One of the common mistakes that most people make when it comes to insurance policies is forgetting to renew their policies on time. The regular renewal process is relatively hassle-free these days, thanks to technology. However, renewing a lapsed policy eats up a lot of time and entails a lot of formalities and paperwork. Not to mention, the loss of accumulated benefits. Though the insurance companies send us constant reminders and alerts for renewal, we may still forget or postpone it, due to our other commitments, priorities or distractions. The whole hassle of renewal, lapses and related issues can be avoided with a simple solution – the long-term two-wheeler insurance policy.
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Long-Term Two-Wheeler Insurance
The long-term or multi-year insurance, as the name suggests, provides coverage and protects the policyholder against any losses or damages caused or incurred for a longer period of time. Generally, a long-term policy could either last up to 3 or 5 years. While the policy features are almost similar to the one-year two-wheeler insurance, the benefits for the same are endless in long-term two-wheeler insurance. Let us take a look at some of those impressive benefits.
Benefits of Long-Term Two-Wheeler Insurance:
While most of the insurance policies are exhaustive in terms of their coverage and benefits, long-term policies top the list with few extra perks. Listed below are some of the endless benefits of long-term insurance.
- Provision of comprehensive insurance for all major two-wheeler brands.
- Evade yearly premium price hikes and save big on premiums.
- Escape the hassles of annual policy renewals and paperwork.
- Skip the hassles of monitoring no-claim bonus (NCB) every year and avail extra perks.
- Enjoy the benefits of the policy uninterrupted for a longer period of time.
- Save time and money from the losses incurred due to lapsed policies or break-ins.
- Cancel policy anytime during the policy tenure and get the unused premium and benefits transferred.
- Avail better discounts on premiums and get more from NCB.
Long-Term Two-Wheeler Insurance – Inclusions:
The long-term two-wheeler insurance protects you against any damages caused or losses incurred by your insured vehicle to you, your vehicle, or to a third-party – person or property. It provides you with protection against any legal and financial liabilities that arise out of the damages caused. Further, the policy provides you with protection against any losses or damages caused by natural disasters like floods, earthquakes, landslides, etc., or manmade disasters like theft, vandalism, riots, etc.
Long-Term Two-Wheeler Insurance – Exclusions:
While long-term two-wheeler insurance provides an exhaustive cover, it does have its specific limitations to maintain the status quo for both parties. It does not provide any coverage for the damages caused due to the regular wear and tear of the vehicle, mechanical and electrical breakdown, vehicle used for any unintended purposes, usage of the vehicle for illegal activities, driving without a valid license and insurance, driving under the influence, depreciation of the bike, tyres, tubes, and other accessories, etc.