March 17, 2023


What Are the Perks of Buying Long-Term Two-Wheeler Insurance?

Your motorcycle is required to be covered by at least a third-party liability policy. The rise in accidents has made it essential to maintain one’s level of protection, regardless of the circumstances. Insurance coverage for your bike can save you from paying out of your pocket. Some people still do not have insurance for their motorcycles or scooters, even though it is a legal requirement to have insurance for every vehicle.

One of the many reasons people may not claim bike insurance policies is that they are under the impression that the premiums are too expensive. They want to avoid the trouble of having to renew their two-wheeler insurance policy, which is another reason. In case you do not renew your bike insurance coverage by the due date, the policy will no longer be active, and you may need to start the application process for a new policy from scratch. To purchase the policy again requires going through the paperwork and the laborious inspection process.

Many insurance companies have long-term two-wheeler insurance plans that provide coverage for three years. These plans allow policyholders to avoid the annual hassle of renewing their two-wheeler insurance policies. In addition, the Supreme Court requires that third-party liability insurance covers all newly purchased two-wheelers for five years.

Let us now have a look at the following reasons why it is beneficial to have a long-term insurance plan:

  • It offers a feeling of safety and protection.

If you ride your motorcycle without buying bike insurance online, or if your policy is now invalid, the insurance company may not compensate you for any damages caused by the accident. You may be required to incur enormous financial charges for the repairs. You could also have to deal with the legal repercussions of your actions. The Motor Vehicles Act of 1988 obligates you to obtain basic two-wheeler insurance coverage that covers third-party liability. If, on the other hand, you invest in a policy that covers a longer period, you can be confident your protection won’t lapse.

  • Easy procedure to change insurance providers

If you feel that your existing long-term insurance policy is no longer meeting your needs, you have the option to terminate at any point throughout the policy duration and select a new provider. However, before you can cancel the previous insurance policy, you will need to buy a new one, make sure it is active, and then cancel the old one. According to the policy’s terms and conditions, the premium you pay to the primary insurer will be refunded to you on a proportional basis.

  • The advantage of having less difficulty

The availability of bike insurance online has dramatically increased convenience. If you don’t want to renew your policy every year or are the type to forget important dates, you could go for the simpler option by purchasing a long-term policy for your two-wheeler insurance instead of an annual policy.

  • Additional monetary advantages

When you buy a policy that covers your two-wheeler for longer, you may be eligible for financial incentives. Additionally, the premium rate for third-party insurance is fixed, which could enable you to make long-term cost savings on the premium expenditure.

You can cancel your current policy anytime; however, you must have an active approach with a third party to replace it. The insurance company must have it to execute your request. You should also ask your current insurance provider for a no-claim bonus (NCB) certificate if you have yet to file any claims throughout your policy. It will allow you to receive a discount on future premiums. Since NCB can be transferred from one insurer to another, doing so could allow you to take advantage of a discount on the total premium for the new insurance. *

To find what suits your preferences and understand bike insurance, check online.

* Standard T&C Apply

‘Insurance is the subject matter of solicitation.’ For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘


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Prerequisites You Should Know About Buying Car Insurance

Today, the subject of insurance is quite crucial because it plays a significant role in our daily life. The Motor Vehicles Act of 1988 mandates that every owner of a motor vehicle in India must purchase a fundamental third-party liability policy for their vehicles. When it comes to reducing the rising repair costs brought on by traffic accidents, insurance has shown to be a huge asset. However, this does not imply that you must purchase any recommended insurance coverage. You may now more easily conduct your own research to obtain the finest car insurance plan for you, thanks to the advent of modern technology. *

Read on to learn about the requirements you should take into account while purchasing auto insurance:

  • Different vehicle insurance policy types
    Third-party liability and comprehensive coverage are the two basic types of auto insurance. Third-party liability insurance only pays for the harm your car causes to another person or their property, as the name would imply. On the other hand, a comprehensive policy is, like the name suggests, a comprehensive plan that addresses both – third-party responsibility and own harm.
  • Make a decision
    You are free to choose the kind of policy you want. If you choose a comprehensive policy, you may also use the various add-ons to extend the coverage you now have. You should be aware, though, that adding more coverage can raise your rate. However, consider it to be an investment into measures to save your life, more than just an expense. ##
  • Seek out accommodations
    There are several insurance providers and even more insurance plans. So obviously, don’t choose the first insurance plan that you come across. Look for additional such policies because you can come across one with the exact same coverage you require but at a lower cost elsewhere. Look for the most significant concessions and insurers that you can depend on at any time, and conduct online comparisons of the many policies being offered. Only when you feel like you have done the right amount of homework while finding car insurance online is it advisable to go for the policy you feel most secure about.
  • Online insurance comparisons
    It would be best if you have thoroughly researched several policies online before making a decision. Utilise an auto insurance premium calculator to calculate the premiums, then compare the numerous quotations that the insurance providers are providing you. You will lose money if you don’t research the market and pricing before making a purchase. You must also be aware of the policy’s inclusions and exclusions before choosing one. Otherwise, you might be in for a wild ride when you do not get the entire claim amount. *
  • Policy renewal is another crucial consideration.
    Additionally, you must always keep in mind to renew car insurance on time, that is, prior to the term’s expiration date. On an expired policy, you will not be able to take advantage of the insurance’s advantages. The majority of insurance providers do give you a second chance to renew your coverage during a grace period of 30 days.
    Even during this time, if you don’t renew your insurance, you’ll have to get new coverage, which means your car will need to be inspected again, and you’ll lose your no-claims bonus. Furthermore, there are chances that your vehicle’s insurance premium might increase due to any wear or tear. *

Online purchases of fundamental third-party car insurance are an excellent place to start if you cannot afford complete coverage or do not feel the need to safeguard your vehicle from unforeseen damages. So, put the pedal to the metal and get yourself auto insurance right away.

* Standard T&C Apply

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

‘Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘

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