long-term insurance is a great tool for savings compared to a regular two wheeler insurance.While the third party premium set by the insurance regulator (IRDA) may change; with a long term policy, you are secure. When you buy this plan, the third party rate prevailing at that time gets fixed and you only pay the fixed amount. The result is savings as you are shielded from a possible third party insurance price hike.

5. It is easy to buy

Getting a long term two wheeler insurance online. It is quick, saves time, takes a maximum of three simple steps, and has easy payment options such as net banking, credit and debit cards, or digital wallets. The long tenure ensures that you do not have to worry about the renewal dates, documents, and other important details.

Source : www.hdfcergo.com/blogs/two-wheeler-insurance/why-should-you-buy-longterm-two-wheeler-insurance-policy.html