A bike is not only a means of traveling from one place to another; it is also a convenient way to escape the hassle of using public transport and commuting. Therefore, it is important to keep your bike protected against the financial ramifications of untoward events and damages such as accidents, theft, natural and man-made disasters. You can achieve this goal by purchasing a suitable two wheeler insurance policy.
It is legally mandatory for all bike owners in India to have at least a third-party liability bike insurance plan. However, the higher the extent of the coverage of your two-wheeler insurance is, the better placed you are to have a safe and financially secure driving experience. To ensure a quicker process that saves your time and money, you can purchase insurance for your bike online.
What is Long-Term Bike Insurance?
Having a valid bike insurance policy is an essential legal prerequisite for driving your bike in India. Most of us tend to purchase a two-wheeler insurance plan at the time of purchasing a vehicle and subsequently renew it on an annual basis. However, with the availability of long-term bike insurance plans, you can purchase two-wheeler insurance for the long term and spare yourself the effort of renewing your policy every year.
A long-term bike insurance policy is a bike insurance agreement that has a tenure of 3-5 years. To a large extent, its coverage is similar to that of an annual two-wheeler insurance policy, except that you can avoid the hassle of yearly policy renewal. According to a recent directive of the Insurance Regulatory and Development Authority of India (IRDAI), it is mandatory for all new two-wheelers in India to have a five-year bike insurance policy in the case of third-party insurance coverage, while a comprehensive two-wheeler insurance cover will have a 3-year term.
How to Purchase Long-Term Bike Insurance Online:
It is easy to purchase a long-term bike insurance policy online. You can carry out the online purchase by following the steps mentioned below.
1. Ascertain your insurance requirements
As is the case with an annual bike insurance policy, the first step towards purchasing a long-term bike insurance plan is the determination of your bike insurance requirements. You must carefully determine the extent of the insurance coverage you want for your bike whilst accounting for factors such as the bike’s Insured Declared Value, the depreciation accumulated on it, the requirement of bike insurance add-ons, etc.
2. Select an insurance provider
Once you have determined the type and degree of coverage you wish to have for your two-wheeler insurance plan, select an insurance provider from whom you can buy a bike insurance plan online. Whilst making this selection, it is pivotal to take into account the claim settlement ratio of the different shortlisted insurers during the past few financial years. The higher the claim settlement ratio of an insurer, the higher is their ability to settle your claims successfully and on time.
3. Compare bike insurance plans.
The third step for the online purchase of a two-wheeler insurance policy for the long term is visiting the official website of the selected insurer and perusing the various bike insurance plans offered by them. You can assess the two-wheeler insurance price of various plans, compare them, and select the one that is most suited to your insurance requirements and budget. It is easy to know the costs of different bike insurance policies through the use of online insurance premium calculators.
4. Select the required add-ons
After selecting a suitable two-wheeler insurance plan, you can customize it by selecting the bike insurance add-ons you deem necessary for your bike. When selecting these add-on features, it is important to do a cost-benefit analysis so that you only choose add-ons that are necessary for your two-wheeler insurance and pay an extra premium only for those.
5. Make the premium payment online.
The final step of purchasing a long-term bike insurance plan online is making the premium payment online. Once you have paid the premium for the policy, the policy shall be sent to your registered email address.
With a wide range of insurance companies in India providing insurance for bikes online, you are spoilt for choice. For instance, Tata AIG, one of India’s most trusted insurers, provides excellent bike insurance policies online. You can purchase a Tata AIG bike insurance policy on the company’s website by following a simple and time-efficient process.
Reasons to Purchase Two Wheeler Insurance for the Long Term
There are several benefits of purchasing two-wheeler insurance for the long term, some of which have been listed below:
- No need to renew bike insurance on an annual basis.
- Protection from the annual rise in bike insurance premium.
- Discounts on the policy premium.
- The opportunity to earn a higher No-Claim bonus than annual policies.
- No risk of policy lapse owing to the failure of annual policy renewal.
Therefore, a long-term bike insurance policy is a better option than a policy with a one-year tenure.
Conclusion
With the multiple benefits offered by a long-term bike insurance plan, you do not need additional motivation to opt for it. Select a suitable two-wheeler insurance policy for the long term online and purchase it to be free from bike insurance renewal worries for several years.