With the help of the multi-year insurance policies for two wheelers, consumers can save their money and effort
With an exponential rise in the number of vehicles, the probability of accidents rises. Insurance is like a backup instrument that protects us against the losses in the event of an adversity. As per the Motor Vehicle Act, 1988, insurance is mandatory for vehicles.
General Insurance Council has estimated that 60% of motor vehicles running on the Indian roads are not insured. In the year 2015-16, India had approximately 19 crore registered vehicles out of which only 8.26 crore were insured.
A Penny Saved Is A Penny Earned
The premium payable and sum assured does not change during the course of a multi-year policy. The consumer can save up to 20-40% on the premiums as these policies do not revise the rates each year. In multi-year insurance policy, making a claim does not necessarily mean that the NCB will fall down to zero.
Consumers could get up to 40% NCB in a multi-year insurance policy at the end of 3 years, compared to 35% in a single-year policy. Apart from that, some Insurance companies offer surprise discounts on purchase of a multi-year insurance policy.
Avoiding Chaos of Compliance Every Year
Vehicle Inspection during the time of renewal is a headache for many. Multi-year insurance policy frees you from it. As the two-wheeler is insured for three consecutive years, consumers do not have to worry about carrying the documents with them to renew their policies.
Third Party Liability Insurance
A third-party insurance policy is mandatory by law and those caught riding without it can be fined ₹2,000 or imprisonment up to 3 months, or both. The third party cover protects you from legal liability for damage or loss caused to a third party person/property. A multi-year insurance policy offers relatively lower prices if the consumer wants to opt for it.
Convenience of Buying Online
If you are fed up of compiling the papers and getting your vehicle checked every year, then multi-year insurance policy is just for you. It frees you from the paperwork and you can renew your policy online.
Consumers want an option which is flexible and resourceful for them. Multi-year insurance policy is one such option, which provides flexibility to its consumers and is financially rewarding too. We should start considering Insurance as a safety provision and not as something, which needs to comply with because of the enforcement of the government authorities.
Related Article:
Why Two Wheeler Insurance is a Must for Long Rides
Why Choose a Long-Term Two Wheeler Insurance Policy?