Benefits of Buying Long Term Bajaj Allianz Two-Wheeler Insurance

We all have a soft spot in our hearts for our two-wheelers, which is why we strive to keep them in good condition. One of the precautions we take is to ensure our two-wheeler. However, we sometimes lose out on regeneration because we are too preoccupied with our daily life.

Here's some excellent news for all those who are swamped with work! Bike insurance with a long-term coverage policy is available online.

Benefits of Buying Long Term Bajaj Allianz Two-Wheeler Insurance

The Insurance Regulatory and Development Authority of India (IRDAI) has permitted insurers to provide long-term bike insurance coverage policies due to the exponential increase in two-wheelers on the road each year. This means you may now pick the duration of your two-wheeler coverage, which might be one year, two years, or three years. Long-term coverage is significantly more cost-effective and ensures that your car is protected at all times. The following are some of the advantages of a long-term bike insurance policy -

• Convenience

Getting long-term two-wheeler coverage eliminates the need to renew the policy every year and keep track of the renewal date. As a result, opting for a long-term bike insurance policy and avoiding annual renewal processes is always a good idea.

• Protects You From the Dangers of Non-Renewal

As a two-wheeler owner, you may be exposed to various hazards during the time between the expiration of your bike insurance and its renewal. Purchasing a long-term two-wheeler policy will protect you financially for the next two to three years.

• It Saves You the Trouble of Having to Renew a Lapsed Policy

If your policy has lapsed, bike insurance providers will need you to get your two-wheeler inspected before renewing it. Purchasing a long-term insurance policy protects you from such a circumstance for the duration of the policy. However, if your coverage has expired, here's how to renew your bike insurance online.

• Premiums Policies are Set Up For up to Multiple Years

Every year, third-party premiums rise by 10% to 15%. Choosing long-term bike insurance for your two-wheeler coverage protects you from price increases throughout the policy.

• Benefits of the NCB

What is NCB in the context of bike insurance? Insurance companies provide discounts for long-term coverage, and the insured is also eligible for a no-claim bonus (NCB) at the end of the term. Even if you make a single claim on a standard two-wheeler annual insurance, you will forfeit the NCB. If a claim is within the policy period, your NCB lowers but does not become nil if you have long-term bike insurance.

• Discounts for Voluntary Deductibles

The voluntary deductible is the amount that a person claims to be responsible for at the claim time. The India Motor Tariff specifies specific voluntary discounts that must be granted.

Some bike insurance companies, such as Bajaj Allianz, offer a voluntary deductible discount policy in addition to the mandatory deductible discount provided by the India Motor Tariff, with additional slabs for a two-wheeler with an IDV (Insured Declared Value or current market value of your two-wheeler in layman's terms) greater than Rs. 75000 in a long-term cover.

Take Away

When opposed to short-term bike insurance coverage, long-term policies provide several advantages for your two-wheeler. Paying the three-year cumulative premium is nothing more than a possible future investment.

With the aid of a bike insurance premium calculator, you can perform online research on the premium due in the event of a long-term policy and make an informed purchasing choice for your two-wheeler.

Must Read: 

All About No Claim Bonus In Bike Insurance

How Is A Third Party Bike Insurance Different From A Comprehensive 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.