Nowadays, two-wheelers have become very common in India. We often see the streets as well as parking lots crowded with bikes and scooters. This is the case widely observed in all the metropolitan cities of the country.
Since having a two wheeler has become quite the norm these days, getting a right insurance cover for your beloved ride has become the need of the day. Generally speaking, when it comes to any insurance policy period, we have a period of one year that entails annual renewal. However, we also have something called as a long-term insurance policy for your two-wheeler that merits an evaluation. Let us find out what a long-term cover has in store for you.
To begin with, just saying that it is good to have a two wheeler insurance will be an understatement. Considering the road safety and traffic conditions in our country, the importance of getting a right cover for your bike is immense. In a nutshell, when you buy a long term cover, you ensure in-depth protection for your bike. You protect it from a number of incidents such as, damage of any nature that necessitates repair or having your vehicle stolen. These scenarios can cost you a great deal in the absence of an insurance cover. When you go with along-term two wheeler insurance, you get the additional benefit of third party liability coverage. With this, the person that is involved and affected by the accident gets the benefit of coverage. Additionally, as per the Motor Vehicles Act, 1988, it is mandatory to avail a third-party liability cover. Considering all the aforementioned factors, it makes sense to go with a long term insurance cover.
Now let’s see the types of long term covers that are on offer. There are two kinds –package/comprehensive and liability one policy.
In a package policy, as the name suggests, it offers all round protection. The cover includes a personal accident cover in addition to coverage for the insured vehicle, plus add-ons (if any). With a liability one policy, you get an exclusive protection against injury or death of a third party along with third party property damage. That said, this policy does not cover your two-wheeler involved in the accident. However, it does offer personal accident coverage. Therefore, most people opt for the comprehensive two wheeler insurance policy for all round protection.