Benefits of Purchasing Long-Term Bike Insurance At TATA AIG
Published On Jun 23, 2021 11:00 AM By InsuranceDekho
Read this article to understand the benefits of purchasing a long term bike insurance at TATA AIG.
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According to the Motor Vehicle Act, having at least third-party bike insurance is obligated. Insuring your bike will not only protect it but will also protect you from the financial liabilities that come with owning a bike. Your bike insurance may cover not only the costs of bike repairs, but also the damages suffered by a third party as a result of an accident involving your two-wheelers, such as bodily injuries, disability, death, or property damage depending on the policy you choose.
Benefits of Purchasing Long Term Bike Insurance Policy From TATA AIG General Insurance
When you are purchasing bike insurance, it is extremely important to compare multiple insurance companies on different parameters. Purchasing long term insurance is definitely an assurance for a longer time period. At TATA AIG General Insurance, you can avail many benefits by purchasing a long term bike insurance policy.
Long term insurance is simply an insurance policy with a policy term of more than a year. The number of policy years offered by different companies varies. A long-term policy, on the other hand, typically lasts 3-5 years. Purchasing a long-term bike insurance policy eliminates the need to renew it every year. Please keep in mind that all new bike owners are mandated to have a long-term third-party bike insurance plan that is valid for 5 years. The following are the benefits of purchasing a long term bike insurance policy from TATA AIG General Insurance -
Long term bike insurance eliminates the need to renew the policy on an annual basis because it provides coverage for a longer period of time. Gathering and renewing documents every year requires a significant amount of effort and can be time-consuming. In this case, long-term insurance clearly outperforms short-term insurance policies. At TATA AIG, you can renew your long term bike insurance policy online from the comfort of your residence on their official website with minimal documentation and a speedy process.
Long-Term Bike Insurance Premium Rates
Every year, the IRDAI (Insurance Regulatory and Development Authority of India) raises the cost of third-party insurance premiums. Buying a long-term insurance policy will help you save money on your bike insurance premium since you will only have to pay in one instalment. As a result, you will not have to pay the increased premium cost at the time of renewal every year. TATA AIG General Insurance offers up to a 75% discount on your bike insurance premium at the time of purchase. This makes the premium affordable and you will have to pay this at one instalment which helps you save money.
No Claim Bonus In Long Term Bike Insurance
Long-term bike insurance policies have a higher no-claim bonus component than short-term policies. Even if the policyholder claims insurance during the term of the policy, the no-claim bonus is still provided to him or her in a multi-year insurance policy. However, if the number of claims filed exceeds three, TATA AIG General Insurance will not provide a bonus. TATA AIG General Insurance even offers NCB on an incremental basis starting from 20%. The discount percentage is determined by the number of claims made by the policyholder.
Long-Term Bike Insurance Policy Cancellation
If you cancel your long-term insurance policy, you may be entitled to a full or partial refund, depending on the terms and conditions of your bike insurance policy when you purchase it with TATA AIG General Insurance company. This benefit is typically not provided by single-year policies.
Although having at least a third party bike insurance is mandatory, the government has not made it obligatory for every new owner to purchase a 5-year third-party bike insurance plan. If you intend to sell your bike within three years, a long-term policy may not be appropriate. Long-term insurance policies are beneficial for new bikes or bikes that you intend to keep for more than three years. Before finalising the terms of your bike insurance, make sure you carefully evaluate your needs and ride safely.
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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.