Long Term Third Party Bike Insurance Advantages
Long Term Third Party Bike Insurance Advantages
Two-wheeler insurance policies come with both short tenures and long tenures. Third party bike insurance is no exception. As per the Indian Motor Tariff, a third party insurance cover of 5 years is mandatory for all two-wheeler riders.
Hence, you must opt for the long term third party insurance cover if you have a new bike. Apart from the legal obligations of the long term third party insurance cover, there are multiple advantages of owning a long-term bike insurance plan.
Following are the advantages which come with a long term third party insurance cover.
Advantages Of Long-Term Third Party Insurance Policy
A third party insurance policy covers any third party or third party property damage caused due to an accident involving the insured’s bike. A third party plan with a long term offers a long coverage. Here are the key advantages that you can obtain with a long term third party insurance policy.
1. Helps You Meet Legal Obligations
If you forget to renew your policy on time, the policy will lapse. Riding your bike on the roads of India with a lapsed third party insurance is a punishable offense. Either you have to go through multiple renewals or you can opt for a third party policy with a long term. It will free you from renewal duty and fulfill your legal obligations for a longer period than a standard third party insurance plan.
2. Consistent Premium
The premium of a third party insurance policy increases every year. Each time you renew your third party policy, you will have to pay a higher premium than the previous plan. However, you can avoid the hikes in the premium by opting for a long term third party insurance cover. The premium will be unchanged throughout the term of the policy.
3. Favorable NCB
The No Claim Bonus (NCB) is more favourable under the long term plans than the short term plans. At the end of the policy term, a long term plan will fetch more NCB discounts.
4. Convenient Process
A long term insurance policy makes the whole insurance process easier and more convenient. After purchasing the policy, you can enjoy long term coverage. There will be no frequent hassle of paperwork, renewals and so on.
Cost-effective Insurance
Since there is no continual renewal, you can avoid the administrative costs. Furthermore, the insurers often offer special discounts with the long term insurance policies. You can save money by purchasing the policy online, as there are no additional charges and no agent involved. Hence, the long term policy is cost-effective.
Third party insurance is a must and so is getting it renewed on time. It is better to go with a long term policy as it will be of more convenience. There are multiple options available for you. Select a long term third party insurance policy according to your budget and opt for an insurer who provides online services.
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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.
