You must be aware of hefty penalties for an expired bike insurance policy. Why involve such financial burdens in your life when there is a solution. Why be worried about periodic renewals. You can opt for long-term bike insurance. IRDA (Insurance Regulatory and Development Authority) has permitted a long-term cover, i.e., a three or five-year insurance policy for bike owners. It will help you in many ways. Here are some of its benefits for a bike owner:
1. Discount on Premium
As per the Motor Vehicle Act, third-party motor insurance is mandatory in India. The insurance regulatory body, IRDA, monitors the motor vehicle insurance price. You may not know that it increases insurance rates by approx 20% every year. Suppose you have purchased bike insurance this year with a one-year expiry date. Then you need to renew it every year. It will increase your premium every year as IRDA increases rates every year. Your premium may go up by 20% when you renew your policy. You can avoid such extra expenses with a long-term insurance policy. It will keep you protected against the premium hikes, at least within the policy tenure.
2. No Policy Lapse
When your motor insurance policy gets expired, and you forget to renew it on time even after the grace period, it becomes a lapsed policy. Then you will have to buy a new policy and complete all paperwork again. You can avoid such mismanagement through a multi-year insurance policy. It would be a single purchase for years.
3. No Loss on NCB
With no claim bonuses (NCBs), you can reduce your insurance premium by 50% if there were no filed claims in past years. But if your vehicle insurance policy gets expired, you may lose all your NCB. With long-term two-wheeler insurance, you can protect your policy from expiration and hence your NCB. Tracking of the accumulated NCB is not required.
4. Eliminate the Hassles of Policy Renewal
If you find an insurance renewal process time-consuming, you can eliminate such challenges with a multi-year insurance policy. It will be a smart move to avoid renewals every year. Get it online with renowned insurance providers at Bajaj Finserv website.
5. Avoid Break-in
Suppose you have forgotten to renew your bike insurance policy for a considerable gap like a year, which is a punishable offense. In that case, the insurance company might inspect your bike whenever you want to buy a new policy. It may create havoc in the process of purchasing a new policy. Such policies are called ‘Break-in’ policies.
Even there is the possibility that the insurer rejects your application if they do not find your bike in an ‘insurable’ condition in their assessment. If the application is accepted, you will have to pay a higher insurance premium. You can avoid all such havoc with a long-term two-wheeler insurance policy.
6. Add-on for Zero Depreciation Bike Insurance
Every vehicle goes through depreciation that reduces its value over a period. It affects the insurance claim settlement amount. You can avoid this loss of wear and tear with an add-on to your comprehensive bike insurance policy. It will add an extra amount to your insurance premium. Apply for Zero Depreciation Bike Insurance.
7. Cancel a policy anytime if you do not like
Afraid of a long-term commitment! In the case of a 5-year bike insurance policy, what if you do not like the provider’s services. Need not worry, as you can cancel a policy anytime if you do not like services like the complex claim process. You switch to a new insurer anytime. Your existing insurer will have to refund you the unutilized premium amount.
Thus, long-term two-wheeler insurance is a host of benefits, as explained with the benefits mentioned above. Enjoy all such benefits by purchasing long-term bike insurance from Bajaj Finserv website. If your insurance renewal date is near, do consider a long-term plan. And do not ride without a good insurance plan.