If you own a two wheeler then having a comprehensive insurance policy for your two wheeler vehicle becomes essential.
Many insurance companies have customised two wheeler insurance policies to suit your needs. They have plans that offer complete protection against any natural or man-made calamities.
The Insurance Regulatory and Development Authority of India (IRDAI) have allowed insurers to launch a long-term cover, and soon, motorists would be able to purchase a motor insurance policy for a period of three years.
A comprehensive two wheeler insurance policy mainly provides protection against any financial liability that is likely to be incurred on the policyholder in an event of theft, third party damages or death caused by your vehicle.
It is considered as one of the most widely bought insurance products which is affordable and also provides scalability.
Why do you require long term two wheeler insurance?
In simple terms, if you own a two wheeler you must have an insurance to protect you against any kind of damages or theft.
A comprehensive two wheeler insurance policy not only provides you financial protection but is also mandatory by law to have a copy of the policy to be present in person with you for inspection.
Also, if you do not make any claims on your policy, then you can easily avail the No Claim Bonus that can add up to your margin and is usually adjusted against the policy premium.
Some of the insurance companies provide an extra benefit of an ‘anti-theft alarm’ that is a one-time investment for the rider and offers you peace of mind.
If you have one installed in your two wheeler, chances are that you might get some rebate from your insurer on the premium.
Types of long term two wheeler insurance
There are two types of insurance products available for two wheelers in the market:
1. Liability One Policy:
Liability One Policy, also known as third party insurance, provides a comprehensive cover for injury or death of a third party person and damage to a third party property only.
This policy does not provide any compensation for damages to the vehicle but provides a relief to the vehicle owner in the form of personal accident cover.
2. Comprehensive Plan or Package Policy:
This plan not only provides a cover against third party liabilities but also protects damage to the insured vehicle along with personal accident cover and any add-ons.
Some of the key benefits of having long term two wheeler insurance are:
- Co-passengers can avail optional personal accident cover.
- No claim bonus can be availed if no claim was made in the previous policy period.
- Documentation is quick with fast turnaround times. A lot of companies have also started two wheeler insurance policy bookings online.
- Cashless claims can be availed at selected partner garages.
- Option to shift your two wheeler insurance from one insurer to another.
- Discounts on premium or other offers are applicable if the applicant is a member of a specific biking association.
- Additional add-on covers are available for extra protection and savings.
Therefore, buying a comprehensive two wheeler insurance policy is essential to protect owner-riders from incurring any out-of-pocket repair costs.
Having vehicle insurance protects the policyholder against any third party damages as well as provides protection against third party legal liability.
Also, you should always opt for the mandatory cover or Third Party Cover, which is compulsory under the Motor Vehicles Act (1988).
To steer clear of monetary losses, the policy owner can opt for Own Damage Cover which protects the owner from against cost of damage to his/her two wheeler.