Your car insurance policy has a specified duration of coverage, ranging from one to three years. You must timely renew your auto insurance policy online to avoid penalties and continue to appreciate the coverage’s benefits.
Long-Term and Multi-Year Insurance?
It is typically advised to purchase long-term comprehensive auto insurance. Long-term, all-inclusive auto insurance protects you against third-party claims, safeguards your vehicle, and compensates you in the event of bodily injury or passing away. Additional perks and add-on riders offer comprehensive protection and assistance for various road situations
Long-term auto insurance coverage has several advantages over other insurance options for car owners. It is particularly beneficial for individuals who frequently neglect renewal deadlines and incur monetary penalties.*
The introduction of multi-year auto insurance
Comprehensive auto insurance, unlike third-party insurance, can be purchased for a year and renewed annually. However, this makes the procedure more tedious for the vehicle owner. They must possess a separate third-party policy and reauthorise their compressive policy annually.
As a remedy for this issue, insurance companies have developed multi-year or long-term policies. These new car insurance policies offer three-year extended coverage without worrying about policy renewals or filing claims. There are additional advantages of long-term auto insurance as well!*
Advantages of Long-Term Automobile Insurance
When you purchase long-term auto insurance online, you can appreciate the following advantages:
It is aggravating to miss the renewal date. It can also cause you to lose essential benefits or even auto insurance coverage. And since auto insurers strictly adhere to such regulations, timely insurance renewal becomes essential. Long-term auto insurance eliminates the need to renew coverage annually. These policies can be a saviour for individuals in high-stress careers and those juggling multiple responsibilities.*
When renewing a policy each year, some car insurance companies require a comprehensive inspection of the vehicle before issuing a policy for the following year. Such problems can be avoided by purchasing long-term insurance.*
- Transferring the No-Claim Bonus
With a long-term policy, the no-claim bonus can be continued from the previous year if no claims were made. Some insurers may offer a larger No-Claim Bonus on long-term than short-term policies. In addition, if you sell your vehicle or purchase a new one during the policy period, you can transfer your no-claim bonus (NCB) to the new vehicle.*
- Reduced Danger
In the event of non-renewal and potential loss of auto insurance, unmanageable expenses may arise. In such a circumstance, the owner is responsible for the cost of fixes and repairs. If the car gets into an accident, these car insurance prices may increase further. Long-term auto insurance protects against these dangers.*
When you renew your insurance policy each year, you may be required to have your vehicle inspected. You save money and time by opting for a three-year auto insurance policy.##
- Protection From Price Increases
Insurance companies revise their prices almost yearly, which generally increases policy costs. You can save 20-40% on renewal fees by purchasing long-term car insurance online.##
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* Standard T&C Apply
## All savings are provided by the insurer per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.