Long Term Two Wheeler Insurance Policy Online Explained
You should know the benefits of having long term two wheeler insurance policy online explained.
two-wheeler Insurance is a must for every every rider of this country. While insurance is a much-needed safety measure, third party insurance is a statutory mandate. People generally get their two-wheeler insured right after the purchase. However, people often tend to forget the renewal date. Without timely renewal, the insurance becomes invalid. Riding with an invalid insurance policy means fines and legal troubles. To free people from the trouble of frequent renewal, the Regulatory and Development Authority of India (IRDAI) introduced long term two-wheeler insurance cover. As the name suggests, this insurance cover comes with a long tenure. This insurance cover is easily available online. Below is all you want to know about the long term insurance cover.
What Is Long Term Two-wheeler Insurance?
The long term two-wheeler insurance is similar to standard two-wheeler insurance cover but comes with a longer tenure than it. The tenure of the long term policies can be to 3 to 5 years. Furthermore, third party insurance for 5 years is compulsory for all new bike owners. By opting for the long term insurance policy, you will not have to renew your policy every year.
This step, taken by IRDAI has helped in reducing the number of lapsed policies.
Benefits Of Long Term Two-Wheeler Insurance Policy
Long term two-wheeler insurance policy makes insurance even more convenient. Here is the set of benefits you will receive if you opt for a long term two-wheeler insurance policy.
1. No Frequent Renewal
By opting for the long term insurance policy you will no longer need to renew your policy every year.
2. Convenient Procedure
If you do not have to renew your policy every year, it will save a lot of your time and managing insurance will become more convenient.
3. NCB Advantage
No Claim Bonus (NCB) will generate special discounts on the premium at the time of renewal, provided you have not made any claim during the policy period. Here goes the list of NBC under the long term two-wheeler insurance policy.
New Long Term Two-wheeler Insurance Policy |
NCB Discount |
|
For the initial year |
15% |
|
Two-year insurance policies |
20% |
|
Three-year insurance policies |
30% |
|
Renewed Long Term Two-wheeler Insurance Policy |
|
|
Claim free first year |
25 % |
|
Claim free two years |
20% |
|
Claim free three years |
30% |
|
The single claim in the third year/more than one claim in three years |
None |
Why Opt For The Long Term Two Wheeler Insurance Cover Online?
You can purchase a long term insurance policy both offline and online. However, the online process has its own perks. Here is why you should opt for the online process.
Easy Comparison
Comparing policies online is easier than offline. You can study all your options and make an informed design without any influence from the insurer.
Paperless Procedure
Be it purchase or renewal, the online method is paperless. You need not go through tedious paperwork if you go for the online process.
Additional Discounts
Many insurance providers offer special discounts for online purchases. Furthermore, you can avoid policy issuance costs and administrative costs required for frequent renewal.
Opting for a long term policy will be a good move as it will save both time and effort. Make sure to compare all the available plans and select one that suits your insurance needs and your budget.
Types of Bike Insurance You Should Know:
Third Party Two Wheeler Insurance
Comprehensive Two WheelerInsurance Policy
You May Also Like To Read:
Own Damage Two Wheeler Insurance
Bike Insurance Details by Registration Number
Fine for Driving Two Wheeler Without Insurance
How to Get Duplicate Two Wheeler Insurance Copy Online
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
