Why Is Multi Year Two Wheeler Insurance Cover A Smart Move?
Updated On Mar 20, 2021
When it comes to buying insurance for your two wheeler, there are many advantages to opting for the multi year two wheeler insurance cover. Let’s read all about its benefits.
Many people in India are unaware of the fact that vehicle insurance is mandatory by law. As per the 1988 Motor Vehicles Act, it is necessary to have at least Third Party bike Insurance in order to drive on the Indian roads. Unfortunately, many two wheeler owners do not have insurance due to the hassle of it, and they believe that it is not in fact necessary. However, by failing to procure insurance, you put your vehicle in danger and expose yourself to legal and financial liabilities. Multi year two wheeler insurance, however, has many advantages and may convince you to purchase insurance as it significantly reduces the time and effort involved. Let’s read all about it and why it is a smart move.
Benefits of Multi Year Two Wheeler Insurance Cover
Multi year two wheeler insurance cover is an insurance cover which allows you to insure your two wheeler for three years consecutively. Unlike regular insurance wherein you would have to renew the policy on a yearly basis, in multi year two wheeler insurance cover you would not need to renew it for three years. Let’s read about its benefits:
1. Save Time And Money
As it is mentioned above, multi year two wheeler insurance cover would not require you to renew your insurance for three years. This is because it does not expire over the three years and unlike regular insurance, you would not be required to renew your insurance policy every year. You may be paying a higher premium at the start but would be protected from yearly changes in the premium and also would not have to take your vehicle for inspection each year or worry about the process of renewal. This will save you both time and money.
2. Easily Cancellable
Many people would hesitate to buy multi year two wheeler insurance cover because they do not want to be stuck with one policy for three years. However, what is not widely known is that if you are dissatisfied with the policy you can cancel it with great ease. Depending on the insurance company’s policy, you are likely to be refunded for the unutilised amount in your insurance policy.
3. Never Be Uninsured
One of the biggest disadvantages when it comes to regular insurance policies is that there is often a gap between the expiry of the first policy and its renewal. With multi year two wheeler insurance cover, this is a hassle you never have to worry about as for three years the insurance will not expire. This shields you from the risks as well as legal and financial liabilities of being uninsured.
Thus, purchasing multi year two wheeler insurance coverage is definitely a smart move. With its many advantages and the saving of time and money that comes with it, you should absolutely purchase it for your two wheeler and forget about renewing your insurance for the next three years.
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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.