Long term two wheeler insurance policy was introduced in India very recently. ICICI Lombard, HDFC Ergo, Bharti AXA, Oriental Insurance, etc. are offering some great deals on two wheeler long term insurance. According to the government record, at least 60-75% of the motor vehicles in India do not have insurance at all. Under the law, having an insurance for any vehicle you own is mandatory. IRDA introduced long-term insurance so that every person can afford to own an insurance.
For the lifestyle we lead today, time saving and getting the work done with minimal effort is important and if it is available at our fingertips then it is even more convenient. Riding a two wheeler on Indian roads is an economical option because it is convenient. To protect your vehicle from normal wear and tear and other mishaps, it is important to insure your vehicle. Now, the question is which type of insurance to buy. There is one standard insurance where you have to renew it annually. The second type is the long term insurance where you have to renew your policy once in three years with a lot more benefits than standard insurance.
As the name suggests, it is a long term three year insurance cover for your vehicle. The premium is thrice the amount of annual third party premium and this amount has to be paid in one go. Once purchased, the premium amount cannot be altered during the term under any circumstance.
Buying a three year cover for two wheeler insurance is a yay from us. So if you too want to save yourself from renewing your policy every year, then this is your go to option for all the benefits listed above. Ask your insurance provider for more details on long-term policy as few advantages and factors may differ from each company. Many companies are offering great discounts on purchase of three year third party two wheeler insurance policy along with other benefits.
Most of the insurance companies in India, have welcomed this move from IRDA and are providing the customers with great deal of facilities both online and offline.
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