When it comes to buying motor insurance, many people are of the assumption that it can be bought only for one year tenure. However, this is not true with regards to two wheelers and the IRDAI has given permission to insurance companies to offer multi-year plans.
This can offer a lot of convenience for the consumers as they need not worry about renewing it every year and they can even get better discounts in this manner. There are many ways in which this option will benefit you in future and you can easily choose them for your two wheelers. In this regard, let us take a look into some of the core reasons why you should opt for multiyear insurance plans for your two wheelers. Make sure that you compare two wheeler insurance options available in the market before you choose such plans for your vehicle.
This can offer a lot of convenience for the consumers as they need not worry about renewing it every year and they can even get better discounts in this manner. There are many ways in which this option will benefit you in future and you can easily choose them for your two wheelers. In this regard, let us take a look into some of the core reasons why you should opt for multiyear insurance plans for your two wheelers. Make sure that you compare two wheeler insurance options available in the market before you choose such plans for your vehicle.
No need for paperwork every year to renew policy
Many people do not go for policy renewal as they find it cumbersome to complete the formalities. In some cases, they will forget to renew the policy on time and this will mean that they need to pay higher rate for the premium which will not motivate them to choose the policy. You will be surprised to know that more than 75% of the vehicles in India do not have any form of insurance and this shows the overall mindset of people when it comes to taking insurance for vehicles. This trend can be avoided by promoting people to buy multi-year plans. In this way, they will continue with the plans without worrying about renewals on an annual basis.
When you compare two wheeler insurance plans available in the market, you will notice that many companies offer plans for as long as three years. This is a good option for people who do not want to renew policies every year. They will be able to take the plan for the entire duration of three years and be free from annual renewals. This move is likely to increase the percentage of insurance policies for the two wheelers in our country. It is also possible to complete the process online and this will make it convenient for you to renew the policies without the need for any paperwork.
Can give you good discount on premium
The best part about choosing multiyear plans for two wheeler insurance is that you will be able to get good discount on the premium amount. This is usually not available in the yearly options and the insurance companies want to promote the product in the market by way of offering discounts. In some cases, you can even get good discounts up to 15% on the premium amount which amounts to good savings for the consumers. You can also compare two wheeler insurance premium rates from different companies and select the best option suited for your vehicle.
When you take the regular insurance plans, you will not be eligible for any discount and this can cost you more when compared to choosing the multiyear plans. Apart from offering you other benefits, you will also be able to save money in this manner by choosing the 3 year plans for the insurance policy.
No risk of premium increasing for 3 years even if you make claims
In normal circumstances, the premium for any insurance policy will go up if you make claims during the tenure of the policy. The insurance company will charge you more as you have made claims earlier and this cannot be avoided in usual cases. However, when you compare two wheeler insurance plans from reliable companies, you can easily choose the multiyear plans and stay away from this risk. In this situation, the premium will not increase for the entire duration of 3 years as it gets locked the moment you take the policy in the first year. Even if you make claims during the first or second year, you will still continue with the same premium option for the rest of the tenure.
This can save you lots of money in future and you will get guaranteed rates for the premium when you choose the multiyear plans offered by reputed companies. Make sure that you discuss the plans in a detailed manner with the agents before you buy them from the market.
No claim bonus will not go to zero
There is a certain interesting thing about the no claim bonus option with the yearly insurance plans. If you have not made claims for a long duration, you will usually have good reputation and the companies will give some discount. On the other hand, when the claims are made even for one year, the entire no claim bonus value will come to zero. This is not the case with the multiyear plans and you will get to enjoy the same premium rates for a long duration. All you need to do is to compare two wheeler insurance plans in the market and select the options that provide maximum protection for your vehicles at nominal cost.
Very easy to withdraw policy in future
The companies offering multiyear plans also give you the option to withdraw the plans in future if you are not satisfied with any features. This is a good option and you can easily close the policy and move over to a different service provider in future. The amount of premium not used will be given back to the consumers in this case. You can compare two wheeler insurance plans using the services of online portals to get complete information about this option.
For this reason, you should always prefer the 3 year plans offered by leading companies for your two wheelers. This will give you discounts and also help you to avoid various hassles that usually come with the annual insurance plans. You need not worry about frequent trips to the insurance office to renew the policy when you choose such multiyear plans for your vehicle.
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