A two-wheeler insurance policy basically offers financial protection against vehicle damage and third-party liability. Insurance companies in India offer two types of two-wheeler insurance plans – comprehensive two-wheeler insurance and third-party two-wheeler insurance. Bike owners can choose the plan type depending on their requirements. The Indian government has made it mandatory for all bike owners to buy at least a third-party liability insurance policy. Those who don’t, may have to pay a fine.
Most insurance companies offer two-wheeler insurance for a period of one year. Of late, however, insurers offer insurance for a long term such as 3 years. Though this type of insurance is not mandated by law, bike owners can choose to buy this to eliminate the hassle of renewing the policy every year. A Long-term policy can be renewed after a specific time period, usually 3 years. Here are a few features of Long-term two-wheeler insurance plans:
Any damage caused to the vehicle due to an accident, a man-made disaster, or natural disaster will be covered by the plan. Also, a certain predetermined amount is given to the policyholder if his/her bike is stolen.
In case the driver is injured after a road accident, a certain amount is provided to him/her for treatment of the injuries.
In case a co-passenger is injured following an accident involving the policyholder's vehicle, the former (co-passenger) will receive a certain amount for treatment of their injuries too.
If a third-party individual suffers injuries or a third-party vehicle is damaged due to an accident caused by the policyholder or insured individual, the insurer will pay a certain amount to the third party.
Insurance companies have tie-ups with certain garages. If the policyholder chooses to get his/her vehicle repaired at a network garage, the insurer will directly pay for the expenses incurred for repair of the vehicle.
Insurance companies offer insurance plans online. So the extensive paperwork involved in purchasing a policy offline is reduced to a large extent.
After completion of the policy tenure, the policyholder can choose to port the policy to a different insurance company and avail similar benefits for his/her vehicle. Any No Claim Bonus gained can also be transferred to the new policy.
Here are a few of the benefits offered by two-wheeler insurance policies:
It saves the policyholder the trouble of renewing the policy year after year. He/she can, instead, renew the policy after three years.
Since the premium is paid at the inception of the policy, he/she need not bother about any hike in the premium amount, hike in third-party liability premium, or hike in service tax.
Since the policy is issued for a longer period of time, there is no risk of missing the renewal date or being troubled by the renewal procedures year after year.
Several Indian insurance companies offer Long-term two wheeler insurance. A few of them are:
A two-wheeler insurance policy requires only minimal investment. It is hence a wise decision to purchase a policy to protect oneself from unpredictable events. Further, Long-term two-wheeler insurance plans are convenient to purchase and renew, especially through the online medium.
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