Buy Long duration insurance policy for two wheeler – 3 or 5 Years

Long Term Bike Insurance Coverage for 3 Years/5 Years

Two wheeler insurance for long-term: Automotive industry, two-wheelers vehicle is the largest segment. Until March 2016, there was 16 crore registered two-wheelers in India. From this, around 15.2 crores two-wheeler is on road. Unfortunately, 60-70% vehicle is on road without insurance. This condition is seen in India even when there is motor insurance compulsory in the country. It was found that the biggest difference is seen in two-wheeler sector.

When asked about it to the users of two-wheelers, they said the biggest problem was a renewal of policy every year. They feel it uncomfortable to renew the policy every year. Thinking more on this, it is clear that solution to this is a long-term policy. In long duration policy, people will be free from the renewal of policy every year. When the policy will be of long duration, the premium will also be reduced for the policyholder. For companies, too long duration policy is good in accordance with distribution and servicing. The response to this was as expected by the customers.

Let’s check how to buy long-term bike insurance coverage for 3 years/5 years. ICICI alone could sale 5 lakh log duration policies, bringing in 130 crore rupees premium. Do customers have the option of choosing terms in long-duration policy? ICICI is one of those few companies in April 2015 that offered a long-term policy for two-wheelers. The rates of this vehicle have been kept quite attractive. Customers can have up to 10 to 15 percent savings on buying 2-3 years of the policy. On buying long-term policy customers are not worried about increasing premium. The biggest benefit here is that even claiming in policy duration there is the benefit of no claim bonus available to the customer.

For instance, if you have taken three-year policy, you can take advantage of no claim bonus up to three claims. Customers are given choice of one, two and three years for their policy. Can the customer get accidental insurance as an add-on to this policies? Many companies have made changes according to the customers need. For instance, ICICI provides zero depreciation on two wheeler insurance policy.

Under this cover, the customer does not have to worry about the depreciation. This way one can claim the money as decided by claim surveyor. ICICI Lombard has also started Health Advisor help. This advisor is an internet platform wherein anybody can know about health-related queries. The best thing about this platform is that, not only ICICI Lombard customers can use it but also anyone can use this. The customer can plan their health treatment accordingly with this platform. On this platform, you can compare the prices of treatment of different diseases in different hospitals. You can also take an appointment in your chosen hospital.

Not only in the two-wheeler segment, companies are also bringing innovations in other segments of insurance policies. In 2003, ICICI Lombard also introduce season insurance for the first time. The company also started Internal Claim Processing Center in 2008. There are around 100 doctors and 200 automobile engineers. Companies have made their call centers better so that all the queries of customers can be solved easily and faster.

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