Benefits of Buying Long-Term Two-Wheeler Insurance Plan
A two-wheeler is the most secure and convenient option for you if you are planning to buy your own vehicle. However, enjoying a safe and secure ride on it is only possible with the help of a two-wheeler insurance plan.
Research states that long-term two-wheeler insurance plan is the most secure insurance plan for your two-wheeler. Let us see how as you read this short post!
What is Long-Term Two-Wheeler Insurance Plan?
Long-Term Two Wheeler Insurance Plan is an insurance plan that covers your two-wheeler for three to five years as against the regular cover of only one year. In other words, it is an extended insurance plan for your two-wheeler and valid for a longer period of time.
Benefits of Long-Term Two-Wheeler Insurance Plan
Here are a few benefits of buying a long-term two-wheeler insurance plan:
- Convenience – Long-Term Two-Wheeler Insurance Plan saves your time from the hassle of renewing the policy every year. You can save time from the unnecessary annual renewal of the plan.
- Loss due to annual inspection – If you choose a one-year year plan, your two-wheeler will be inspected every year to know its current status as per the procedure. Due to this, the premium amount may rise as your two-wheeler will certainly undergo some wear and tear. Hence, its insurance amount might increase along with the premium amount. This loss caused by annual inspection can be avoided by buying a long-term two-wheeler insurance plan.
- Avoiding non-renewal risks – There is always a risk for you if you forget to renew the policy. For instance, in case you forget to renew the policy and your vehicle meets with an accident, then you will have to bear the loss yourself. You can avoid this risk by buying a long-term two-wheeler insurance plan.
- Discount on own damage premium – Today, insurance companies offer discounts on long-term two-wheeler insurance policies. It has two advantages. For the insurer, if an insured buys a long-term two-wheeler insurance plan, it saves him with policy-issuing and administrative costs. For you, it can help you avail huge discounts on long-term plans and thus save money.
- Frozen premium rate – There is always an annual hike in the third party premium rates by 10-15% per annum on an average. Also, there is an annual increase in the own damage premium rates as well. But you can avoid this by opting for a long-term two-wheeler insurance plan.
- No Claim Bonus advantage – No claim bonus benefits are available with both short-term and long-term insurance plans. But, the no claim bonus is much higher with a long-term two-wheeler insurance plan than with a short-term one. There is a defined No Claim Bonus (NCB) slab structure which you can invest your time in while buying a long-term two-wheeler insurance plan.
The Bottom Line
You always buy a two-wheeler to help in satisfying your needs for a long period. Then why buy a short-term insurance plan?
To get benefits for a longer period, invest in a long-term two-wheeler insurance plan and avail the discussed benefits.
So go for the best deal and enjoy safe and secure rides on your two-wheeler for a lifetime! Happy biking!