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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