Purchasing insurance for your two-wheeler has just got simpler and easier with insurance from ICICI Lombard. The Insurance Regulatory and Development Authority of India or IRDAI has presented a long-term insurance policy for the owners of two-wheelers, which means that owners will not have to worry about renewing their policies each year. In its place, they can choose to go for an insurance policy that can be validated for as long as three years. What’s more? By opting for the long-term two wheeler insurance from ICICI Lombard you will be able to enjoy being immune to the revision of the third party rates every passing year, which will surely result in tremendous savings.
Why should you take into consideration opting for the long-term ICICI Lombard two wheeler insurance?
Let’s start by getting answers to these: Are you a bike lover who forgets to renew your insurance policy at the right time? Does the renewal of your insurance plan each year seem like a tedious job? If the answers to all of these are yes, then there is good news for you.
The long-term two wheeler insurance from ICICI Lombard covers your bike for up to three years when compared to the regular insurance policies that only exceed the coverage to a year.
This matter of going for the long-term two wheeler insurance ICICI Lombard is worth considering as it provides its policyholders with many advantages like certain discounts in premium as well as protection from the annual increase in the third party premium.
The upsides to opting for the two-wheeler insurance ICICI Lombard are:
Two wheeler insurance from ICICI Lombard saves an individual from the hassles of renewing the two-wheeler policies every passing year. According to the policy experts, it is burdensome to keep track of the annual renewal dates of plans, specifically when someone owns more than one plan; moreover, even if somebody keeps in mind the date of renewal, he or she might fail in the attempt to renew the plan owing to the time crunch or any other reason. Therefore, the best alternative to such situations is the ICICI Lombard’s two wheeler insurance plans as it offers a suitable way for the owners to keep their vehicles insured and secured without encountering any hassles of the yearly renewals.
Dodge the issues of renewing a lapsed plan
If your policy lapses, then some of the insurance companies insist on getting the vehicle fully inspected in order to determine the conditions of the two-wheelers before renewing the policy. The purchase of a long-term ICICI Lombard’s two wheeler insurance assists in avoiding such a situation for the main reason that it does not have to be renewed for three years as per the tenure of the policy.
Avoid any non-renewal associated risks
The policyholder is also exposed to some kinds of risk if there is a non-renewal of two-wheeler insurance policy or till the time the insurance policy has been renewed. For example, if the vehicle gets involved in an accident or gets stolen and the plan is not in force when the owner of the vehicle would be the one to bear the whole financial loss. However, this can be easily dodged for three years by purchasing ICICI Lombard’s two wheeler insurance.
Discount on personal damage premium
The insurance companies, today, are willing to provide its customers with discounts on the own damage part of the plan premium for long-term insurance plans. The long-term insurance plans assist the insurance providers in cutting administrative and policy-issuing process and such savings, in turn, get passed on to the customers in the form of discounts. Unfortunately, not all the insurance companies provide such discounts.
As the rates of premium for general insurance are determined by the policy regulator, the premium rates per annum for the annual and long-term plans turn out to be the same.
The premium rate remains the same for three years
The long-term two wheeler insurance by ICICI Lombard also save the policyholder from the yearly hike in the third party premium rates. The third party premium rates get frozen by the insurance regulator that usually hikes such tariffs by 10 to 15% per annum on an average. Furthermore, based on the experiences of claim, the plan coverage and the other factors, the insurance providers may also increase the own damage or OD premium from time to time.
However, one can remain shielded from any such hikes during the term of the policy if one opts for the long-term two wheeler insurance cover from ICICI Lombard .
For more information on how to get one, visit Coverfox.