By Paras Pasricha
Every year, like clockwork, car owners face the same familiar reminder of renewing their car insurance. Between busy schedules and endless to-do lists, it’s easy to push it to the last minute or even let it slip through the cracks. But skipping renewal isn’t just a minor inconvenience, it could leave you exposed to hefty repair bills, or worse, legal troubles.
Now, imagine you don’t have to think about it every year. You don’t even have to compare rates, fill out forms, and go through the annual trouble. Turns out, there is such an option. That’s exactly what long-term car insurance plans with the three+three own damage (OD) and third-party (TP) policies aim to do. These plans offer multi-year coverage, eliminating the annual hassle while ensuring continuous protection and even make your motor insurance more affordable. Could this be the smarter way forward for car owners? Let’s explore.
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It’s a new plan, and offers the combination of both OD and TP cover for a full three years. Basically, it changes the earlier structure, wherein TP insurance remained valid for three years, but OD coverage had to be renewed annually, by bundling three years of OD cover with the already mandatory three-year TP cover for new cars.
This means, no need for annual renewals, simple insurance management, and most importantly, continuous protection. The best part is that this new plan comes with several benefits – the best of all is the savings.
Save on premium
First and foremost, instead of paying higher cumulative premiums across three separate annual OD renewals, policyholders can lock in a discounted rate from the start. But the interesting part to note is that over and above the savings one can make by avoiding premium hikes every year, the policyholders also benefit with up to 10% discount on premiums.
For instance, if an annual OD renewal increases by 5-10% every year, a three-year plan keeps costs steady while also providing up to 10% discount upfront.
The result?
More savings in the long run. This makes it a win-win for those looking to save on motor insurance while securing their vehicles for the long term.
Not only this,
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