6 Benefits of Buying Long-term Car Insurance

A new car is a milestone in everyone’s lives. When you buy a car, you achieve a feat. Your car is a prized possession that comes with a big responsi

A new car is a milestone in everyone’s lives. When you buy a car, you achieve a feat. Your car is a prized possession that comes with a big responsibility. Therefore, while buying a car, you must have felt a sense of maturity. It is vital that you take care of your car, and one way to do that is by insuring your car. 

The India motor vehicle (Amendment act) 2019 has reinstated the need to have car insurance and has increased the fine for offences on the road. The four wheeler insurance is a stipulated requirement while purchasing a car. One crucial aspect related to buying the policy is that you have to renew it regularly to get the insurance benefits. Hence, it will be beneficial for you to buy long-term car insurance.

  1. Provides Convenience

As per the laws, it is mandatory to insure your car. It can be challenging to remember the dates of renewing the car policy due to the busy daily schedule. It will be helpful if your car is insured for a longer period. By buying four wheeler insurance for an extended time, you will not have to worry about the renewal of the plan every year. Also, with a long term plan, you will not have any interruptions in your hectic lifestyle without the worry of exposure to risks. It will make it convenient to drive without any restrictions.

  1. Manages Risks 

When you do not renew your car insurance, there can be certain expenses for vehicle repairs or replacements, which you would have to incur on your own. The cost of these requirements can burn a hole in your pocket. Buying four wheeler insurance for an extended period ensures that you do not have to pay from your pocket until the term of your car insurance ends. It will be more useful to buy long term car insurance to drive peacefully without worrying about the risk of policy lapse.

  1. Prevents From Rising Premium Costs

There can be a change in the premiums annually. If there is a rise every year in the third party car insurance policy, having long term four wheeler insurance will be beneficial. It will be a smart decision to purchase car insurance that covers premiums for two, three or more years instead of paying every year. You will not have to pay an increased amount with the advantage of having insurance for a longer tenure.

  1. Benefit of Discounts

If you invest in long term four wheeler insurance plans, you will receive the benefit of many incentives and discounts. Some insurers offer many rewarding discounts, especially on car insurance for a longer period. Because of the longer plan duration, there are specific reduced administrative and policy issuing costs, which are then converted into discounts and passed on to the policyholders. 

  1. Reduces Liability For A Longer Time

Making mistakes is common. There can be certain situations that are not under your control. You may get involved in an accident, and there can be severe injuries resulting from it. Having a long term four wheeler insurance will prove to be advantageous. In a country where road accident rates are high, a third party liability insurance is mandated by law. Therefore, purchasing long term car insurance can help you avoid the exorbitant cost of vehicle damage repair. 

  1. Provides Higher No Claim Bonus

The most significant feature of having four wheeler insurance for the long term is that it will help you get a higher No Claim Bonus (NCB). The NCB is provided by the insurers to policyholders for making no claims during the term of the policy. Therefore, it can be an added advantage in comparison with short term plans.

Purchase Long Term Car Insurance from the Right Insurer

Owning a car, though it is an achievement, also comes with immense accountability. You must get your car insured with the best-suited plan. There are reputable companies like Tata AIG that offer you comprehensive four wheeler insurance plans. Before selecting, you must research thoroughly understand the pros and cons of the policies. Choose long term car insurance and drive stress free.

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