Benefits of Buying 3 Year Two-Wheeler Insurance Policy
Is Three-Year Insurance Cover for Two-Wheelers Beneficial?
Most insurance companies offer digital services. Hence, buying, managing and renewing an insurance policy have become effortless tasks. Nonetheless, many people tend to forget the bike insurance renewal date. If not renewed on time, an two-wheeler insurance policy lapses. The best way to deal with non-renewal issues is a long term policy that will not require yearly renewal. A three-year insurance cover will allow you to enjoy the insurance coverage for three years without the requirement of any renewal. Let’s read about the three-year two-wheeler insurance cover to understand its benefits in detail.
Benefits Of Three-year Two-wheeler Insurance Policy
Buying a three-year two-wheeler insurance policy can fetch you a number of benefits that you can't avail in a one-year policy. Some of those benefits are:
1. No Need of Yearly Renewal
You need not worry about renewing it every year as you can enjoy the insurance benefits for three years. A three-year policy also reduces the chance of policy lapse as it stays active for a longer period and saves you from the tedious work of remembering its expiry date every year. Hence, a three-year policy will be more convenient and time-saving.
2. Avoid Penalty And Charges
Since there is no need to renew the policy every year, the policy will not expire and you will not have to become subject to any penalty or legal charges.
3. Lower Premium On Insurance Policy
Insurance premiums tend to increase over the years. It means the two-wheeler insurance policy quote of your policy will increase with each renewal. You can avoid the increasing premium with a long term policy. You will be paying the premiums of three years at once and thus will not become subject to any premium hike during the tenure. Thus, a three -year policy will cost you less than a one-year policy.
4. Peace Of Mind
With a three-year insurance policy, you will be able to ride with a peace of mind. There will be no worry of missing an expiry date or going through frequent renewal procedures. You can get the job of three years done in one go.
5. High No Claim Bonus
If you have a three-year policy, you will get an NCB Cover discount on three years' premium while renewing the policy. A three-year policy will accumulate higher NCB than a one-year policy. Furthermore, the NCB can be transferred to a new policy in case you decide to cancel your current policy.
Conclusion
It is evident that the benefits of a three-year two-wheeler policy are alluring. If you don't have any plan to sell off your two-wheeler in the next three years, this insurance policy can be the ideal one for you. Even if you sell the two-wheeler, you can transfer the discounts generated by your current policy to a new one.
Types of Bike Insurance You Should Know:
Third Party Two Wheeler Insurance
Comprehensive Two Wheeler Insurance Policy
You May Also Like To Read:
Own Damage Two Wheeler Insurance
Bike Insurance Details by Registration Number
Fine for Driving Two Wheeler Without Insurance
How to Get Duplicate Two Wheeler Insurance Copy Online
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.
