If you are someone who thinks renewing two-wheeler insurance policy every year is a real distress and you keep forgetting it every time then this post will be of great help to you.
Some of the major insurance providers such as ICICI Lombard and New India assurance have recently launched long term two wheeler insurance that provides motor cycle insurance for at least three years against the usual cover of one year. The step of allowing insurance providers to provide long term wheeler insurance was taken to encourage vehicle owners to buy the protection cover.
Statists show that as there is constant increase in the number of two wheelers on the road, as well as simultaneous decrease in number of people buying two wheeler insurance. Introduction of long term two wheeler insurance is expected to reduce the difference between the two factors.
Let us read a few of advantages of long term two wheeler insurance
Convenient: long term insurance policy will save you from the trouble of renewing the policy every year. It often gets difficult keep a track of dates to renew the insurance policy. Also if you remember the date, it is quite possible that you are unable to renew it for other reason. To eliminate the hassle, it is advised to opt for a long term policy as it is easier for vehicle owners to stay protected without worrying about the renewals every year.
Stability of premium rates: Insurance Company usually hikes the premium rate every year, which is not in the case of long term policy. Once you avail a long term policy, premium rates will be frozen for whole tenure of the policy i.e three years.
Avoids non –renewal risks: If you forget to renew your policy annually, you will have to face several consequences such as penalties by law, financial damages in case of accidents etc. all this can easily be avoided if you are secured with a long term policy for two-three years.
Nowadays, it is easier to buy a long term two wheeler insurance online. The procedure online is much simpler and convenient.