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All you need to know - Long Term Third Party Two Wheeler Insurance Policy


All you need to know about Long Term Third Party Two Wheeler Insurance Policy

 

My brother Rahul, has been a crazy fan for cars, bikes and gadgets ever since his childhood. He loves to take his two wheeler for a spin and spend for buying attractive accessories for it. A great effort he regularly takes to maintain his prized possession. However, he acts like a lazy bum when it comes to insuring his two-wheeler. Yes, you heard it right. A couple of times he has been caught by traffic cops for riding without proper two wheeler insurance. This finally led to buy a long term third party two wheeler insurance policy as suggested by a close friend.Then till now, the going got pretty smooth for him.

 

Let’s first understand what exactly a long term third party two wheeler insurance policy is…

 

Well, a long term third party two wheeler insurance policyis a type of motor insurance for two wheelers that you can avail till a term of up to three years. Simply put, you don’t have to renew your two wheeler insurance for at least three years once you buy it.On the other hand, a normal or a basic two wheeler insurance would be valid up to a year and you would need to renew this insurance plan annually.

 

But why exactly should I buy a long term third party two wheeler insurance policy?

 

Well, to begin with, there are so many benefits to opt for a long term third party two wheeler insurance policy. Let’s have a look at some of them:

1. Convenient

Convenience is one of the important benefits offered by a long term third party two wheeler insurance policy. These plans have a validity of three years and therefore you don’t have to break your head to renew it every year. So, if you too are a lazy bum like my brother Rahul, you should buy the long term two wheeler insurance rather than being forgetful about it. This is one way you can avoid your two wheeler insurance policy from lapsingdue to non-payment of the insurance premiums.

 

2. Low risk

Once you buy a long term third partytwo wheeler insurance plan, the risk of driving a bike without insurance is reduced automatically.  In case you meet with an accident or a theft takes place, you can be relieved about the cost part since your two wheeler is already insured for a good three years.  On the other hand, you would then have to bear the losses in case you had not renew the policy and the an incident had to take place.

 

3. Unchanged premiums

The third-party rates hike every year. However, you don’t have to bother for paying an increased premium since the long term third party two wheeler insurance premium would remain fixed for 3 years..

 

Exact difference between a regular plan and a multiyear plan is…

 

Not to forget, the best benefit so far that a long term two wheeler insurance offers-No claim bonus (NCB). You get an additional discount if you have claim-free years. This NCB ranges from 20% to 50%. But, in case you renew your two wheeler with a long term insurance, be rest assured you directly get a higher NCB of 30% in case of claim-free years.

 

This is a basic difference between a regular two wheeler insurance policy and a multi-year two wheeler insurance plan.

 

But, what does the long term two wheeler insurance plan doesn’t cover?

 

  • Any loss or damage that has happened outside the mentioned geographic location
  • Any Mechanical breakdowns
  • Any loss due to depreciation
  • Any loss or damage due to electric short circuits
  • Any loss or damage because of a war or a nuclear attack
  • Any loss or damage occurred due to driving under the influence of alcohol or drugs.



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