Two-wheelers make up the majority of uninsured cars in India. This was primarily due to the fact that, until recently, two-wheeler insurance was only offered for one year. In order to address this problem, the Insurance Regulatory and Development Authority of India (IRDAI) authorised insurers to offer long-term insurance for two-wheelers for a maximum of three years. #
Are there any additional advantages to purchasing two-wheeler long-term insurance?
There are several benefits of long-term two-wheel insurance concessions
- Concessions offers: Concessions on two-wheeler long-term vehicle insurance are available to policyholders. Long-term plans enable insurers to reduce administrative expenses, enabling them to offer clients a range of concessions and incentives. This is in addition to the no-claim incentive and the underwriting benefits offered. Own damage insurance is not required by law when it comes to automobile insurance, but third-party liability insurance is. Ahead-of-time savings for own damage insurance are also being provided by insurers like bajaj allianz two-wheeler insurance with their three-year third-party insurance policies. * ##
- Long-term two-wheeler insurance renewals: If one has multiple policies, having to renew them every year is significantly less convenient than having to do it every two or three years. When a policy expires, the policyholder must go through a protracted renewal process. The policyholder cannot claim bike insurance if an accident occurs after the renewal date has passed. *
Before renewing the coverage or providing a new policy, the insurer could also demand to have the car examined. Additionally, if a long period has gone by since your insurance expired, you might have problems finding an insurer who would cover your car. The likelihood of these issues developing is significantly reduced if you have long-term two-wheeler insurance coverage.
- Long-term two-wheeler insurance premium rates: The cost of third-party insurance premiums has been rising yearly. Every year, IRDAI raises the cost of third-party liability insurance by 20%. In the first three years of a policy, a person’s premiums would not vary if they had to acquire long-term auto insurance. * #
- No-claim bonus: When it comes to the no-claim bonus (NCB), long-term two-wheeler insurance policies have an added advantage over short-term policies, as is the case with some insurance policies. If the policyholder had no claim for bike insurance during the prior year, an NCB is a concession offered for the following year of the policy. *
Long-term two-wheeler plans have more favourable no-claim bonus slabs than short-term policies do. For instance, insurance providers offer a new customer the same NCB concession they would have received with a different policy. *
Furthermore, compared to the cumulative individual NCB at the end of three years in the case of short-term plans, some long-term policies may offer a higher NCB at the end of a three-year policy. *
- Long-term two-wheeler insurance policy cancellation or termination: In some circumstances where a policy is cancelled or ended, insurance firms also give refunds to policyholders. For instance, insurance providers offer a return up to a particular proportion of the premium for the entire unfinished years of their long-term insurance in the event of loss or theft, a benefit not offered with single-year policies.
Long-term two-wheeler insurance offers numerous advantages that make it a popular choice among two-wheeler owners. With its lower premium rates, coverage for a longer duration reduced paperwork, and added benefits like NCB and roadside assistance, it provides peace of mind and protection to riders. Moreover, its flexibility to cater to the changing needs of the policyholder makes it an ideal investment in securing one’s two-wheeler. Thus, opting for bajaj 2-wheeler insurance long-term two-wheeler insurance is a smart financial decision that offers comprehensive coverage and protection to riders and their vehicles. *
* Standard T&C Apply
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
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