Bike Insurance in Shiv Vihar

Step-to-Step Guide On How To Buy A Long-Term Two-Wheeler Insurance

What is long term two wheeler insurance?

Long term two wheeler insurance is an insurance policy specifically designed for motorcycles, scooters, and other two-wheelers. Unlike traditional two wheeler insurance policies that typically provide coverage for one year, long term insurance policies provide coverage for a longer duration, typically two or three years.

Long term two wheeler insurance provides coverage against various risks such as accidents, theft, natural disasters, third-party liability, and personal accident cover for the insured. It is mandatory by law to have at least a third-party liability insurance policy for two wheelers in most countries.

By opting for a long term two wheeler insurance policy, the policyholder can enjoy continuous coverage and peace of mind without the hassle of annual renewals.

Coverage under long term two wheeler insurance

Long term two wheeler insurance provides coverage for a longer duration, typically 2 or 3 years, as compared to the regular one-year policy. The coverage under long term two wheeler insurance includes:

1. Third-Party Liability Coverage: This coverage is mandatory by law and protects the policyholder from legal liabilities arising due to injury or damage caused to a third party or their property.

2. Own Damage Coverage: This coverage protects the insured vehicle against damage or loss due to accidents, fire, theft, natural calamities, vandalism, etc. The insurer pays for the repairs or replacement of the insured vehicle.

3. Personal Accident Cover: This coverage provides compensation in case of accidental death or disability of the policyholder while driving the insured two-wheeler. The compensation amount varies as per the terms and conditions of the policy.

4. No Claim Bonus (NCB): If the policyholder does not make any claims during the policy period, they are eligible for a No Claim Bonus discount when renewing the policy. The NCB can be accumulated over multiple years and can result in significant premium discounts.

It's important to note that the coverage and benefits may vary slightly between different insurance providers. It is advisable to carefully review the policy document to understand the exact coverage and exclusions before purchasing long term two wheeler insurance.

Benefits of buying long term two wheeler insurance

There are several benefits of buying long term two wheeler insurance, including:

1. Cost savings: Long term insurance policies usually offer discounted premiums compared to yearly policies. This can result in significant cost savings over the long run.

2. Convenience: With a long term policy, you don't need to remember to renew your insurance every year. This eliminates the hassle and ensures that your bike remains continuously insured.

3. No claim bonus protection: Long term policies can help protect your accumulated no claim bonus (NCB). In case you don't make any claims during the policy term, you can enjoy a higher NCB at the time of renewal.

4. Regulatory compliance: It is mandatory to have a valid insurance policy for your two wheeler as per Indian motor vehicle laws. A long term policy ensures that you remain compliant with the law.

5. Coverage continuity: With a long term policy, you don't have to worry about interruptions in coverage due to non-renewal or forgetting to renew. This provides continuous protection for your bike.

6. Protection against premium hikes: Buying a long term policy shields you from any premium hikes that might occur during the policy term. This can help you save money in case insurance premiums increase in the future.

7. Peace of mind: Knowing that your two wheeler is insured for an extended period of time can give you peace of mind. You can ride without worrying about the hassle of annual renewals or lapses in coverage.

However, it is important to carefully consider your requirements and compare different insurance policies before making a decision. It is recommended to read the policy terms and conditions thoroughly and seek advice from an insurance professional if needed.

Guide to buy long term two wheeler insurance

Buying long term two wheeler insurance is a wise decision as it offers several benefits, such as convenience, cost savings, and continuous coverage. Here is a step-by-step guide to help you purchase long term two wheeler insurance:

1. Gather Information: Collect all relevant details about your two wheeler, such as make, model, variant, year of purchase, registration number, etc. Also, ensure you have your personal information, such as name, address, contact number, email address, etc.

2. Research Insurers: Conduct thorough research to find reputable insurance companies that offer long term policies. Consider factors like premiums, claim settlement history, customer reviews, and service quality.

3. Choose Coverage: Decide on the coverage you require for your two wheeler. Liability-only coverage is mandatory by law, but you can opt for comprehensive coverage for enhanced protection against theft, damage, third-party liability, etc.

4. Compare Policies: Compare the available long term two wheeler insurance policies from different insurers to find the one that best matches your requirements. Look for features like add-on covers, discounts, benefits, and policy terms.

5. Get Quotes: Request insurance quotes from shortlisted insurers to know the premium amount for your two wheeler insurance policy. Ensure you provide accurate information to get an accurate quote.

6. Check Insurer's Credentials: Verify the credentials of the shortlisted insurers by checking their claim settlement ratio, solvency ratio, customer service ratings, and overall reputation. It's crucial to choose a reliable insurer for long term commitment.

7. Read the Policy Document: Thoroughly read the policy document, including terms and conditions, coverage details, exclusions, inclusions, claim process, and other important provisions. Make sure you understand the policy thoroughly.

8. Purchase the Policy: Once you are satisfied with an insurer's credibility and coverage, proceed to purchase the long term two wheeler insurance policy. You can buy it online through the website or app of the insurer or visit their nearest branch office.

9. Provide Accurate Information: While buying the insurance policy, ensure you provide accurate and complete information about your two wheeler, personal information, previous claims (if any), etc.