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Are there any long-term two-wheeler policies available?

It is very natural for us human beings to forget things. With millions of thoughts constantly running through our minds, we sometimes either overlook or forget our routine tasks. It could be anything ranging from keeping track of the number of whistles during cooking or the placement of your glasses or renewing your bike insurance. Though the first two are of equal importance, the third one can actually get you into some trouble.

Ever since the government of India has made the possession of a two-wheeler insurance mandatory while riding a bike, some of us have been having a difficult time as we have lost track of our renewal dates. At Chola MS, we understand that you have a lot going on in your life and we want to make things easier for you. Our long term Two-wheeler insurance policy gives our customers the peace of mind of paying one premium and enjoying insurance cover for their vehicle for a longer duration without stressing about renewal.

Long-term Two-wheeler Insurance:

Long-term Two-wheeler Insurance, as the name suggests provides protection for you and your bike against any liabilities for an extended period of time. The policy provides you with similar coverage as your regular policy with some additional benefits. With a long-term insurance policy, you can avail of the benefits of seamless protection for 5 years (for vehicles bought after 1st September 2018) and 2 or 3 years (for vehicles bought before 1st September 2018) saving you from struggles of annual renewal.

Types of Long-term Two-wheeler policies:

At Chola MS, we have categorised the long-term two-wheeler policies based on whether or not the bike is bought before or after 1st September 2018. Read further and choose from the options below.

If bought after 1st September 2018:

  • Third-party Policy: The Third-party liability policy covers the insurer for 5 years and the policy provides protection against property damage of third-party and liability in case of a physical injury or death.
  • Bundled Policy: Our bundled policy protects the insurer against both third-party and own damage. The policy covers third-party liability for a period of 5 years and own damage for 1 year.
  • Comprehensive Policy: As the name suggests, the policy has a comprehensive coverage to protect your bike from any mishaps. Also, the policy shields you from third-party property damage and other liabilities.

If bought after 1st September 2018:

  • Third-Party (liability only) Policy: The policy provides a cover against third-party property damage and liability for a period of 2 or 3 years.
  • Comprehensive Policy: The policy has an exhaustive coverage which protects your bike from any damage or loss. Also, it protects you against third-party property damage and liability.  

Advantages of Long-term Two-wheeler Insurance:

The Long-term Insurance policy comes with a lot of additional tangible and intangible benefits which are listed below:

  1. Renewal processes can be very complicated with having to endure the hassle of renewing your bike insurance can be very time-consuming. With long-term policy, that can be averted.
  2. Generally, the policies are revised every year along with the rates of the premium. But, with long-term policies, you can enjoy the benefits of a long-term policy for 3 years with frozen rates and premiums.
  3. With the insurance policy made mandatory, most of the insurance providers penalize their customers for the break-in policy renewal, which can be averted with long-term insurance policies.
  4. Availing a long-term insurance policy can be beneficial in many ways and one of the most important of them are the discounts that you can avail on the insurance premiums.
  5. To reward the riders for their safe riding, the insurance companies give them a discount if they have not made any claims during the tenure of the policy. So, your NCB value while renewing the insurance will be carried forward till the end of the insurance policy.

What is not included in the Long-Term Two-wheeler Insurance?

All the insurance policies are designed to provide extensive coverage, however, there are certain risks that are not covered under the policy. The terms and conditions of our insurance policies are as transparent as they get. So, listed below are the things that are not of a part of the extensive coverage.

  1. It is natural for the bike to lose its initial radiance as time goes by and bear a few dents or scratches, so the insurance policy does not have that under its coverage.
  2. The extensive coverage does not include the mechanical and electrical breakdown of the bike.
  3. All the insurance policies are provided to the riders only for domestic use. So, if the vehicle is found to be used for commercial purposes, it does not get covered in the policy.
  4. The insurance policy also does not provide coverage for riders driving under the influence of alcohol or similar intoxicating substances.
  5. Also, the coverage does not include any losses due to the depreciation of the vehicle’s value and consequential loss caused by the original damage.
  6. The insurance policy does not provide protection for riders driving without license or invalid or an expired license.

With all of that being said, it is very apparent as to why the long-term is the best way to go when compared to a regular policy. Enjoy the benefits of a long-term two-wheeler insurance policy and live stress-free without the hassles of the yearly renewal process.

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