If you’re the proud owner of a two-wheeler, you know how important it is to have insurance coverage. But did you know that buying long-term two-wheeler insurance online can provide a multitude of benefits?
In this blog post, we’ll explore five reasons to buy 4 wheeler insurance online and about why choosing long-term two-wheeler insurance online is a smart choice. From saving time and money to ensuring continuous coverage and hassle-free renewals, there are many compelling reasons to make the switch to online insurance purchasing. Whether you’re a seasoned two-wheeler owner or a first-time buyer, read on to discover the benefits you can reap if you buy 2 wheeler insurance online.
But first, let’s learn a bit more about how long-term insurance differs from a regular policy.
What is a Long-term Two-wheeler Insurance?
A regular two-wheeler insurance policy covers one year and needs to be renewed annually. On the other hand, a long-term two-wheeler insurance policy provides coverage for a longer duration-, typically two to three years-, without the need for yearly renewals.
The major advantage of a long-term policy is that it provides continuous coverage for a longer duration, reducing the need for frequent renewals and the associated paperwork. Additionally, long-term policies offer price protection, as the premium is fixed for the entire duration of the policy, which can help policyholders avoid the impact of annual price hikes.
However, the downside is that long-term policies require a larger upfront payment, which may only be feasible for some. Additionally, if the policyholder decides to sell or dispose of the two-wheeler before the two-wheeler insurance policy term ends, the unused portion of the premium may not be refunded.
Now let’s learn about the benefits of purchasing a long-term policy for your beloved bike.
Top 5 Advantages of Going for a Long-term Two-wheeler Insurance Policies
A long-term two-wheeler insurance plan protects you from financial liabilities and gives you peace of mind. While most people opt for an annual policy, there are several advantages to a long-term two-wheeler insurance policy.
Let us discuss the top five benefits of purchasing a long-term two-wheeler insurance policy.
- Continuous Coverage
One of the most significant advantages of a long-term two-wheeler insurance policy is that it offers continuous coverage for a longer duration. With an annual policy, you have to renew it every year, and if you forget to do so, your coverage lapses, leaving you without protection. However, with a long-term policy, you are covered for a more extended period, typically for three to five years, depending on the policy. This ensures that you are protected for a more extended period and you don’t have to worry about renewing your policy every year.
- Lower Premiums
Another benefit of purchasing a long-term two-wheeler insurance policy is that it often comes with lower premiums than annual policies. The premiums are subject to yearly revision when you buy 2-wheeler insurance annual policy. The premium may increase or decrease based on various factors such as the vehicle’s age, the bike’s make and model, and your driving history. With a long-term policy, you lock in your premium rates for the entire policy period, so you don’t have to worry about premium increases. This can save you a considerable amount of money in the long run.
- No Claim Bonus
You become eligible for a no-claim bonus (NCB) when you purchase a long-term two-wheeler insurance policy. An NCB is a discount insurance companies offer to policyholders who have not made any claims during the policy period. The discount can be significant, ranging from 20% to 50% of the premium. With a long-term policy, you are eligible for an NCB for the entire policy period. If you don’t make any claims during the policy period, you can enjoy a significant discount on your premium.
- Hassle-Free Renewals
Renewing your two-wheeler insurance policy every year can be a tedious process. You must remember the renewal date, visit the insurance company’s office or website, and fill out the renewal form. With a long-term policy, you don’t have to worry about renewals for an extended period. The insurance company sends you reminders well in advance, and you can renew your policy online hassle-free. This saves you time and effort and ensures that you don’t forget to renew your policy.
- Protection Against Price Fluctuations
The cost of third-party insurance, mandatory for all two-wheelers in India, is subject to revision every year by the Insurance Regulatory and Development Authority of India (IRDAI). This means that the premium for third-party insurance can increase or decrease every year. With a long-term policy, you are protected against such price fluctuations. The premium for third-party insurance is fixed for the entire policy period, so you don’t have to worry about the premium going up yearly.
Although, buying a long-term insurance plan for your two-wheeler may require a larger upfront investment, it can save you money and give you peace of mind in the long run. Before purchasing a long-term policy, compare the features and benefits offered by different insurance companies and choose a policy that best suits your needs and budget.
All said and done, buying long-term two-wheeler insurance online can offer several benefits to policyholders. It ensures continuous coverage for a more extended period and comes with lower premiums, no-claim bonuses, hassle-free renewals, and protection against price fluctuations. By switching to online insurance purchasing, you can save time and effort and enjoy a more streamlined process. However, before you buy two-wheeler insurance policy, it’s essential to research the options and choose a policy that best fits your needs and budget.