Long Term Insurance Plans For Two Wheeler
Purchasing a two wheeler may make life easier for you but if you are not properly insure, it can attract a lot of cost on servicing and in case of damage. There are two types of two wheeler insurances available for customers one for a single year and the other is long term. The regular insurance cover the bike for a year but the long term ones cover it for three years and many bike owners are going for it. There are numerous benefits for this.
- Its hassle free: The process of applying for a long term two wheeler insurance for your bike is completely hassle-free. You can even apply it online and the same set of documents has to be submitted while applying. You will not have to keep track of the date of renewal of the policy and no matter what your insurance will keep on going without you taking any notice, whatsoever. Today, it is possible to submit documents online and the policy can be initiated just when you purchase the bike.
- It saves money: In case your policy is not renewed in case you have taken a short term one, there may be a time gap between the two policies. The damage caused during this time of gap will bear some extra cost and depreciation too. You will have to pay for all the damages, in full without being covered by any insurance. The rate of premium may also increase and the depreciation will be counted in this case.
- No lapsed policy issue: While it is not true in all the cases, if you have a lapsed policy and want to have a new one, the insurance company may ask for the two-wheeler to be checked. This can be a problem and can cost a lot of time too. Your premium may also increase or the insured amount may decrease due to the lapse of the policy.
- Discounts on premium: The own damage part of premium may get reduced in case of long term insurance plan for two wheelers. This is on the discretion of the company but today, many companies are willing to offer that benefit to the customers. At the same time the premium is locked for three years, so no matter what and even if the market rate goes up, you will not be charged extra for the premium.
While it is not mandatory to take a three year insurance policy for bikes, it is recommended for the above reasons. The only risk in this case is that the premium may decrease in market but that will not be a considerable amount. You will have to renew the policy after three years and you can ask the insurance company to remind you about the same. No claim bonus is also these in case of long term policy. While there are not many companies offering the benefits, there are some big names in this segment. You can check the websites for comparing the rate and benefits before applying.
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