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Contributor
hanif
Posts: 74
Registered: ‎31-03-2016

Want to buy policy for my first motorbike

It is a big year for me as I get my first motor-bike. How beneficial is your long term two year comprehensive insurance policy?

1 REPLY 1
Category Expert
Kapil
Posts: 3
Registered: ‎27-06-2016

Re: Want to buy policy for my first motorbike

Dear Hanif,

 

Buying a longterm 2 WH insurance would not only be beneficial in terms of cost saving, but also having a continuity in insurance coverage. Assuming that the vehicle is insured for a 2 year term, the saving would be in terms of premium escalation which can be attributed to claim during policy, increase in the TP premium (which currently is at 15% each year) and also increase in service tax. In case of no claim scenario, the insured would have a 9% saving in premium (considering only the TP increase), and in case he has a claim, considering that the insured would have had Zero NCB on renewal which would increase the premium, here in the 2 year long term policy, he would have the same premium during the term and would benefit with 17% saving.