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Benefits of long term bike insurance policies

It is human nature to forget. But forgetting some things can have consequences. Remembering to renew your two-wheeler insurance on time every year can be difficult, especially when you have multiple vehicles and have different insurance policies for each of them. Forgetting to renew your insurance policy unfortunately can actually have terrible consequences. That’s why taking a long term bike insurance policy can benefit you.

A regular bike insurance policy lasts for a year, but a long term policy can extend to three or five years. If your two-wheeler was purchased before 1st September 2018, your long term policy can extend to three years and if purchased after, your policy can extend to five years. Here are a few advantages of taking a long term bike insurance policy.

1. Avoid the risk of your policy lapsing

Having valid bike insurance is really important, especially since having at least a Third Party Liability insurance is mandatory according to the IRDA. As mentioned before, it is normal to forget things and that can include your insurance renewal. However, if your bike insurance lapses or expires, you become vulnerable to the financial expenses if you ever get into an accident. Furthermore, you can incur a penalty or fine for riding with insurance that isn’t valid.

The hassle of remembering to renew your policy every year is removed when you take a long term bike insurance policy. When you own multiple vehicles, it can be even more difficult to remember all the renewal dates every year. With a long term insurance policy, you won’t have to worry about this or your bike insurance’s validity for a while, making it easy on you.

2. Peace of mind

Since the long term policies have a duration of either three or five years, you will not have to stress or worry about timely renewals for a while. You also won’t have to go through the trouble of gathering all your documents every year.

3. Avoid penalties

Riding your bike with lapsed or expired insurance can get you in trouble and can result in pretty hefty fines. You can avoid this and save more money and time by buying a policy with a longer duration.

4. No Claim Bonus

When you get a long term bike insurance policy, you can sometimes avail a higher No Claims Bonus than a short term policy, and this leads to a larger discount on your next policy renewal.

5. You can avail discounts

When you take a long term policy, your insurance provider is likely to provide you with a discount on your premium as administrative costs would reduce. This would therefore reduce the premium you will have to pay.

Your bike insurance’s renewal isn’t the only thing that has become hassle-free. At Chola MS, we’ve made the process so much easier by making our services available online. You can buy, renew, and check your insurance policy online to make sure that your insurance never lapses and that you and your two-wheeler are always protected. For more information on our different policies and services for your two-wheeler, you can check here.

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