As a bike owner, it is crucial that you remember the date of renewal of your two-wheeler insurance policy. Failing to renew your insurance on time may have consequences. It is not advisable to take your vehicle on the road without having it covered under proper insurance. .
Riding your bike without insurance is a serious offence. Moreover, in case of an accident, it can lead to a financial setback for you. You can enjoy two-wheeler insurance protection for three consecutive years before renewal, if you get a 3-year bike insurance plan.
There Are Two Components Of Three-Year Bike Insurance Policies A. Third-Party Liability Bike Insurance
According to the Motor Vehicle Act of 1988, a two-wheeler must have third-party bike insurance as the minimum protection. Under this insurance coverage, the policyholder is shielded from liability resulting from third-party property damage, injury, or passing away in the event of an accident.
1. Comprehensive Bike Insurance
As the name suggests, this type of policy offers comprehensive protection for the insured bike. It includes third-party protection in addition to a few extra benefits. A comprehensive bike insurance policy also covers own damage. Other benefits include coverage for bike damage brought on by offences like theft, vandalism, or rioting, as well as protection against natural disasters like fire, flood, etc. One can also buy add-on covers in comprehensive bike insurance.*
Why Should You Purchase A Three-Year Bike Insurance Policy?
1. Annual Renewal Is Not Necessary
Since the insurance benefits are valid for three consecutive years with 3-year Bajaj Allianz comprehensive bike insurance policies, you won’t need to worry about renewing the plan yearly. Getting this coverage duration means that your policy operates for a longer period and spares you the time-consuming task of remembering its expiration date every year, the likelihood of a policy lapse is also reduced.
2. Lower Insurance Premiums
With time, insurance costs typically increase. This suggests that the price of your bike insurance online policy will increase each time it is renewed. You can avoid increasing premiums by getting a long-term insurance policy. You won’t be subject to any premium increases for the policy duration because you’ll simultaneously be charged three years’ worth of premiums. ##
3. Lower Chances of Fines And Charges
A 3-year bike insurance policy does not need to be renewed annually, so customers will not experience any penalties or legal fines while the policy is in effect.
4. Increased Rates Of No Claim Bonus
When you renew your policy after three years, you will receive an NCB Cover concession on the rate for the following 3-year period. The No Claim Bonus earned by a 3-year policy is higher than that of a 1-year coverage plan. Additionally, the NCB can be easily transferred to your new insurance policy if you cancel your current insurance.## Claims are subject to terms and conditions set forth under the two-wheeler insurance policy.
5. General Mindfulness
You have purchased your bike insurance from the same company for several years, but you recently learned that your policy will need to be renewed very soon. You can renew the policy for three years if you are happy with your insurance provider. ]
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* Standard T&C Apply
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.