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

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  • Bharti Axa Two Wheeler Insurance
    "IDV percentage should be increased"
    0.5 4.0/5 "Great!"
    The insured value is low in Bharti axa, I Purchased Royal Enfield bike for Rs. 1.75 but they gave me only Rs. 1.20 lakh . My policy has the tenure of two years, I am not sure about the tie up services. I have taken the first party insurance. I purchased in the month of october 2017.
    Was this review helpful? 1
    , new delhi
    Reviewed on Jan 14, 2019
  • National Insurance Two Wheeler Insurance
    "Better"
    0.5 4.0/5 "Great!"
    I had my two wheeler insurance from National Insurance and it was a better experience. This insurance was issued by the showroom as a default. There is no claim. I felt the premium is bit higher so moved to HDFC Ergo. The customer service is better.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 14, 2019
  • HDFC Ergo Two Wheeler Insurance
    "Excellent"
    0.5 5.0/5 "Blown Away!"
    My two wheeler insurance was taken from HDFC Ergo because it has more benefits and the premium is lower compared to others. It is a first party insurance. The customer service is very good. There was no claim and IDV value is good. I got the insurance paper.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 14, 2019
  • HDFC Ergo Two Wheeler Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance for my bike a long time back and it had been a good policy. I had been paying the premium on an annual basis and the premium amount was not too high as well. The payment method has been simple and there has not been any hassle. There has not been any claims made so far and there has not been any hassle faced with the services of them.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jan 13, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Good features"
    0.5 4.0/5 "Great!"
    I have my two wheeler insurance with ICICI Lombard. The services are good and there no hassles to get the policy. The premium is also nominal. The policy coverage and benefits are satisfactory. I also received the policy papers on time. Good in all.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 12, 2019
  • United India Two Wheeler Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    This policy was recently renewed for my bike, my brother went to the showroom and then he renewed the policy, the premium is economical as per the market. They are issuing the policy with the good coverage of bike. Its a trusted insurance company and I got the paper on time.
    Was this review helpful? 4
    , kolkata
    Reviewed on Jan 11, 2019
  • Reliance General Two Wheeler Insurance
    "Should get tie up with more service centers"
    0.5 3.5/5 "Pretty good"
    Even for my Bajaj discover bike I had Reliance general insurance it has the tenure of one year, they gave me good insured value around Rs. 19,000, it covers for the loss, damage. They need to get tie up with chennai to get the hassle free service.
    Was this review helpful? 1
    , chennai
    Reviewed on Jan 10, 2019
  • Reliance General Two Wheeler Insurance
    "Easy Renewal"
    0.5 3.5/5 "Pretty good"
    Based on my experience Reliance insurance company is good, the premium is standard as per the current market. I have Honda it covers for loss, damage cover. There is no claim experience, I used to visit to the branch for the renewal they provide good service.
    Was this review helpful? 1
    , chennai
    Reviewed on Jan 10, 2019
  • Iffco Tokio Two Wheeler Insurance
    "Quick Service "
    0.5 4.0/5 "Great!"
    I have bike policy with IFFCO TOKIYO, it was my friend bike later on it got transfered to my name with Iffco Tokiyo two wheeler policy, the insured value is good it has coverage for the loss and damage. On time they processed the policy on my name. I am happy about it.
    Was this review helpful? 1
    , mumbai
    Reviewed on Jan 10, 2019
  • New India Two Wheeler Insurance
    "Good Experience"
    0.5 5.0/5 "Blown Away!"
    In New India, I have insured my Hero CT delux bike, once a while it got damaged they done the service on time, the premium is low however the insured value is good. It has third party insurance, the service is good and I could renew the policy on time.
    Was this review helpful? 0
    , ambala
    Reviewed on Jan 10, 2019
  • National Insurance Two Wheeler Insurance
    "Its Good"
    0.5 5.0/5 "Blown Away!"
    In National Insurance the premium amount is low around Rs. 2000 for one year, the insurance company allocated Rs. 35,000 for my bike. My Honda dio vehicle is around 6 years, the policy activation done on time. My bike got damaged within 10 days.
    Was this review helpful? 2
    , ambala
    Reviewed on Jan 10, 2019
  • New India Two Wheeler Insurance
    "Average Two Wheeler insurance"
    0.5 3.0/5 "Satisfactory"
    My two wheeler insurance was taken from New India for my new bike. The showroom people has done a insurance when i purchased my two wheeler. I paid the premium amount of Rs. 1600. The documentation process was simple. They have given the IDV value of Rs. 55000 which I'm happy about.
    Was this review helpful? 3
    , mangalore
    Reviewed on Jan 09, 2019
  • Shriram Two Wheeler Insurance
    "Better"
    0.5 4.0/5 "Great!"
    My two wheeler insurance was taken from Shriram because my friend is working there. The renewal procedure was easy and he done it for me. The premium is 1200 rupees for one year. I have no claim and never contacted the customer service. The premium was moderate and benefits are average.
    Was this review helpful? 1
    , vellore
    Reviewed on Jan 09, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "Good online option for renewal"
    0.5 4.0/5 "Great!"
    Reason to prefer Bajaj Allianz, I don't want to visit to the showroom for the renewal. I can renew the policy through online and I compared the benefits through online. On time the customer support team issued the paper. I have activa they gave me good insured value based on the vehicle age.
    Was this review helpful? 0
    , thrissur
    Reviewed on Jan 09, 2019
  • HDFC Ergo Two Wheeler Insurance
    "No experience with this policy"
    0.5 4.0/5 "Great!"
    3 months ago, i have purchased the new vehicle and the dealer has suggested me to take a insurance policy with HDFC Ergo. The dealer has taken care of all the procedure of this policy. I've no idea about the premium amount. This policy covers the 100% of the vehicle.
    Was this review helpful? 1
    , tiruchirapalli
    Reviewed on Jan 09, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Good coverage for rider and thrid party"
    0.5 4.0/5 "Great!"
    Normally the insurer provide the cover for rider but this ICICI lombard is providing coverage rider and third party, the premium is also economical. They gave me the good coverage based on the vehicle age, my policy has the tenure of two years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 09, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    Last time I took the two wheeler insurance from Bajaj Allianz. I took the premium around 1500 for one year. They gave me the policy paper, I have bike yamaha bike and also the insurance company got tie up with many service center for any claim.
    Was this review helpful? 0
    , cuddalore
    Reviewed on Jan 09, 2019
  • HDFC Ergo Two Wheeler Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    My two wheeler is insured with HDFC ERGO from last 6 months, there was no claim experience so far with this insurance. A premium of Rs 2300 has to be paid for this insurance policy every year. I am happy with the plan benefits and policy coverage of this insurance.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 09, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "Its Average"
    0.5 3.0/5 "Satisfactory"
    I had two wheeler policy with Bajaj Allianz, past two years I have been using this insurers. Everything done my mom, I went to place to sign to get the policy copy. Bajaj Allianz got tie up with many service center. Everything is very fine with them.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 08, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Good Insurer"
    0.5 5.0/5 "Blown Away!"
    I have salary account hence I approached the ICICI lombard. I paid the premium around 1700 for one year. I have NH200 PULSAR bike. I never had any chance, my policy activation done by tvs showroom, they have tie up many service center in my place.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 08, 2019
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