Do you know among 10 crore two-wheelers in India, approx.
two-third are not insured. A two-wheeler rolls out of showrooms with cover,
thanks to a mandatory clause and offers from auto dealers and brokers. But, by
the second year, most fall out of the insurance net. To combat non-renewals,
the Insurance Regulatory and Development Authority of India (IRDA) had, last
year, allowed long term two-wheeler insurance policies with tenure of up to three
years. As of now, only New India Assurance has launched a long-term
two-wheeler motor policy, though many companies are likely to introduce such
products in near future.
Benefits of buying long-term insurance
Buying a longer tenure policy is not mandatory, but an
option. One main advantage of buying long-term insurance is that you need not
worry about renewing your policy annually. A break in renewal can delay a
policy purchase process in future. Once the policy lapses, most insurance
companies insist on inspecting the vehicle before renewing it or issuing a
fresh policy.
Motor law in India makes third-party insurance cover
mandatory. It covers the liability of a third party in case of an accident.
Insurers say the three-year tenure will reduce cost of issuing policies,
administering them and follow-ups for renewals. This could also lead to lower
premiums as insurers could pass on the saving to the customers.
The insured will get a 30% discount on the three-year cover
and will be entitled to no-claim bonuses post the tenure. The company offers
discounts of 20% and 30% on two-year and three-year policies respectively. You
could also save on premiums if you buy a long-term third party liability cover
as IRDAI hikes third party cover tariffs by 20% every year.
Roadside assistance is an essential aspect of your car maintenance and protection. In the unfortunate event of a breakdown or accidents, it is of great help. If you feel your current bike insurance is able to take care of such emergency requirements, you can avoid buying a standalone policy. However, if your current car insurer does not give ample features in its add-on roadside assistance plan, go for a standalone policy.
[Source: http://www.policybazaar.com/motor-insurance/car-insurance/articles/know-all-about-roadside-assistance/]
Hey Thanks Nishant for sharing this informative blog,it seems very helpful related to Bike Insurance
ReplyDeleteHey Tom thanks for sharing your comment, for more details about bike insurance you can follow this blog.
ReplyDeleteNice blog Nishant, it seems very helpful i was looking for same content about bike insurance
ReplyDeleteNice blog Nishant, it seems very helpful i was looking for same content about bike insurance
ReplyDelete