We are often bogged off by reminders at our workplace or home .Probably one of the common reminders is renewing Insurance policy every year on a particular day. These can one of the reasons why most Indians ride an uninsured two wheeler today. The renewal rates are as low as 13% two wheeler polices in the country. To handle this rising issue of non compliance the insurance regulator allowed the general companies to launch long term two wheeler plans few years back. Other than getting away from the cumbersome process of remembering the renewal date every year and renewing it from time to time, long term two wheeler plans also have some additional benefits which make it the most efficient option to buy  two wheeler insurance  plan. Some reasons to look into are: (Are Long Term Two Wheeler Insurance Plans Worth Considering?)

1. Getting away from the trouble of late renewals is one of the benefits of having a long term policy. Generally when you miss your renewal date you only have the leverage of three days, post which you have to go through the process of getting your bike or scooter surveyed by an authorized surveyor. The whole idea of the survey is to understand the current state of the vehicle and then only the renewal would be processed. There are higher chances that you have to pay a higher premium compared to what you would paid if you done that renewal on time.
2. Save money which may have been there due to premium hikes on two wheeler insurance. Every year IRDA increases the cost of the premium of the third cover of the policy which directly affects the over cost of the comprehensive policy to match with the inflation. In case you have opted for a long term policy which may have a term of 2 to 3 years the premium will not get affected by the price changes made by the regulator. So in case of long term policy you actually get a cushion to protect yourself from the inflationary pressure.
3. Better no claims benefits. You will always enjoy discount in premium if you have a no claim year during the renewal. But in case the policy term is more than year insurance providers always provide you a higher discount on the next renewal.
4. Higher discount on own damage premium. The price difference that you notice among various plans from the different insurers is because of amount of discount which the insurer give you on the own damage cover. Though the cost of third party cover may not come with a discount but since the administrative cost of a long term plan is always low compared to a one year plan insurer prefer to offer a higher discount which leads to low premium.