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Benefits of Buying Long-Term Two-Wheeler Insurance

Neha Gadoo Neha Gadoo 23 September 2016

What are the benefits of buying long term two-wheeler insurance? Find out how having long-term two-wheeler insurance can work in your favor.

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It is true that renewing your two-wheeler insurance policy every year is a cumbersome task. You may forget the renewal date and this means you miss out on the perks of timely payments. Apart from this, it is a big risk to ride around on a two-wheeler without insurance.

Even a single day’s delay on your insurance premium puts you at high risk. Plus, it is also illegal to have a two-wheeler without insurance. So, long-term two-wheeler options are actually a boon for you in more than one way.

Convenience and minimal risks

Forget the herculean task of renewing your policy every year. With long-term renewal ranging from 3-5 years, things do get convenient for you as a vehicle owner. Also, it means fewer risks for your bike and you.

For instance, your policy relapsed but before you could renew it, God forbid there was an accident or the vehicle was stolen. In this case, your vehicle is not offered protection under the insurance umbrella. So, even a one-day delay carries a massive financial risk for you.

Another aspect that many ignore is inspection prior to insurance renewal. If you opt for an annual policy, it means that your vehicle would be inspected every year. With depreciation, every day wear and tear and other related factors, your two-wheeler’s condition is going to get worse.

The poorer your bike or scooter’s condition, the higher would be your premium because of risks involved. With a longer premium plan, you can avoid this inspection. So not only do you avoid the hassle of inspections and routine procedures, you avoid an annual premium hike.

Frozen premium rates

With long-term or multiyear two-wheeler insurance, you also get monetary gains. The first is that your premium rates are constant or frozen for that particular period. You don’t have to worry about annual hike of 10-15% per annum on an average.

Remember that insurance companies increase OD premium annually depending on number of claims, your policy type, etc. If you are a long-term policyholder, you don’t have to worry about this annual hike.

Lower OD premium

Most insurance companies offer special privileges to their long-term customers. For instance, you may get discounts on Own Damage, which reduces administrative and policy-issuing costs. This would depend on the kind of vehicle you own, safety and theft risks on the same, etc. Some companies, like ICICI Lombard offer OD discount to first long-term insurance policy buyers.

No-claim bonus benefits

No claim bonus is provided to both short-term and long-term policy owners. But with an extended policy being claim-free, you get an added advantage. The NCB is much higher as compared to someone who gets an NCB for a 1-year period. Based on your auto insurance history, this can go up to almost 20% - which is a whopping amount.

With most vehicle owners keeping two-wheelers for at least 3 years - a short term insurance plan really doesn’t make sense. If you are worried about changing insurance vendors, then portability is a viable solution. On the whole, it is more economical and convenient to opt for a long-term insurance policy.

Neha Gadoo
Written by Neha Gadoo
Daring and Bold, Neha loves philosophy, trekking and walking bare feet in the rain. Loves talking and can stare out of a car window for hours continuously.