Though bikes & scooter are most popular mode of transport in developing county like India, the recent studies has shown that, almost 60% of Two-wheeler owners plying their vehicles on the Indian roads do not get their vehicles insured. It is often seen that customers have a reluctance to renew their Two wheeler insurance policy annually even for the mandatory Third party liability cover. By opting for a long term policy it can be assured to get the vehicle covered for longer period upto five years.
Opting the bike insurance for longer period will make the owners of vehicle free from any break in coverage and will be ensured that any accidental damage and third party liability arising from use of the vehicle will be automatically covered for a longer period of time. Long term two wheeler insurance policy is cheap and ensures complete protection and abiding of the law for a longer period of time.
On purchase of long term two wheeler package policy; the premium revision in between the policy term will not be affected. Owners of the vehicles will be paying the premium for complete policy term i.e. 5 years at the inception of the policy period including Third party liability premium. Thus by opting for a long term two wheeler policies it will be sure that any hike of rate by the regulator will not make a hole in the pocket of Vehicle owners. This is one of the greatest benefits of purchasing a long term two wheeler policy.
It is mandatory for every vehicle in India, irrespective of it being a bike, car or a truck to have a Third-party insurance cover while plying on the roads. Though it is not mandatory to have an Own Damage cover considering constant rise of two wheeler thefts and accidents in India, it is always advisable for two wheeler that vehicle owners should opt for comprehensive policy get covered for both Own Damage & Third party.
Post decision by the Apex Court of India, directing that two wheelers should mandatorily have third party cover for 5 years, the Insurance Regulatory and Development Authority of India mandated General Insurance companies to offer insurance cover for Two Wheelers for a period of five years. From September 1, 2018 onward it is mandatory to renew the two wheeler insurance for the next 5 years. 5 years mandatory third-party insurance will help to take out the hassle of getting the insurance of the two wheelers done every year.
There are long-term two wheeler insurance covers available in the market. You can opt for either Two-Wheeler package insurance policy or Two Wheeler bundled product. Package policy comes with coverage for 5 years on both OD & TP part whereas bundled products provides with OD part for 1 year & TP part for 5 years. It is highly recommend to opt for a Long Term Two Wheeler Comprehensive policy to indemnify own damage loses as well as liability towards third-party damages.
Compulsory Personal Accident (CPA) for Owner-Driver.
Motor Vehicle Act, 1988 makes it mandatory to take Personal Accident cover for owner driver under motor insurance policy. It is necessary to take PA cover for owner driver not less than 15 Lakhs. Insurance companies offer Compulsory PA cover for Owner drivers for longer period of 5 years along with package policy. Vehicle owners also have option to opt for standalone CPA cover for vehicle for period of 5 years. Insurance companies in India offer the vehicle owner option to purchase personal accident cover for the pillion riders as well.
Purchasing Two Wheeler Add On covers for longer period.
Now-a-days, long term Two wheeler package insurance policies allows customers to purchase add ons for longer period i.e. 5 years making your Two wheeler insurance policy comprehensive. Add On’s like Zero depreciation, Engine protector, NCB protector are advisable to opt for while purchasing comprehensive policy for longer period.
Thus, comprehensive Two wheeler insurance policy for longer period of 5 years not only make you complaint to ride your vehicle on road, but also bring along with the bouquet of benefits like reduced premium, protection to vehicle helping you save on finance on damage or theft & protection to your & your loved ones life’s.
Closing Thought:
If you could find interest in understanding the benefits of longer period insurance for your bikes, you will definitely take time to know what all Add on covers are offered by Insurance companies in India.