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Benefits of Buying A Long-Term Kotak Bike Insurance Policy

Updated On Aug 06, 2021

Read this article to take note of the benefits of purchasing a long-term bike insurance from Kotak Mahindra General Insurance.

Purchasing a bike insurance policy can be a tedious task. When you purchase your bike insurance from Kotak Mahindra General Insurance, you can avail a cost-effective solution for protecting your bike against the uncertainties of life on the road. However, once you purchase bike insurance, you must specify the length of time before the policy expires and must be renewed. You can only continue to enjoy the benefits after the policy's expiration date if you renew it. Your two-wheeler takes you on numerous joy journeys, instilling in you a sense of adventure and the ability to travel long places. Kotak Mahindra General Insurance secures your every ride, whether it's to work, home, or pleasure, with our Long Term Two Wheeler Policy, so you can continue to enjoy your joyrides, adventures, and independence without worry. You can learn about the advantages of purchasing a long-term bike insurance policy from Kotak Mahindra General Insurance in this article. 

Benefits of Buying A Long-Term Kotak Bike Insurance Policy

What Is A Long Term Bike Insurance Policy?

When you purchase a Kotak long term bike insurance policy, it will eliminate the need to renew it each year. Please keep in mind that all new bike owners are required to carry a 5-year long-term third-party bike insurance coverage. Purchasing your long term bike insurance from Kotak Mahindra General Insurance will prove very beneficial for you. Having a digitally enabled claim process with a Claim Settlement Ratio of 82.81% in FY20 and over 1,300 network garages, Kotak Bike Insurance is definitely one of the most reliable companies.

You may also like to read:- A First-Time Bike Insurance Buyer's Guide

What Are The Benefits of Purchasing Long Term  Bike Insurance From Kotak Mahindra General Insurance?

Failing to renew your insurance policy on time may result in legal issues, as it is obligatory to have at least a third-party insurance policy for your bike. When you purchase Kotak long term bike insurance, you will be saving a considerable amount of money on your premium along with availing several benefits like - 

  • Complete Coverage

When you purchase bike insurance, it is very important to purchase a policy that offers you the required coverage. At Kotak Mahindra General Insurance, you can avail coverage for your own damage as well as third party liability if you purchase their bike insurance policy. The Kotak Long Term Bike Insurance provides coverage for damage caused due to natural calamities, riots, and theft. It also provides Personal Accident Cover along with third-party liability insurance. With an assorted selection of add-ons, you can customize your Kotak long term bike insurance policy. 

  • Long-Term Bike Insurance Premiums

The third party liability cover premium rates are raised by the IRDAI annually. Buying a long-term insurance coverage can save you money on your bike insurance premium because you will only have to pay one payment. As a result, you won't have to pay the increasing premium cost every year when you renew your policy with Kotak Mahindra General Insurance. 

  • No Claim Bonus And Other Discounts

Long-term bike insurance policies have a bigger No Claim Bonus component when compared to short-term policies. Even if the policyholder claims insurance during the life of the policy, the no claim bonus is still offered by Kotak long term bike insurance. However, if the number of claims filed exceeds three, the corporation will not pay a bonus. The percentage of the discount is calculated by the number of claims filed by the policyholder. If the policyholder is a member of a recognized Automobile Association of India (AAI), he or she can get a significant discount on their insurance costs.

Also Read:- How To Check Bike Insurance Expiry Online?  

Take Away

Purchasing a 5-year long term bike insurance policy is not mandatory. A long-term coverage is not appropriate for your bike if you plan to sell it within three years. Long-term insurance is beneficial for bikes that are brand new or that you want to maintain for more than three years. Make sure to evaluate your needs accordingly before purchasing a long term bike insurance.

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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