You worked hard, and now the bike of your dreams is in your backyard. You can go on various road trips from mountains in the northern part of India to the forest area in the south. However, every machine needs proper care to work more efficiently. From maintaining its cleanliness to regularly checking if all its parts are working correctly, only you can protect your precious bike.
Provide Long Term Convenience
It is hard to remember the date of a bike insurance policy renewal every year, particularly when you have bought more than one insurance policy. Even if you remembered the renewal date, you might fail to renew your policy on time because of work or other personal reasons. However, if you will opt for long-term two wheeler insurance, you can save yourself from hassles of renewing the policy every year.
Minimize Risk of Financial Loss for a Longer Tenure
If you forget to renew your two-wheeler insurance policy, you become exposed to certain risks. For instance, if you meet with an accident or your bike gets stolen when your insurance policy is inactive, then you have to take care of the entire financial loss and will get no help from the insurance company. However, you can easily avoid facing such a situation for a longer tenure by buying long-term two-wheeler insurance.
Decrease The Problems Of Renewing A Lapsed Policy
In case a bike insurance policy gets lapsed, some insurance companies insist on getting the bike re-inspected to determine its condition before renewing the policy. You can avoid such a situation by purchasing long-term two-wheeler insurance. You need not worry about the possibility of your policy getting lapsed for the chosen tenure of two, three, or more years.
Lower Own Damage Premium
Many insurance providers offer exclusive benefits to their long-term customers. For instance, you might get discounts on the Own Damage premium, also known as collision insurance, which will ultimately reduce the policy-issuing and administrative costs. Furthermore, it highly depends on the kind of bike you own, safety measures chosen, theft risks and similar other factors.
Freeze Premium Rate For a Longer Period
You can save yourself from the regular hike in third party premium rates by opting for long-term two-wheeler insurance. Insurance regulators set third-party premium rates, and these tariffs have been recently raised by around twenty percent. Depending on the claims experience, policy coverage, and other factors, insurance companies usually increase the OD (own damage) premium every now and then. However, you don’t have to worry about such hikes if you have opted for long-term two-wheeler insurance.
Additional NCB (No Bonus Claims) Advantage
Both short-term and long-term policyholders get No Claim Bonus or NCB for not filing a claim during the policy tenure. However, with long-term policy being claim-free, you get an extra added advantage. The NCB of a long-term policyholder is much higher as compared to someone who receives an NCB for one year. According to NCB structure for one claim-free year, you can earn 20% NCB, whereas, for 3 claim-free years, you will receive a 35 – 40% NCB as a discount at the time of renewing your bike insurance policy.
Take Care of Your Precious Bike with the Right Insurance Plan
You can secure your bike with a long-term two-wheeler insurance policy and stay assured you need not face a financial burden in case of an unexpected event. Reputable insurers such as TataAIG insurance offers adequate coverage for motorcycle against natural calamities, property damage, accident, and third-party damage, along with many other add-ons. So, make sure you choose the insurance company wisely.