How often does it happen that you forget to renew your bike insurance policy on time? This then leads to a few hurried steps to avoid policy expiry and ensuring that your coverage is still intact. Factors such as workload, busy lifestyle, plain old ‘forgot’, etc. are some of the major reasons why people do not renew bike insurance policies on time.
Wouldn’t it be great if you could buy a policy that stays active for a couple of years or even longer? So that you don’t have to worry about renewing policies or even forgetting to do so on a yearly basis? Well, fortunately for you, long term two-wheeler policies are available.
How to buy long term bike insurance policies?
The process of buying two wheeler insurance and long term insurance is similar. You can buy two wheeler insurance online and opt for a long term plan right there. The following steps will help you purchase a long-term plan.
- Visit the website of an insurance company.
- Search for a buy/renew two-wheeler insurance link on the main page.
- You must now choose from any one of the three options, buy a new policy, renew an existing policy from the same insurer or renew an existing policy from a different insurer.
- The next step involves providing your bike related details such as its make and model, the year of registration, engine number, chassis number, etc.
- You would then be required to provide contact information such as your phone number and email id.
- At this point, most insurers would offer you a quote of their basic online 2 wheeler insurance.
- You have the option to choose between one, two or three years as the term of the policy.
- Depending on the term that you select, the website will provide the revised premium rates.
- The next step involves providing additional information to fill the relevant forms.
- ● Finally, you must make the payment for your policy and secure an online 2 wheeler insurance.
Benefits of Long term plans
The option to buy two wheeler insurance online for the long term definitely has a few benefits up its sleeves. And that is the reason more and more people are keen on buying the same. While not all the insurers are offering long term plans, some of the major players in the business are. When you buy two wheeler insurance for 2 or 3 years, the following benefits are yours.
- Convenience: This is the most obvious benefit. With long-term insurance, you need not to worry about renewing policies on a yearly basis. This also ensures uninterrupted coverage for your bike. The peace of mind that it offers is also unparalleled. You would only spend some time up front to buy a policy and not bother about renewing it for the next 2 or three years.
- Frozen Premiums: When you buy two wheeler insurance for the long term, you pay the total premium up front. This means that the cost of your policy is not increased by any premiums hikes or changes. The premium remains fixed for the next 2 or 3 years. This seemingly small step can give you a lot of financial freedom. Also, insurers tend to offer additional discounts on the premiums if you choose for a long-term plan.
The Bottom Line
Buying two wheeler insurance online is both simple and hassle-free at the same time. You can purchase a policy from the comfort of your home. If you haven’t already purchased a bike insurance policy, it is high time you do. For starters, the Motor Vehicle Act of 1988 always mandates all bikes to have valid insurance on them. And not to forget the coverage benefits. It offers total peace of mind and lets you set out on rides without any apprehensions.