
<p>In India, it is required by law for all automobiles to have third-party liability insurance. Even a single day&#8217;s insurance lapse can lead to severe legal action if you ride a two-wheeler. The timely renewal of the motor insurance policy is therefore essential. It might be challenging to remember when your policy is due to renew in this fast-paced world, and you risk paying your premiums late. To solve this issue quickly, consider purchasing online two-wheeler insurance.</p>



<p>Up until a few years ago, the insurance provider required that the majority of two-wheeler insurance plans in India be renewed each year. The normal two-wheeler insurance policy was what it was known as. But starting in 2015, the Insurance and Regulatory Authority of India (IRDA) gave insurers the go-ahead to provide long-term insurance contracts that may last up to three years. Advantages of a comprehensive <strong><a href="https://www.acko.com/two-wheeler-insurance/" target="_blank" rel="noreferrer noopener">two wheeler policy</a> </strong>are<strong>:</strong></p>



<h2 class="wp-block-heading">1. Investing</h2>



<p>The ability to save money on premiums is the main benefit of choosing long-term insurance coverage. Long-term insurance offers significant cost and administrative cost savings for insurers.</p>



<h2 class="wp-block-heading">2. Practicality</h2>



<p>Rather than needing to renew a <strong><a href="https://backstageviral.com/" target="_blank" rel="noreferrer noopener">policy annually</a></strong>, it is more convenient to do so every two or three years. In this manner, you can get relief for a longer period. Additionally, you can spare yourself the inconveniences that come with having to renew a policy that has expired. Likely, you won&#8217;t have time to renew your insurance, even if you&#8217;ve set a reminder. Additionally, you might already have a financial obligation, so you won&#8217;t be able to pay the charge. An expired policy is the end outcome. A long-term policy eliminates the possibility of policy lapse for at least three years.</p>



<h2 class="wp-block-heading">3. Consistent Premium Price</h2>



<p>Each year, third-party insurance premium costs increase. Every year, the Insurance Regulatory and Development Authority (IRDA) raises the third-party insurance price by 20%. With long-term insurance coverage, you can prevent these yearly increases and maintain a constant payment for three years. Because of this, long-term two-wheeler insurance enables you to lock in a low premium rate for the entire three-year period. In actuality, it acts as a buffer against increases brought on by inflation.</p>



<h2 class="wp-block-heading"><strong>4. The Benefits of No Claim Bonus (NCB)</strong></h2>



<p>The long-term insurance policies outperform the short-term insurance policies in terms of NCB. If the policyholder has not filed a claim in the preceding years, the insurance company may offer an NCB as a type of reward. As opposed to the cumulative NCB that has been accumulated in the short-term policies, the insurers typically offer a higher NCB after the conclusion of a three-year policy.</p>



<h2 class="wp-block-heading"><strong>5. Protect against Non-Renewal Risks</strong></h2>



<p>When two-wheeler insurance plans are not renewed, there are several hazards involved. Not having a policy is not only against the law, but you are also temporarily without financial security. You won&#8217;t be eligible for any of the insured amounts if, for example, your two-wheeler is involved in an accident, is stolen, or suffers a natural disaster during the time that your policy is in effect.</p>



<h3 class="wp-block-heading"><strong>Conclusion</strong></h3>



<p>Compared to short-term coverage, long-term two-wheeler insurance has many advantages. In actuality, paying the three-year cumulative premium is nothing more than a possible investment in the future. With the use of a <strong><a href="https://www.thehindubusinessline.com/money-and-banking/bike-insurance-expired-heres-what-you-should-do/article29389721.ece" target="_blank" rel="noreferrer noopener">two-wheeler insurance premium calculator</a></strong>, you may conduct online research on the premium that would be due in the case of a long-term policy and make an informed buying decision.</p>

5 Key Benefits of Long Term Two Wheeler Insurance Policy
