Life is a series of situations that force us to make certain choices. In many cases, the choices you make will ultimately lead you to a better place in life. However, it will not always be true. A clear example is bike insurance. When it comes to two-wheeler insurance, buying a policy is the only right choice. Additionally, there may be room for error in other things in life. However, buying bike insurance is not something that allows you to make mistakes. Therefore, it is very important to have bike insurance and make the right decision when buying.
One place where these decisions can become difficult is when purchasing insurance for one year or multiple years. Usually, when you get two-wheeler insurance, you have to renew it every year. This means you have to pay an annual premium to cover your bike. Whether you can afford these payments is another matter. However, not having to pay an annual premium is a plus. A multi-year plan allows you to pay for coverage for a period of 2 or 3 years and enjoy coverage for a while without worrying about premiums. However, is this the only advantage you need to convert to multi-year bike insurance? To find out, you need to ask yourself a few questions. They are:
- Do you like unnecessary risks?
One thing you can keep in mind is that you need bike insurance to ride a bike. So if you don’t have a policy, you have two options. The first is to park your bike and leave it there until you buy insurance, and it becomes active. Second, you take the unnecessary risk of riding a bike without a policy.
It’s illegal, so there’s a risk, and if you get caught, you could be booked into the authorities. Additionally, if you are in an accident, there is no coverage to repair damages and claim other benefits. Admittedly, renewing your bike insurance is a complicated process. But this fact does not help the traffic and maintenance authorities. I certainly don’t want to risk anything. Therefore, it is important to update your policy.
If you find it difficult and tiring to renew your policy every year, you can buy multi-year motorcycle insurance. Moreover, if you want to make renewal simpler, you can renew your policy through your bike insurance app. It makes the process systemically available to you at your phone screen.
- Want to save money?
Money is like sand. It stays in your hand as long as you hold it tight. The moment you open your hand, it slides out. When it comes to money, holding tight means saving as much as you can. People usually save money every month and add it up at the end of the year to see how much they have saved. However, the annual renewal of insurance will wipe out your savings. In addition, IRDA increases third-party bike insurance premiums by some margin every year. This means that savings are expected to decrease with each renewal. Since updating every year has a regular policy. This means that the cost of bike insurance can add up quickly.
On the other hand, with multi-year bike insurance, you don’t need to increase your annual premium. Second, a multi-year policy does not require annual premiums. This means you can use the time between updates to save as much money as possible.
- Want to be covered longer?
You may have noticed by now that after you buy two-wheeler insurance online for multiple years, you will save yourself from paying premiums for a long time. But what you may not be aware of is that it may allow you to extend your benefits to your customers for a longer period of time. If this limit is exceeded, the insured cannot renew their insurance policy. So, regardless of whether you can afford it or not, you will lose coverage after a while.
A multi-year policy will take much longer to reach this limit. This way you will keep the cover unless you change it.
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