One can’t stress enough on the importance of having long-term insurance for your two-wheeler. It takes away a lot of hassle and ensures that you stay out of legal trouble.
A recent report by the General Insurance Council (GIC) states that around 60 percent of vehicles in India are uninsured. To make sure that people pay more heed to having their bikes insured, the Insurance Regulatory and Development Authority of India (IRDAI) has come up with a multi-year two-wheeler insurance policy.
With such a policy in action, you can now insure your bike for three years in a row and get rid of that extra paperwork. This is an excellent feature for those who want to avail the maximum benefits from their bike insurance.
Here, we will look at five reasons why you should consider having a long term Bajaj Allianz bike insurance policy.
- A matter of convenience
If you do not buy bike insurance, then you will have to go through a lot of legal trouble — considering the new road laws in India. To avoid these issues for good, you should opt for long-term two-wheeler insurance on Finserv MARKETS. With long term insurance, you won’t have to go through the hassle of renewing it every month. Besides, it has become quite easy to buy two-wheeler insurance online. Online bike insurance on Finserv MARKETS can save you the trouble of filling in unwanted paperwork and making the rounds of your insurance office.
- Access to No Claim Bonus
The best two-wheeler insurance companies, governed by the IRDAI, make you eligible to receive a No Claim Bonus for each claim-free year. If you have failed to pay your premiums on time, then you also get a 90-day grace period to renew your insurance and keep your NCB claim in place. If you fail to renew your bike insurance policy within this grace period, then the NCB which you have accumulated over time will lapse. When your insurance is long-term, you do not have to go through the trouble of having to renew it each year, thus further bettering your chances of retaining your NCB.
Some of the best two-wheeler insurance companies, such as Bajaj Allianz bike insurance, provide a discount on your premiums if you opt for long-term insurance since such a purchase turns out to be profitable for them, and they get to retain their customers for a longer period, unlike short-term policies. This also results in these companies spending less time and resources in acquiring new customers and shelling out administrative expenses.
- Break-in Policy
Between your insurance renewals, your insurance company might want to inspect your bike for damages, so that their chances of incurring a loss on your claim stays low. If they see any significant damage to your bike, it is likely that they will increase your insurance premium. A multi-year policy gives you the benefit of getting away from these breaks in insurance coverage, and puts you in a position of advantage.
- Enjoying Standard Rates
The cost of insurance policies — also determined by the IRDAI — might increase as the years pass. If you renew your policy yearly, then you will have to pay the increased premium rate. However, a long-term insurance policy will let you enjoy older premium costs while your policy lasts. In other words, you will not be affected by the increase in premium, and might be able to save those extra bucks!
Also, read along to know more on how to renew bike insurance online.
When you buy Bajaj Allianz bike insurance on Finserv MARKETS, you get access to over 4,000 garages across India that offer cash-free servicing. For garages that don’t offer free servicing, you get a 75 percent discount on your payment. You also get access to online policy renewal with your Bajaj Allianz bike insurance. Besides, you do not need any inspection, even if your policy has lapsed.
You also get access to 24×7 assistance with Bajaj Allianz bike insurance, which means you can get support on a bike breakdown anytime, anywhere — in rain, hail, or storm. With the trust of over 100 million customers, you get access to the best two-wheeler insurance available on Finserv MARKETS.