Two-wheeler insurance policies serve as a safety net by providing financial security in times of need, particularly when you are involved in an unfortunate accident. You can recoup financial losses brought on by unfavourable circumstances with the help of two-wheeler insurance.
Long-Term Vs. Short-Term Two-Wheeler Insurance: What’s The Difference?
Date Of Policy Renewal:
You must only pay the premium once every three or five years (based on the chosen duration), which may reduce the chances of policy lapses. Short-term policies must be renewed annually, while long-term policies have a renewal date every three or five years.
Flexibility:
Every year, you can review or make changes to your short-term two-wheeler insurance policy for your bike and take advantage of any deals and concessions. Furthermore, you could pick from a variety of add-ons like Zero Depreciation, No Claim Bonus Protection, etc.*
Cost-Effectiveness:
A long-term two-wheeler insurance contract may prove to be economical as the policyholder will pay for a longer duration, without having to face an increase in premiums annually. . Additionally, most insurance providers offer concessions on premiums for long-term policies. ##
Add-Ons:
You can choose newer add-ons more frequently with short-term bike insurance policies. These add-ons to your motorcycle insurance policy include zero depreciation, Return to Invoice, NCB Protection, and others. Short-term insurance policies have an advantage over long-term ones when adding riders to your policy because you can do so once a year.*
NCB Advantage:
A long-term insurance policy may offer more NCB concessions than a short-term one. For the first year of the policy, without any claims, the concession can reach 20%. While the NCB benefit is still available for short-term bike insurance policies, there is a much shorter window during which no claims may be made. *
Rates For Own Damage (OD) Premiums:
You benefit from two-wheeler insurance benefits provided by the insurer as a long-term bike insurance policyholder because you have a long relationship with them. Insurance companies provide concessions for your own damage, which enables you to pay less for the policy’s issuance.*
Vehicle Age
A short-term insurance policy is for you if you have an old two-wheeler that might not last for a long while. However, if you have a new vehicle that will last longer than three to five years, long-term two-wheeler insurance should be your choice.
Long-Term Two-Wheeler Insurance Benefits*
The advantages of long-term bike insurance are listed below:
- Effortless procedure
- Reduced premium
- Greater NCB*
- The time frame of the policy is three years
- Avoid problems with renewing the old policy
- Reduced Own Damage premium*
- Fixed premium amount
How Do I Pick The Ideal Bike Insurance Policy?
Both short-term and long-term bike insurance plans have benefits and drawbacks. Short-term insurance policies offer more flexibility when you renew the policy every year, whereas long-term insurance policies are more affordable and hassle-free. If convenience and cost-effectiveness are more important, select the long-term two-wheeler insurance policy. Or, you could select a short-term bike insurance policy for more flexibility and precise two-wheeler insurance coverage.* Claims are subject to terms and conditions set forth under the two-wheeler insurance policy.
* Standard T&C Apply
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.