Let’s start by understanding what are long term two Wheeler plans are? If you are looking it from the perspective of a regular plan in all the cases your standard two wheeler Insurance plan has a policy term of one year and you have to renew it every year at the end of the term whereas in case of a long term plan the policy term is either two or three years. So you just pay your premium once in two or three year and your bike get covered for the period.
Now let’s look at the benefits associated with buying a long term two wheeler Insurance plan
Now let’s look at the benefits associated with buying a long term two wheeler Insurance plan
- The first and the foremost thing that comes as a benefit with these plans is the convenience of not remembering the policy renewal dates every year. The hassle of annual renewal is always a hindrance and if you fail to remember the right date your two-wheeler may go uninsured .if something happens during this period the losses can be huge and which is taken care of for a long period by all long term Two Wheeler Insurance plan
- The expected loss due to non renewal of the policy on time can lead to damages and since you are not insured your insurance company will not take any liability for this. For instance, if your bike or scooter meets an accident or gets stolen during the period when the policy is not in force you as a vehicle owner have to bear all the financial losses underlying whereas you are safe in case of long term plans.
- There are also hassles relating to lapsed policy also. In case you missed the renewal date and try to renew it when the policy has already lapsed you might have to go through the inspection process of insurance company and all the benefits which you might have enjoyed in earlier term might get taken away from you. The insurance provider will again evaluate the current situation of your two-wheeler and then evaluate the risk accordingly and in such a case you may end up paying a higher premium considering if the policy was renewed on time. A long term policy also acts a safe guard in cases like this.
- In case of a long term plan you always pay a less amount of premium if you compare it paying every year. One of the main reasons underlying it is that Non claim bonus discount which you enjoy in a long term plan is always higher than the regular plan.
- Another important factor to look into is that, in case of a regular plan the cost of a third party insurance always increases every year due to inflationary impacts but at least 10 to 15% which directly leads to an incremental effect on the premium that you pay. Now considering the case of a long term plan you can protect yourself from all these effects of inflation for a period of say two to three years.
- Other that the third party cost the cost related own damage increases not only because of inflationary factors but also the NCB which is also less in case of single year policy which is taken care of in a long term plan and you hedge yourself from the risk associated with this.
Looking Buy Two Wheeler Insurance Plans Online at the above regular benefits associated with a long term plan what you get as real benefits are few more. In case of both single and long term policies the policy doesn’t get terminated post claims but in case of theft or total loss the long term plan always refunds certain percentage of premium for the full unexpired period of the policy. In case of termination of a long term Two Wheeler Insurance Plans say after 2 years whereas the actual term was for 3 years you have an opportunity to get the refund of the premium of the third year .This happens in case you yourself terminate the contract with the insurance provider minus certain operational cost.
Taking into consideration the long term benefits of the long term two-wheeler plans and get away with the hassles of remembering the renewal date every year it always an effective plan for two wheeler lovers and you always enjoy a peace of mind because of it.
Published By - My Insurance Bazaar
Original Published URL-http://www.myinsurancebazaar.com/twowheeler/twowheeler_insurance/article/Are-Long-Term-Two-Wheeler-Insurance-Plans-Worth-Considering?
Published By - My Insurance Bazaar
Original Published URL-http://www.myinsurancebazaar.com/twowheeler/twowheeler_insurance/article/Are-Long-Term-Two-Wheeler-Insurance-Plans-Worth-Considering?
