5 Benefits of Long Term Two Wheeler Third Party Insurance

Most accidents on the road involve a third party, which creates the need for two-wheeler third party insurance. As per the Indian Motor Tariff, riding a two-wheeler without a third party insurance policy is a punishable offence in India. And therefore owning a lapsed two-wheeler third party insurance policy may also land you in a series of complications.

An easy way out to avoid this situation is to get a long-term two-wheeler third party insurance policy that takes off a little burden off your mind. Buying a long term bike insurance policy keeps you at ease as it gives you an extended validity period in comparison to 1 year bike insurance plans.

So, apart from peace of mind, are there any other advantages of having a long term bike insurance policy? Read on to know.

Advantages of Long Term Two-Wheeler Third Party Insurance Policy

1. Consistent Premium

Every year, the premium rates of two-wheeler third party insurance policy change. But you can save yourself from paying an increased amount if you buy a long term two-wheeler third party insurance policy.

2. Compliance With Legal Requirements

Having a long term two-wheeler third party insurance policy keeps you covered against legal compulsions that may arise in case of any mishap, for a longer period of time. The insurer will have your back.

3. Easy to Procure

Buying a long term two-wheeler third party insurance policy is very easy to buy. You can buy it in online mode or offline mode whichever works the best for you.

4. No Claim Bonus (NCB)

In some cases, a long term two-wheeler third party insurance has more favorable No Claim Bonus as compared to a short term policy. So, having a greater No Claim Bonus is another advantage of buying a long term two-wheeler third party insurance.

5. Greater Convenience

Buying a long term two-wheeler third party insurance saves you from the hassle of renewing your policy every year. For instance, if you purchase the policy for 5 years, then you will not have to worry about remembering the policy expiry date every year.

Now that you know buying a long term two-wheeler third party insurance is a good deal, you must also know whom to contact when you want to buy one.

At InsuranceDekho, you will find a variety of two-wheeler insurance policies from multiple insurers. On the portal, you can find affordable third party insurance policies, standalone own-damage policies, and comprehensive policies for your vehicle that you can own in a few minutes.

Also Read:

Essential Tips To Drive Two Wheeler Safely on Road

Best Two Wheeler Insurance Plans in India

"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."

Add-ons For Your Bike Insurance Policy

  • Zero Depreciation
    Zero Depreciation

    Like other assets, the value of your bike also depreciates constantly with time and the liability of this expense by default rests with the policyholder. A zero depreciation add-on protects you against the depreciation expenses incurred by your bike. Thus, if you opt for a zero depreciation cover, depreciation expense of your bike is not deducted from your claim amount at the time of a claim settlement. This add-on is available with comprehensive bike insurance plans as well as standalone bike insurance plans. This is one of the most popular and recommended bike insurance add-on covers.

  • Invoice Protection
    Invoice Protection

    In case of total loss (more than 70% damage) or theft of your bike, the insurance company pays you the Insured Declared Value of your bike as compensation. However, this Insured Declared Value (IDV) is less than the invoice price which you pay at the time of purchasing your bike. The Invoice Protection add-on cover helps you claim the Invoice Price, i.e. total ex-showroom price of your bike plus taxes plus registration charges, of your bike in case of total loss or theft of your bike.

  • NCB Cover
    NCB Cover

    No Claim Bonus is the reward which is given to the policyholder for not making any claim during the policy period. This reward is offered by the insurer in the form of a discount on the own-damage premium of the bike insurance policy at the time of policy renewal. The NCB ranges from 20% to 50% of the own-damage premium depending on the number of claim-free years. However, if you make even a single claim during the policy period this NCB gets lost. But, with the NCB Cover, you can keep your NCB intact even after making a claim during the policy period.

  • Engine Protection Cover
    Engine Protection Cover

    The damages incurred by the engine of the bike are by default not covered under a bike insurance policy. However, if you opt for an Engine Protection Cover, the insurer will be liable to compensate you for damages incurred by the engine of your bike such as damage due to leakage of lubricants, water ingress, hydrostatic lock, damaged gearbox, broken crankshafts or pistons and cylinders. The repair cost of the internal engine parts is often high and can sum up to thousands of rupees or more. Thus, addition of this add-on to your comprehensive or standalone bike insurance policy can save you from these expenses.

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