Why You Should Consider Buying a Long-Term Car Insurance Policy

Top Reasons to Buy a Long-Term Car Insurance Policy

Here are some compelling reasons why a long-term car insurance policy can help. Consider giving it a read to make an informed decision.

Helps You Be Legally Compliant

The Supreme Court on 20th July 2018 ordered that the third-party insurance coverage for new cars should be for at least 3 years. The order has applied to all the cars being sold since September of the same year. The aim behind the announcement was simple: to improve the sector’s penetration and ensure more vehicles are covered.

Now, to fulfil the legal mandate, more and more insurance companies are coming up with long-term car insurance policies. Availing these policies will not just offer you better protection for longer periods, but it is also important to legally abide by the law and avoid any kind of penalties.

Helps You Avail Premium Discounts

While many of you might not be aware of this, choosing long-term car insurance can help you enjoy discounts on your insurance premiums. Further, once you lock in these multi-year car insurance policies, you also lock in the premium amount. This means you're protected from the potential premium hikes that can be caused by a variety of factors like the conditions of your vehicle, the insurance market, and so on.

Cost-effective

It isn't just the premiums that make these car insurance policies cost-effective. Instead, there is more to it. For instance, you might also save quite a lot on the costs generally incurred during policy renewals. With multi-year car insurance plans, you do not have to pay for these yearly renewals. Instead, you do that once in two or three years.

Stay Protected Against Inflation

Inflation has an impact on almost every aspect of your life, be it education, living, or even car insurance and repairs. However, by locking in a long-term car insurance policy, you ensure that to have a hedge against inflation. With these policies, you're able to lock in your premium as well as coverage, meaning you don't have to worry about the rising costs of repairs, premiums, and whatnot.

Peace of Mind

Busy schedules and a lot to deal with? Well, it's tiring. And it becomes more exhausting when you have to remember your policy renewal dates. However, with a long-term car insurance policy, you are relaxed. Similar to Aman Saini, you have the peace of mind of doing enough. You are legally complying and doing your best as a responsible owner. Plus, you eliminate the risk of policy hassles and financial vulnerability at such times.

How to Choose Long-term Car Insurance for Yourself?

A long-term car insurance policy can help you in several ways. However, it is important to choose reliable insurance, one that matches your needs and requirements. Here are some tips and formulas, things to consider before you choose motor insurance for yourself.

Compare, Compare, Compare

Consider comparing premiums, coverage, and other policy features. Look into the additional services, add-ons, and more. With Jio Insurance Broking, you can easily compare different plans, get expert assistance, and choose a suitable policy for you accordingly.

Check for Reliability

Also, consider checking into the insurance company's credibility and reliability. Best way to do it? Look into customer reviews, claim settlement ratio, and other factors.

Be Aware

Buying a policy can feel overwhelming. But you do not have to do all that in a hurry. Take your time, educate yourselves. Read the policy terms and conditions to ensure you are aware of it and do not miss anything significant.

Wrapping Up

Be it your health or car repairs, having insurance ensures you're financially protected against unexpected circumstances. Given the mandate on long-term car insurance, having multi-year motor insurance isn't just a choice but also a legal responsibility. Further, it helps you save a lot of time and effort made on otherwise policy renewals, lapses, and more. Make sure to compare your plans and choose what best works for you and your ride.