The Insurance Regulatory and Development Authority of India recently introduced the option to buy Long-Term Two-Wheeler Insurance bike policy. You can now either opt for a two-year or three-year bike insurance policy. You can compare insurance policies to make the most of long-term insurance plans.
The annual renewal process can be a bit overwhelming for some insurance buyers. Even though buying an online two wheeler policy is much easier than their offline counterparts. And this in turn makes them miss or delay the insurance renewals. However, with the introduction of long-term two-wheeler insurance plans by IRDAI, you no longer have to worry about annual renewals. You can buy an online two-wheeler policy for two or three years at a stretch, thus providing you with added convenience.
Policyholders who do not claim their policies and renew on a timely basis are rewarded in the form of NCB or No Claims Bonus. The bonus is applicable on the own damage component and can go anywhere from 20% for the first year to 50% for the fifth consecutive year. However, if you fail to renew your bike insurance policy on time, you stand to lose the benefit. With long term two-wheeler insurance, that risk is averted. You can compare bike insurance policy online and save furthermore on your policies.
The IRDAI regulates the premium prices for third party liability insurance plans and the insurers must adhere to it. However, the IRDAI does increase the premiums prices almost every year. When you compare insurance policy and buy it for a longer duration you are immune to these price hikes. Since the premiums cannot be increased during the policy tenure, you stand to save money on this front.
If you have not renewed your policy in more than two years and want to buy a new policy, the insurance company might inspect your bike due to a considerable gap. Such duration is usually referred to as break-in periods. However, when you buy a long term online two-wheeler policy you can avoid getting into such situations. As you have to renew your policy once every two or three years.
You can compare bike insurance policy online before committing to a long term plan. However, there is a possibility that you do not like the kind of services being offered and want to move out of the policy. In such cases, you do not have to wait for the end of the policy term to switch to another insurer. You will receive the unutilized premium amount along with the NCB if there is any. When you compare bike insurance policy online, you can look at different aspects before zeroing down on a specific plan.
Opting for a long-term insurance policy enables you to forget about yearly renewals, protect your NCB and save money when you compare insurance policy.
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