Here are a few more advantages of opting for long term bike insurance.
1) You are Well Covered for a Long Time: With the amount of responsibilities and obligations taking over our lives, renewing a two-wheeler insurance policy sometimes takes a backseat or may simply slip our mind. Rather than stressing over your policy getting lapsed or worrying about putting yourself at risk by riding on the road, it is best to opt for long term insurance. When you sign up for this kind of policy, you do not have to fret about yearly renewals for three years. This means your vehicle is well protected against losses and does not need to go through the rigmarole of yearly inspections and constant renewal reminders.
2) You Obtain a Higher No Claims Bonus: NCB or No Claims Bonus is the discount you obtain on your premium for every year claim free year. The more successive claim free years to your credit, the higher is the NCB percentage discount at the time of renewal. If you make even a single claim however, you are not eligible for NCB. When you purchase long term two-wheeler insurance third party, you can not only make a claim but also obtain at a higher NCB. Some insurers even fix the NCB period of the entire three years. So if you obtain an NCB of 25%, you get it for all three years.
3) Premium Rate is Fixed for Three Years: Third party premium rates usually undergo a hike on an annual basis. In addition to this, the insurance company is also likely to hike the OD (own damage) premium now and then. When you purchase the best insurance policy for bike on a long-term basis, you actually save yourself from such kinds of hikes since your premium rate is fixed for three years. This, in turn, helps you save significantly.
4) You are Safe from Non-renewal Related Risks: If you fail to renew a policy at regular intervals, you attract a variety of risks right until the time you renew the policy. If the vehicle, whose cover does not hold any validity, has a collision, is stolen or meets with an accident, it is the vehicle owner who has to pay the entire burden of the loss incurred. You do not have to worry about these factors and instances with a long term plan.
5) You Steer Clear from Gaps in Coverage: Not renewing your policy on time requires you to go through a painstaking process. The insurer may want to inspect the vehicle again and only when it meets the desirable requirements is given the green light. If not found eligible, the insurer may reject insuring your vehicle. In certain cases, you are offered a low IDV (Insured Declared Value). A long term best bike insurance policy ensures you do not come across a gap in coverage.
Long-term insurance policies come with great benefits. Make sure you read all the terms and conditions well before signing up for the best bike insurance in India.