Two wheeler make daily commuting easy for countless people across India. As compared to cars, two wheeler are more economical and easier to maintain. Congested roads and traffic jams in Indian cities make them all the more useful. They are less likely to get stuck in jams and can help a person reach his destination quickly.
However, two wheeler are also more likely to get involved in road accidents. It is important for every two wheeler owner to secure his vehicle with an insurance policy. Despite the fact that law has made it mandatory for every bike owner to purchase an insurance policy, many people continue to drive two wheeler without insurance. This not just puts them on the wrong side of law but also makes them a threat to the safety and well being of others.
When it comes to buying bike insurance, choosing the right policy is of great importance. These days, an increasing number of people are opting for long term or multi-year bike insurance.
How is multi-year bike insurance different from normal bike insurance?
Unlike a normal bike insurance policy that allows bikes to be insured for one year, a multi-year bike insurance policy allows bikes to be insured for up to 2 or 3 years. Here are some of the key multi year bike insurance benefits that make them highly useful-
1. Convenience
Opting for a long term policy means that the bike owner will not have to pay premium every year. Thus, there is no stress of annual renewals. The policyholder doesn’t have to remember the renewal date. This can prove to be very useful as many people often tend to overlook the renewal date.
2. Low Premiums
IRDAI raises insurance premiums from time to time. With a multi-year bike insurance policy, the policyholder won’t have to worry about an increase in premiums next year. As the premium for 2 to 3 years is paid in advance, this policy can prove to be more affordable.
3. No Claim Bonus Discounts
Although, no claim bonus discounts are available on both types of policies, a multi-year bike insurance policy provides a chance to claim a higher bonus. Earning a higher discount can substantially reduce the premiums and help the policyholder save money.
Due to multi year bike insurance benefits, an increasing number of bike owners are opting for these policies. Purchasing a long term policy will not just ensure the safety of a two wheeler but also provide complete peace of mind as the policyholder won’t have to deal with the stress of renewing policy every year.
When it comes to buying a bike insurance policy, there is no shortage of options. These days, most of the insurance companies offer insurance policy online. All types of two wheeler insurance policies can be easily purchased or renewed online. This not just helps people save time but also makes the entire process simple and hassle-free. Moreover, you can easily avoid all the paperwork and other formalities.
However, two wheeler are also more likely to get involved in road accidents. It is important for every two wheeler owner to secure his vehicle with an insurance policy. Despite the fact that law has made it mandatory for every bike owner to purchase an insurance policy, many people continue to drive two wheeler without insurance. This not just puts them on the wrong side of law but also makes them a threat to the safety and well being of others.
When it comes to buying bike insurance, choosing the right policy is of great importance. These days, an increasing number of people are opting for long term or multi-year bike insurance.
How is multi-year bike insurance different from normal bike insurance?
Unlike a normal bike insurance policy that allows bikes to be insured for one year, a multi-year bike insurance policy allows bikes to be insured for up to 2 or 3 years. Here are some of the key multi year bike insurance benefits that make them highly useful-
1. Convenience
Opting for a long term policy means that the bike owner will not have to pay premium every year. Thus, there is no stress of annual renewals. The policyholder doesn’t have to remember the renewal date. This can prove to be very useful as many people often tend to overlook the renewal date.
2. Low Premiums
IRDAI raises insurance premiums from time to time. With a multi-year bike insurance policy, the policyholder won’t have to worry about an increase in premiums next year. As the premium for 2 to 3 years is paid in advance, this policy can prove to be more affordable.
3. No Claim Bonus Discounts
Although, no claim bonus discounts are available on both types of policies, a multi-year bike insurance policy provides a chance to claim a higher bonus. Earning a higher discount can substantially reduce the premiums and help the policyholder save money.
Due to multi year bike insurance benefits, an increasing number of bike owners are opting for these policies. Purchasing a long term policy will not just ensure the safety of a two wheeler but also provide complete peace of mind as the policyholder won’t have to deal with the stress of renewing policy every year.
When it comes to buying a bike insurance policy, there is no shortage of options. These days, most of the insurance companies offer insurance policy online. All types of two wheeler insurance policies can be easily purchased or renewed online. This not just helps people save time but also makes the entire process simple and hassle-free. Moreover, you can easily avoid all the paperwork and other formalities.
