Long Term Third Party Bike Insurance

Third-party liabilities can take many forms, including third-party asset destruction, injury, incapacity, or fatality. Offering them a considerable amount of money can put your finances in jeopardy. This is precisely when a third-party bike insurance plan comes into the picture. It will cover all costs related to the losses of the third party.

Previously, the law specified that a two-wheeler owner might purchase a yearly or short-term third-party liability only plan to pay these expenses. However, given the significance of this fundamental policy and the need to increase the number of bikes that are covered, the government has initiated the necessary changes to the Indian law. As a result, you now need to have long-term third-party insurance to be safe in the eyes of the law.

The new amendment to the Motor Vehicle Act mandates that if you do not have insurance for your two-wheeler while driving, you could have to pay a fine of ₹2000, lose your licence or even be jailed for 3 months if you are a repeat offender. But does third-party two-wheeler insurance seem enough? It is better to have a long-term two-wheeler insurance policy. Long-term bike insurance could be for 3 or 5 years, and it is very useful for you. Here are a few ways you could benefit from having long-term third-party insurance.

• Broad coverage

The government requires new bike owners to purchase a long-term two-wheeler insurance policy that includes or excludes their own damage cover (damage to the covered bike). Even if this is not comprehensive bike insurance, it still guarantees that the bike owner is protected from at least third-party damages over a longer period of time. Furthermore, because an expired policy might result in increased out-of-pocket payments, a long-term two-wheeler insurance policy can help you prevent this.

• Longer security

It is well known that many two-wheeler owners do not renew their insurance coverage on time. As a result, they are exposed to increased monetary and legal liabilities due to third-party losses and traffic fines. On the other hand, long-term bike insurance protects you from the hassle of annual two-wheeler insurance renewals, enabling you to travel without concern of fines or damages for an extended length of time.

• Pay Less in the long run

You pay a predetermined price for several years when you buy long-term third-party insurance. You will not have to pay a larger fee each year due to this. It's worth noting that the regulatory body sets the price of a third-party policy, the Insurance Regulatory and Development Authority of India, rather than the bike insurance provider. This plan's premium amount is the same for all insurers.

The premium for third party bike insurance is reviewed by IRDAI regularly. The Third-party insurance price may rise on a year-over-year basis due to this price change. However, if you choose a Third-party Policy in this situation, the price for every five years will stay the same, and the upsurge will not apply.

• It is easy to get long term two wheeler insurance online

If you are getting long term two wheeler insurance online, you can get it done in a few steps and a matter of a few moments. Just go to your insurance provider's website and apply for the long term third party bike insurance policy. Once you get done with this easy step, you need not worry about your insurance policy for the next 3-5 years.

• Easy cancellation

Suppose you locate a better long term third party insurance. In that case, you can terminate your current plan and obtain reimbursement from the insurance provider for the outstanding unused cost. If you purchase new insurance before cancelling your current one, you can shift your NCB to it.

• No break-ins

Assume you haven't renewed your insurance in the previous two years. If you wish to get new two-wheeler insurance, your insurer may want to examine your bike because there is a significant gap between the plans. These rules are sometimes referred to as 'break-in' policies.

If the motorbike is not in "insurable" shape as determined by the insurance provider, your request may be denied. Even if the application is granted, the insurance cost will be hefty, and the Insured Declared Value or IDV will suffer. But, if you have a long-term two-wheeler insurance policy, you need not worry about this.

Thus, there are many ways a long-term third-party bike insurance policy can help. People need to see this law not as a burden but as — what it is — security. You can rest easy if you have the right insurance for your two-wheeler.