Insurance is like a spare tyre. You may not require it, but not having one is not an option.
  • Benefits Of A Multi-Year Two-Wheeler Insurance Policy

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    Getting your two-wheeler insured is a responsibility that comes along with your bike or scooter. When people buy a bike insurance policy online, they are advised to memorise the renewal date of the policy. However, a lot of times, people tend to forget the policy renewal dates and ride uninsured on the roads. In the daily hustle and bustle of life, the thought of renewing the bike insurance policy slips out of mind. Driving without an active bike insurance in India is an offense and may land you in unnecessary troubles. Besides, it is not a wise thing to do on the Indian roads without coverage against any unforeseen incidents.

    The Dangers of Riding Without A Valid Insurance

    As per the revelations made by the General Insurance Council (GIC) for the year 2015-16, there are about 19 crore registered two-wheelers in India out of which 60% are riding uninsured. At the same time, two-wheelers are also involved in the maximum number of road accidents in India.

    The situation seems alarming as crores of two-wheeler owners do not have sufficient coverage to aid them in unforeseen incidents that may cause damage or loss to them or their vehicles. The prime reason why two-wheeler owners do not give attention to insure their vehicles is the complicated process of buying and renewing the policy. People like to avoid the paperwork, vehicle inspection, and other hassles associated with the insurance and hence do not deem it to be a necessity.

    From a legal standpoint, getting a two-wheeler insurance is mandatory in India as per the Motor Vehicles Act of 1988. Riding a two-wheeler without an active insurance may attract a penalty of up to Rs.1000 or an imprisonment up to 3 months or both.

    Why Buy A Multi-Year Two-Wheeler Insurance Policy Online

    The Insurance Regulatory and Development Authority of India (IRDAI) observed the existence of unawareness and unwillingness for insurance renewal as the main reasons for non-compliance. Many people also believe it to be a futile expense as they hardly get to make use of it. What they don’t understand is that they cannot predict an unfortunate event and prevention is better than cure.

    To encourage bike owners to get their vehicles insured and renew their policies on time, the IRDAI recently allowed insurance companies to offer long-term insurance policies for a period of up to 3 years. Also, if you purchase a bike insurance policy online, the hassles involved in the process will be minimal and you can get the insurance done in a matter of few minutes.

    Benefits of A Multi-Year Two Wheeler Insurance

    A multi-year bike insurance policy offers several benefits for the insured. Some of which are explained below:

    • Saves You From Hassles Of Yearly Policy Renewal: Avoid Hassles of Yearly Policy Renewals: Renewing your two-wheeler insurance policy every year can be a big headache. Insuring your bike for 3 years can be very convenient as you can ride protected for a long term without worrying about the renewals.
    • Lower Premium: The premium paid for a long-term insurance policy is lesser than that of a one year policy. Also, inflation causes the premium rate on policies to rise every year by about 10-15%. A long-term two-wheeler insurance policy prevents the insurer against any such fluctuations. Thus, they are required to pay a lower premium. This could be a nice way to lock your premium for up to 3 years and avoid the annual cost revision cycle. The insurance companies also offer various kinds of discounts upfront at the time of buying a long-term bike insurance policy.
    • Lower Risk of Policy Laps: Renewing an expired bike insurance policy is a tiresome task. The insured has to state a new insured declared value (IDV) and the new premium value is determined after vehicle inspection. The entire process consumes immense time and the policyholder may have to pay a higher value due to increase in the premium rate. A multi-year bike insurance policy removes this risk and policyholders can enjoy the benefits for up to 3 years without any hassles of renewal.
    • No Claim Bonus: No Claim Bonus (NCB) is an incentive that insurance companies extend to policyholders if they have not made any claims on their policy in the previous year. It is in a way a reward that the insurers offer you for riding responsibly. Also, in a multi-year policy, if the policyholder gets an NCB of 20% at the time of policy renewal, the discount will be applicable for the subsequent years as well.
    • Avoid Unnecessary Penalties And Losses: Riding without an active two wheeler insurance in India is an offence. Also, as nothing is predictable, a person may get into a situation where he needs to file a claim but won’t be able to due to an expired policy. They may also have to pay hefty fines if they are caught by the traffic cops.
    • Easy Policy Cancellation: A multi-year bike insurance policy does not bind you to continue with the policy till its validity lasts. You may withdraw from the policy at any time and the insurer will refund you the unutilized premium value. However, you must buy a new policy before withdrawing from the existing one. Retaining the No Claim Bonus from your old policy is also something important to do.

    What Are The Drawbacks of a Long term Policy?

    A person buying a long-term insurance policy is immune to the increase in premium rates due to inflation. But they cannot take advantage in case there is a deflation in the premium rates since they have already paid their premiums. Also, they may incur certain amount of loss if they decide to sell off their vehicle.

    To Buy or Not to Buy

    A multi-year two-wheeler insurance policy brings to you benefits that score more than the drawbacks. The chances of deflation in the premium rate is also relatively low. If you are not planning to dispose of your vehicle in the near future, a long-term scooter insurance policy may save you from unnecessary hassles and will also help you save significant cost.

    Two Wheeler Insurance Reviews

  • Page 1 of 50 1 2 3 4 5
    • Bajaj Allianz Two Wheeler Insurance
      "Good protection for two wheeler"
      0.5 5.0/5 "Blown Away!"
      The bike policy was arranged through the dealer, since it mandatory purpose I took the policy from Bajaj Allianz. I don't have any option hence I took by paying some premium. I availed comprehensive policy for my bajaj discover bike for one year tenure.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 13, 2018
    • Bharti Axa Two Wheeler Insurance
      " Its convenient policy renewal"
      0.5 5.0/5 "Blown Away!"
      Its convenient to go head to chose all the options, they have option to increase the IDV, even the premium is good. I have been experience with Bharti axa two wheeler policy around five years, whenever I renew the policy I get the no claim bonus.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 13, 2018
    • National Insurance Two Wheeler Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I did not have any claim experience with National two wheeler insurance. I have not spoke with the customer care service as of now. I made a premium amount of Rs. 1400 for one year. The reason for selecting the National insurance is when i purchase a bike from dealer who provided the policy with National and i'm continuing the same. They have given a value of the bike is Rs. 55K.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 13, 2018
    • National Insurance Two Wheeler Insurance
      "Good"
      0.5 4.0/5 "Great!"
      When I purchased the Honda Activa bike at that time they provided an insurance. It is a one year policy. One of my friend is working there so he will takes care of my policy. If anything goes wrong,they will recover 70% to 80% of the damage, remaining 20% from my end.I am planning to renew the policy again with National Insurance.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 13, 2018
    • National Insurance Two Wheeler Insurance
      "Good Protection for two wheeler"
      0.5 5.0/5 "Blown Away!"
      As per IRDI policy, National Insurance is following the terms, the premium is reasonable, I have taken bike policy for three years now they do have five years plan. I have comprehensive plan its always better to go with full cover its good for us.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 12, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Need improvement on service"
      0.5 3.0/5 "Satisfactory"
      I have bike insurance with ICICI Lombard, I paid Rs.8700 for three years policy. It has third party plan with personal accidental. But the guys are not responsible, when they want to sell some thing they call , during queries they wont respond.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 12, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Customer Policy"
      0.5 5.0/5 "Blown Away!"
      The customer service is good they are providing continuous follow up before expiring the policy they call and share the benefits on renewal. I have honda passion they gave me the best insured value its good. And providing good benefits on the policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 12, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      For my Dream Honda bike, ICICI Lombard gave me best insured value for the premium amount around Rs.1500 for one year. I got my policy documents on time. I have taken the comprehensive plan with first party cover, therefore I am satisfied with them.
      Was this review helpful? 0
      , nagpur
      Reviewed on Nov 12, 2018
    • Royal Sundaram Two Wheeler Insurance
      "Better coverage"
      0.5 3.0/5 "Satisfactory"
      For my Yamaha R15 bike I took policy from Royal sundaram they gave me Rs. 70,000 of idv value for tenure of three years it was good. I purchased the bike for Rs. 1.3 lakhs, now it got good IDV value with third party liability cover, personal accident cover.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 12, 2018
    • National Insurance Two Wheeler Insurance
      "Satisfactory policy"
      0.5 4.0/5 "Great!"
      I've purchased the two wheeler insurance policy for my TVS Wego bike. I have been holding the policy for last 1.5 years. I used to make the premium amount of Rs. 750 and i have got coverage amount of Rs. 40000. I renew the policy in their branch and i never faced any problems with this company.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Nov 12, 2018
    • National Insurance Two Wheeler Insurance
      "Good policy"
      0.5 3.0/5 "Satisfactory"
      I am using the National Insurance policy for my two wheeler for past 4 years. I have no claim experience as of now. Since its a Government based company, i have chosen the National Company. I pay the premium of Rs. 800. They have given me a value amount of Rs. 40000 and I'm happy about it. I used to visit the branch for renewing the policy.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Nov 12, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good Protection for vehicle"
      0.5 3.0/5 "Satisfactory"
      Premium is reasonable for one year insurance policy, I have taken comprehensive plan with first party cover. I got policy copy on time, I am not sure about the claim. However Bajaj Allianz got tie up with many network service and I used to get msg for renewal.
      Was this review helpful? 2
      , bangalore
      Reviewed on Nov 10, 2018
    • Bharti Axa Two Wheeler Insurance
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      I took the insurance along with the bike purchase, I kept renewing my two wheeler insurance in Bharti Axa, the premium amount is economical in the market. The IDV value is good with the third party and personal accidental cover, I am okay with the benefits.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 10, 2018
    • Iffco Tokio Two Wheeler Insurance
      "Average"
      0.5 2.0/5 "Expected more"
      I took a two wheeler insurance with Iffco Tokio. I am not satisfied with the service and benefits. I have contacted the customer support many times but there was no proper response. The claim experience is not good. I met an accident and the repairing charges of 6K but they have refunded me 2K. I paid 2200 rupees to purchase the policy for a year.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Nov 10, 2018
    • Reliance General Two Wheeler Insurance
      "Premium should be ecnomical"
      0.5 2.5/5 "Just OK"
      My company have provided Reliance general insurance, they gave me full coverage. The plan which I taken is comprehensive with personal accident cover. I think the premium is costly compare to other insurance products. Remaining all good.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 09, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Its Good"
      0.5 4.0/5 "Great!"
      Earlier I had Bajaj allianz bike insurance, now it got expired. Dealer gave me the insurance while I was purchasing the policy. The insurer gave me 100% of coverage, there was no claim experience. Comparatively I felt ICICI lombard is best than Bajaj Allianz.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 09, 2018
    • Bharti Axa Two Wheeler Insurance
      "Excellent for beginners"
      0.5 4.0/5 "Great!"
      Previously my two wheeler insurance was with Bharati Axa and am pretty much happy with the claim experience. But need to pay initially which am not satisfied. I have paid for zero depth, 3500 rupees for one year. The customer service executive is fine.
      Was this review helpful? 3
      , new delhi
      Reviewed on Nov 05, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Average"
      0.5 4.0/5 "Great!"
      I have chosen HDFC Ergo for good IDV and zero dep features. The customer service was pretty much good. The claim experience was not good, few of the times it was not covered. Till last year benefits are pretty much good, due to RBI changes now the premium has gone up. I paid around 5K for one year.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 05, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Its Better Protect"
      0.5 5.0/5 "Blown Away!"
      Bajaj Alliance two wheeler insurance processing is too fast, but when they deducted additional amount once from my account when I called them, they immediately return that amount. Their insured declared amount is good for my avenger bike. They got tie up with many service centers .
      Was this review helpful? 3
      , hyderabad
      Reviewed on Nov 05, 2018
    • Iffco Tokio Two Wheeler Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I am using the two wheeler policy through the IFFCO TOKIO GENERAL INSURANCE from past 2012 but i have faced with none of the issues with this policy because it is a user friendly policy to use. I have not experienced with the claim with this policy.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 04, 2018
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