Finance

Should You Buy Long Duration Bike Insurance Plans?

Bike Insurance

Many bike owners in India think purchasing a two-wheeler Bike insurance third party policy is good enough for them. It may be true in some circumstances, but you may be better off purchasing a comprehensive two-wheeler cover in most situations. This post explains why you should buy long-duration bike insurance instead of third-party-only insurance.

What is a third-party-only two-wheeler insurance policy?

A typical third-party two-wheeler insurance policy caters to third-party expenses in the event of an accident caused by your insured vehicle. The government has mandated that all bike owners have third-party insurance for their bikes.

Whenever your two-wheeler is involved in an accident for which you are majorly responsible, your insurer will compensate any third party involved in the accident by helping to absorb the financial responsibility for any damage to their vehicle.

This policy is enforced, provided you are up to date on your premium payments. You might buy a third-party only two-wheeler insurance plan if:

  • You intend to sell your bike after a while.
  • You do not regularly ride your motorbike.
  • You are already paying premiums on other vehicles, especially if you bought a comprehensive insurance plan.
  • Your two-wheeler was not purchased as brand new.
  • You are a low-income earner and cannot afford the cost of maintaining a comprehensive vehicle insurance plan.

What is a long-duration bike insurance plan?

Also called a comprehensive two-wheeler insurance policy, a long-duration bike insurance plan covers both Standalone Own damage as well as third-party liability.  With this insurance plan, you do not have to renew your premium payments every year.

This insurance policy offers you coverage over several years. For example, you can buy a 3-year comprehensive two-wheeler insurance policy. With this plan, you will only renew your insurance cover after three years instead of every year, like in the case of a regular insurance cover.

Unlike a short, maybe a year-long two-wheeler insurance policy, purchasing a comprehensive motorbike insurance cover is useful if you intend to own your bike for an extended period. If you own a high-end, luxury bike, you might want to take up a long-duration two-wheeler insurance plan.

Comprehensive vs. third-party-only two-wheeler insurance plans

There are many differences between a third-party and a comprehensive bike insurance plan. The table below highlights these key differences:

COMPREHENSIVE BIKE INSURANCEThird-party BIKE INSURANCE
Greater coverage includes your two-wheeler, personal accident, and third-party expensesCover only third-party costs
Offers you multi-year coverageRenewable after each year
Offers you several add-on covers like zero depreciation cover, engine protection cover, consumables cover, return to invoice, and so onNo add-ons on offer
Offers lower insurance costs in the long runPremium payments are subject to annual hikes

Benefits of comprehensive two-wheeler insurance

Some of the benefits of buying a long-duration two-wheeler insurance plan include

#1. Avoiding Annual Hikes in Premium Payment: Buying a third-party only two-wheeler insurance policy leaves you at the mercy of your insurer. It is normal for insurance providers to increase the premium payment on third-party insurance annually. To avoid this frequent hike in the premium value of your policy, you can purchase multi-year comprehensive bike insurance and lock in the premium amount at the time of the purchase over the length of the policy.

#2. Enjoying Add-ons: With comprehensive two-wheeler insurance plans, you can enjoy several riders or add-ons. Although these riders come with extra premium payments, they help extend your coverage’s reach with accruing benefits. Some popular add-ons include a zero-depreciation cover which ignores possible depreciation on your bike. You also have an engine protection cover which protects you against engine problems. You could take advantage of many more popular riders when buying a long-duration two-wheeler insurance plan.

#3. Additional Perks: Some insurers offer comprehensive motorbike insurance policyholders several valuable perks. For example, your insurer may provide pick-up, drop-off, and towing services. These complimentary services can save you a lot of inconveniences, time, and money.

#4. Greater Coverage: As mentioned earlier, comprehensive vehicle insurance offers you a much wider coverage than two wheeler insurance third party, which only covers the expenses of third parties in an accident caused by your insured two-wheeler. The coverage of a long-duration vehicle insurance plan may include third-party fees, personal injury, damage to your two-wheeler, and even death.

#5. Lower Insurance Costs: With a multi-year two-wheeler comprehensive insurance plan, you will enjoy lower insurance costs throughout the policy duration. You will be exempted from paying certain administrative and policy management fees as you steadily pay your premium and run your plan.

In conclusion

In addition to these benefits, if you buy a comprehensive policy, you will also be able to port to yet another insurer if you are dissatisfied with your current insurance provider. Also, with long-duration bike insurance, you save yourself the trouble of providing documentation to renew your policy every year.

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