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

     4.5 / 5.0   by 3118 users
    Used this product? Write a review >>

    Cashless Treatment

    Fees & Charges

    Promised Interest Rate

    Plan Benefits

    Policy Coverage

    Customer Service

    Medical Coverage

    Claim Experience

    Responsiveness

    With owning a bike comes the inevitable insurance policy. And when there’s an insurance policy, there’s a renewal date looming somewhere in the distant horizon. And for some of us, try as we might, that renewal date slips by in a flurry of juggling work, study, meetings, family, friends and myriad other more important events each day. Instead of bemoaning yet another delated insurance renewal, there’s a new kid on the insurance block- multi-year two wheeler insurance, which gives us 2 or 3 whole years before renewal day rolls along.

    So what’s the big deal about multi-year two wheeler insurance? And are there any discernible benefits for a policy that takes away a sizeable chunk of your hard-earned money toward a 3-year premium at one go?

    Besides the obvious lack of having to worry about premium payments for the next 3 years, multi-year two wheeler insurance offers other benefits as well, one of them being freedom from annual hikes in your premium.

    No Claim Bonus Advantage

    Another advantage is with regard to the No Claim Bonus. In insurance parlance, a no claim bonus is one where insurers offer policyholders a discount if they have not made a claim during the policy term.

    No claim bonuses are a feature of both annual as well as multi-year insurance, so what advantage does a multi-year policy offer?

    The No Claim Bonus in a multi-year insurance policy is higher than one offered for an annual policy.

    To better understand the difference, refer to the tables below.

    No Claim Bonus for Single Year Policies:

    Year Bonus (%)
    1st claim-free year 20%
    2nd claim free year 25%
    3rd claim free year 35%
    4th claim-free year 45%
    5th claim-free year 50%

    For single year policies, even a single claim would result in the bonus falling to 0%.

    No Claim Bonus for Multi-Year Policies:

    In the case of multi-year policies, however, the Non Claim Bonus can be availed in spite of filing a claim.

    Insurers allow policyholders to file a claim during the policy term subject to certain terms, as listed below:

    • In case no claims are filed during the policy term, policyholders receive 30-35% discount.
    • If one claim is made in the first policy year but no claims are made in the next two years, policyholders are entitled to 25% discount.
    • If one claim is made in the second policy year but no other claims are made thereafter, policyholders are entitled to 20% discount.
    • If a claim is made in the third policy year or more than one claim is made during the policy tenure, policyholders are not entitled to any discount.

    Other insurance companies provide what is known as an incremental No Claim Bonus discount, which is illustrated through the below table:

    Total Claims No Claim Bonus (in %)
    0 40
    1 30
    2 20
    3 0

    From the above table, we see that filing no claims during the policy period results in a 40% discount, filing 1 claim results in a 30% discount and so forth.

    Insurers have different policies regarding No Claim Bonus discounts which could vary. However, irrespective of the different policies, it is clear that for a multi-year insurance policy, the percentage of discount provided for No Claim Bonus is higher than for single year policies.

    No Claim Bonus Benefits Reviews

  • Page 1 of 50 1 2 3 4 5
    • Iffco Tokio Two Wheeler Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have two wheeler insurance with IFFCO TOKYO from last 6 years, a premium of Rs 1300 has to be paid for this insurance policy. There was no claim experience so far with this insurance policy. I am happy with the policy coverage and plan benefits of this policy.
      Was this review helpful? 0
      , khargone
      Reviewed on Nov 19, 2018
    • HDFC Ergo Two Wheeler Insurance
      "No claim experience with HDFC ergo"
      0.5 4.0/5 "Great!"
      Last two years i have not spoke with the customer care service for any reason. The dealer has provided the policy with HDFC Ergo since i took the loan with them. I pay the premium amount of Rs. 1000 and its renews every year. I have not gone through about the policy details. For past 2 years, i have been renewing the policy with same company.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 17, 2018
    • Oriental Insurance Two Wheeler Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I took a two wheeler insurance with Oriental Insurance. In my company, they have tied up with one agency for the personal and vehicle insurance. I have paid 1400 rupees for a year. The services are good. The process was simple. The policy coverage and the plan benefits.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 17, 2018
    • Royal Sundaram Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My two wheeler is insured with Royal sundaram insurance from last 4-5 years, a premium of Rs 2000 has to be paid for this insurance policy. There was no claim experience so far with this insurance policy. I am happy with the policy coverage and plan benefits of this policy.
      Was this review helpful? 2
      , jaipur
      Reviewed on Nov 16, 2018
    • Reliance General Two Wheeler Insurance
      "Yet to experience the claim"
      0.5 4.0/5 "Great!"
      I have not used the insurance policy so far. I never claimed anything in this policy. I have not spoke with the customer care. My friend has recommended me about the two wheeler insurance policy with Reliance. I pay the premium amount of Rs. 1500 for one year. I renew the policy through onine.
      Was this review helpful? 2
      , bangalore
      Reviewed on Nov 16, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a two wheeler insurance with HDFC Ergo. I got a Passion Pro and Scooty for both the vehicles, I used to renew with HDFC Ergo. The customer service is good. There is no claim experience. The policy coverage and the plan benefits are good. I pay 4,000K yearly for 2 vehicles. The policy period is one year.
      Was this review helpful? 1
      , tiruchirapalli
      Reviewed on Nov 16, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good insurance policy"
      0.5 4.0/5 "Great!"
      When i purchased the vehicle, the dealer has provided the insurance with HDFC Ergo. I have not used any claim with HDFC Ergo. I have not spoke with their customer care. I pay the premium amount through credit cards. Last year i have bought this policy. Since i'm existing customer of HDFC, i have selected my two wheeler policy with HDFC Ergo.
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 16, 2018
    • Reliance General Two Wheeler Insurance
      "Good Policy to use"
      0.5 4.0/5 "Great!"
      My two wheeler insurance policy was taken from Reliance. The dealer was provided the two wheeler insurance policy when i purchased my bike. I have paid a premium amount of Rs. 7000 for two years. The policy covers all the parts of the vehicle. The documentation process was good. According to the bike condition, they have provided 100% coverage value.
      Was this review helpful? 0
      , ahmednagar
      Reviewed on Nov 16, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good"
      0.5 4.0/5 "Great!"
      It is very good and I have a two wheeler insurance with Bajaj Allianz and it was recommended by the showroom person. I have a Honda Activa bike. It is a one year policy. I got the insurance papers on time. There is helpline number to reach the customer support. The premium was paid through cheque.
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 16, 2018
    • New India Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a two wheeler insurance with New India Assurance from last 3 years, i am not aware of the premium amount as my company pays it. There was no claim experience so far with this insurance policy. I am happy with the policy coverage and plan benefits of this policy.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 16, 2018
    • Oriental Insurance Two Wheeler Insurance
      "Claim process is taking more time"
      0.5 4.0/5 "Great!"
      I have purchased the health insurance policy with Oriental. My entire family has been covered in this policy. My organization has provided the policy and they will be managing all the policy details. I never interacted with the oriental customer care services. I had a claim experience with oriental but my company taking care of that when i submitted the documents. Its taking 20 days to get settlement. They have given me a coverage value of Rs. 5 lakhs.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 16, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Best Policy"
      0.5 4.5/5 "Excellent!"
      Using the bajaj Allianz insurnace for my two wheeler for last 2 years. I used to pay the premium of Rs. 1240. They have provided the value of the bike Rs. 38000. They have covered for 70% of the bike value. I never faced any issues with the policy. Because of the lower price, i have selected the policy with Bajaj Allianz.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 16, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have a bike insurance with ICICI Lombard. Its a one year policy. I asked the service provider for an insurance and they was suggest me ICICI Lombard. I have paid 1300 rupees for a year through cash. I have claim experience, they have taken almost 18 months for the reimbursement. I am satisfied with the policy coverage and the plan benefits.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 15, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      The plan is good with Bajaj Allianz insurance company, in terms of coverage value, the insured value around Rs. 47,000 for my Honda Dream yuga bike, its just two years old. I have coverage for loss, damage, accidental. They have many service centers as well.
      Was this review helpful? 3
      , ghaziabad
      Reviewed on Nov 14, 2018
    • 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? 2
      , 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? 2
      , 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? 2
      , 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? 1
      , 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? 1
      , hyderabad
      Reviewed on Nov 12, 2018
    Common Loader Icon
    Page 1 of 50 1 2 3 4 5

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.