Why The Increased Cost Of New Two-Wheeler Insurance Plans Is Beneficial For You!
Buying two-wheeler insurance doesn’t your bank the way purchasing car insurance does. When you buy a new car, there’s a huge gulf between the showroom price and the onroad price of the vehicle.
And though rising prices are a common occurrence these days and we all accept them with a pinch of salt, the rise in the cost of two wheeler insurance has its silver linings. Don’t believe us? Well, this article will explain why the jump in prices is actually advantageous for you.
What this means is that, where your previous most affordable option was to buy a single year of TP cover, you now have to purchase 5 years of third party cover. These new plans will cost you Rs 1,045 for vehicles with engine capacity below 75 cc, Rs. 3,285 for vehicles with engines up to of 150 cc, Rs. 5,453 for vehicles with engines of up to 350 cc and Rs. 13,034 for those exceeding 350 cc
That’s not all – the IRDAI has also made it mandatory for insurance companies to provide two-wheeler plans with an increased personal accident cover. This increased PAC cover will bumpup your premium by Rs. 750 plus GST – not too long ago the PAC component cost only Rs. 100 plus GST. In combination with the longterm plans, you should be looking at a decent increase in the cost of twowheeler insurance.
However, the increased costs bring you many advantages. First, 5-year long term TP cover is calculated keeping in mind today’s third party premium amount. With a single year plan, you’d have to deal with increased premium amounts every year as the IRDAI hikes TP cover premium amounts annually. Long-term plans also ensure you do not have the headache of renewing the plan every 12 months.
So in summation, you are getting more value out of your 2 wheeler insurance policy, in exchange for an increased cost. It’s fair considering the prices of most other things are going up without providing any additional benefit. So when you pay more, you can the advantage of more peace of mind.
HOPE THIS HAS BEEN HELPFUL, GOOD LUCK AND RIDE SAFE!
Follow us on : https://www.facebook.com/DHFLGI/
https://twitter.com/dhflgi?lang=en
https://www.youtube.com/channel/UCUI5rWhub_POI2b8EQou 5vg https://in.linkedin.com/company/dhflgi
For more details: two wheeler insurance
Visit Here: https://www.dhflinsurance.com/two-wheeler -insurance/
Thank You‌