After you have utilized all your lifelong savings for purchasing a two-wheeler, don’t we all think that an investment like two-wheeler deserves something major? Well, if that’s the case, then trust us, you’re at the right place. In order to protect your prized procession like a two-wheeler, a majority of insurance companies have introduced long term insurance plans for two-wheelers. So if you’re someone who wishes to cover your vehicle for the longest period of time, take a look at these benefits of investing in a long term insurance plan:
What is the long term two wheeler insurance?
In order to incur the losses at times of any physical damage to the two-wheeler vehicle, purchase long term insurance for your motorbike. A long term two wheeler insurance keeps all your financial worries at bay by covering for all high costs pertaining to the damage of the bike. With its 3 years of service, a long term insurance plan makes your investment in not only the two-wheeler but also the policy worthy of all the hard-earned money.
Opting for a long term two wheeler insurance policy prevents the hassle of renewing the policy. This is simply because of the fact that this policy allows an extension of 2-3 years for the betterment of the policyholder for the longest period of time. When you invest in this type of policy, you are availed with the additional benefits like the allowance of add-on covers as well as 24×7 assistance.
5 benefits of long term two wheeler insurance:
- Provides low rates of premium
When you opt for a long term two-insurance plan, a majority of insurance companies provides its policyholders with special privileges. These privileges come in the form of premiums which are paid as a price on the policy purchase. Since the tenure of the policy is for 3 years, the premiums stay locked-in for that period and remain unaffected by any price-revision cycle.
2. Allows the benefits of No Claim Bonus
Irrespective of the term of the policy, the No Claim Bonus (NCB) benefits are offered to every policyholder when he hasn’t made a claim. However, opting for long term insurance comes with an added NCB benefit. In simpler terms, since the extended policies are claim-free, the NCB benefit provided on this policy as higher as compared to the short term ones. For instance, a short term policy which provides an NCB benefit for a year rises up to 20% in the case of a long term two wheeler insurance plan.
3. Paves way for lower risks
Since long term policy comes with an extended period, the policyholder does not have to run behind insurance companies for the two-wheeler insurance renewal. This simply ensures that the policyholder does not have to worry about riding his bike on the roads in case he misses the expiry date. Additionally, it also saves the trouble of hefty penalties when you are caught driving with an expired policy on the roads.
4. Makes the cancellation easier
Like a single year policy, a long term two wheeler insurance policy allows an easy cancellation procedure. A majority of people are in the notion that purchasing a long term policy means no cancellation for over a period of 3 years. However, this is not the case as you can opt for cancellation and in turn, receive a refund amount for the same. Before terminating the current policy, see to it that you have already made a purchase for the new one.
5. Provision for add-on covers
Whether it is a short term policy or a long term one, customers usually overlook the provision of the benefits of add-on covers. As a policyholder, you shouldn’t do so as add-ons help you to cover the bike replacement expenses, saves money while making claims and so forth. The add-on covers provided by the long term insurance policy provides 24×7 assistance with minor repairs, towing facilities, accommodation benefits, and so forth.
Now that you know the benefits of long term two wheeler insurance, what are you waiting for? Invest in a long term insurance plan for your two-wheeler as it a practical option of purchase without the trouble of the renewal process. Additionally, in order to ensure a hassle-free process, opt for two-wheeler insurance online due to its quickness and convenience.