Is long term two wheeler insurance a good idea?
Having a two wheeler is a very convenient thing when it comes to conveyance. It is a stylish vehicle which can easily go through traffic, fast, uses less fuel and cheaper than a four-wheeler. No wonder it is loved by young and adult alike! It is great that you own a two-wheeler, but do you also own the compulsory insurance cover? The Motor Vehicles Act of India has mandated a valid insurance cover on every two-wheeler which is driven on Indian roads. So, your two-wheeler must have an insurance coverage. As it is compulsory, insurers offer two-wheeler insurance plans which are renewed every year. This annual renewal is seen to be complex and many of us do not renew our policies. In fact, more than 50% of the two-wheelers on Indian roads are without an insurance coverage. Recognizing this trend in the long term two-wheeler insurance market a new formula is developed. The Indian Regulatory and Development Authority (IRDA), the leading insurance body, has recently allowed for long-term twowheeler insurance plans. You can buy these plans for a continuous stretch of