If you are one of those who hate the process of policy renewal, then there’s a shortcut for you—get a long term two wheeler insurance policy. The Supreme Court’s new ruling anyway mandates to have a five-year third-party policy for any new bike. You can take a step further and get a long term comprehensive 2 wheeler insurance policy to avoid the hassle of remembering and renewing the bike policy every year. There are more benefits of a long-term two wheeler insurance:

• No annual renewals

As you do not have to renew the policy every year, you are free from the stress of remembering renewal dates, paying fines for missed renewals, and policy lapses.

• Lower premium

External factors such as inflation increase the insurance premium rates every year. Further, the regulator too tends to increase the third party premium yearly. If you buy a long–term policy, your premium amount will stop fluctuating and will be fixed for five years.

• Easy policy-cancellation process

If you no longer like the insurance provider’s services, you can cancel your policy and switch to a different insurer before completing the entire policy period. The insurer may return the unutilised premium amount and transfer the NCB, as per their policy cancellation terms and conditions.

Here’s how you can buy long-term two-wheeler insurance online:

• Enter the required details such as the two-wheeler’s registration number, make-model and registration year.
• You may also include your contact details, such as your mobile number and email ID.
• Check the price for different plans available for your bike. Choose the long term plan at this stage.
• You can also choose a few add-on covers, such as the personal accident policy for yourself and the pillion rider.
• The bike’s sum insured, also known as the Insured’s Declared Value (IDV), reflects its current market value minus depreciation.
• Service Tax is applicable and would be as per prevailing rates.
• Proceed to the next page, where you will need to share a few more details about yourself like address, nominee details and previous policy details if any.
• Next, make payment through your preferred online mode.
• The insurer will email the soft copy of the policy to you instantly after the payment.
• Save a copy on your smartphone for future reference.

You may find it challenging to remember the annual renewal date, and missing it can cause you trouble, such as fines and late charges. But, with an online long-term two wheeler insurance policy, you can enjoy coverage for several years without defaulting.

Clare Louise