5 Reasons for Selecting a Three-Year Comprehensive Bike Insurance Policy

The fact that third-party insurance only covers the losses incurred by any other parties engaged in accidents with you is one of its drawbacks. In circumstances where a third party is not present, such as a weather catastrophe or a natural disaster, it would not protect you. This could be a natural disaster like an earthquake, flood, or something else. If you have comprehensive insurance, you are protected if a natural disaster causes damage to your vehicle.

2. Coverage Against Human Crimes and Third Party Damages

Aditionally, you would be protected against human-caused crimes like theft or burglary that could harm your vehicle. Third-party insurance would not protect you in such circumstances. Hence, comprehensive insurance is strongly recommended. If you ever find yourself in a difficult situation, such as being the victim of theft, it will help you recover a good portion of your financial losses. Since comprehensive bike insurance combines third-party and own damage coverage, it offers all the advantages of third-party insurance. If you cause an accident involving a third party, it will cover any liabilities you incur, like damage to their automobile or medical expenses for the third party. Therefore, there is no justification for not purchasing comprehensive bike insurance since it will protect you in all situations where third-party insurance would not.

3. Add-on Benefits

You can include add-ons, or other coverages, to your comprehensive insurance policy for a fee. Examples of add-ons include coverage for zero depreciation, roadside assistance, and other services. These enable you to adjust and personalize your policy so that it satisfies your preferences and requirements and is appropriate for your situation. Third-party insurance does not provide this.

4. High No Claim Bonus

Long-term policies have an edge over short-term policies. A discount is provided, known as the No Claim Bonus, for the next renewal, in case you as a policyholder have not made any claims during the last year. So, for instance, if you claim a 20% no-claim bonus during the renewal of your three-year comprehensive bike insurance policy, then the discount of 20% would be applicable for the next three years instead of one. 

5. No Yearly Renewals, Reduced Policy Premiums

Since the insurance coverage is available for three consecutive years with three-year comprehensive bike insurance coverage, you won’t need to worry about renewing the policy every year. As a three-year comprehensive bike insurance company operates for a longer period and spares you the time-consuming burden of remembering its expiration date every year, the likelihood of a policy lapse is also reduced. With time, insurance costs typically increase. This implies that the price of your bike insurance coverage will increase each time it is renewed. You can avoid increasing premiums by getting long-term insurance coverage. You won’t be subject to any premium hikes for the duration of the policy because you’ll be charged for three years’ worth of premiums at once. A three-year comprehensive bike insurance policy will therefore be less expensive than a typical one-year plan.

The Bottom Line

There is no denying the benefits of a three-year comprehensive bike insurance coverage. This insurance coverage can be suitable for you if you don’t plan to sell your two-wheeler in the following three years. Even if you plan to sell your bike, you may always transfer the NCB generated by your current policy to a new one.