7 Benefits Of Buying Long Term Bike Insurance Policy

Benefits Of Buying Long-term Two-wheeler Insuranc

Some bike owners might not be aware that they can buy long-term two-wheeler insurance for their beloved bikes. In fact, it has been made compulsory for bike and car owners to buy a long-term insurance policies. This rule was enforced from 1st September 2018 by the IRDAI following a Supreme Court order. Long-term two-wheeler insurance is far more beneficial than a short-term or an annual policy. It offers longer coverage, lower premium, and additional discounts.

Benefits Of Buying Long-term Two-wheeler Insurance.

It’s easy for someone to forget the date of bike insurance renewal. But, this can have serious financial implications in case of an accident. The insurance company will repudiate a claim filed against an expired policy and the owner will have to bear the cost of repairing damages to the bike.

1 No Hassle Of Annual Renewals| |Bike Insurance Policy

Moreover, if third parties are involved in an accident, the owner will have to arrange for a compensation for paying them as well. In short, the entire cover provided by the insurance policy will be blown off. With a long-term bike insurance policy, one can relax for the next 3 to 5 years depending upon the tenure and forget about renewals during that time.

2 Discounted Premium

IRDAI increases the cost of a new insurance policy every year. On an average, the cost makes around 10-15% of an upward shift with respect to liability only policies. In the case of a long-term policy, the increased cost will not affect the owner every year. Long-term policies ensure a stable premium rate for 3 to 5 years straight.

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