Insurance is like a spare tyre. You may not require it, but not having one is not an option.
  • Reasons You Should Consider A Long-Term Two Wheeler Insurance Policy

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    Insuring your two-wheeler is an inevitable part of owning a bike or a scooter. When you purchase a bike insurance policy offline or online, you are supposed to remember the date of policy renewal. But many times, it becomes a difficult task to remember the date and renew insurance policy every year before the due date. We tend to forget such important things in the daily hustles and bustles of life. Driving in absence of a valid two-wheeler insurance policy is an offence in India and may have legal implications. Also, it’s not an intelligent thing to do especially considering the risks that prevail on the Indian roads.

    Why Riding Without An Active Insurance Is Not Safe

    If we look at it from a statutory point of view, getting your two-wheeler insured is compulsory as per the Motor Vehicles Act of 1988. Riding without a valid bike insurance policy may result in an imprisonment up to 3 months or attract a penalty of up to Rs.1000 or both.

    As per the 2015-16 findings of General Insurance Council (GIC), there are over 19 crore registered two-wheelers in the country, of which about 60% vehicle owners are riding without an insurance. It is also to be noted that two-wheelers are involved in most number of accidents that take place on the Indian roads.

    The findings by the GIC ring a warning bell as millions of bike and scooter owners are riding without any coverage to provide them with a cushion in unfortunate circumstances that may result in damage to them or their vehicles. If we look at the main reason why people do not pay enough attention to get their two-wheelers insured is the complex process involved in the purchase and renewal of the policy. The conventional offline method may involve complicated paperwork and vehicle inspection amongst other challenges that people do not like to deal with.

    How Can A Multi-Year Motorcycle Insurance Policy Help

    A large number of people see two-wheeler insurance as a waste of money as they rarely make use of it. What they fail to realise is that some events can be out of their control and that prevention is always better than cure.

    After considering the reasons for non-compliance, the Insurance Regulatory and Development Authority of India (IRDAI) allowed motor insurance companies to offer long-term insurance policies for up to three years to encourage vehicle owners to buy and renew their insurance policies on time. A multi-year policy can save you from memorising the renewal date and renewing your policy every year. Also, if you buy a motorcycle insurance policy online, the challenges involved can be minimal and you can get done with the whole process in a few minutes.

    A long-term bike insurance policy can have several benefits for the insured. Some of which are listed below:

    No Need To Renew The Policy Every Year:

    The worst part about an annual insurance policy is that you need to renew the policy every year. Now opting for a long-term insurance policy for 3 years can save you from this headache and you can be covered while riding for a longer term without worrying about policy renewal.

    Lower Premium

    If you buy a multi-year bike insurance policy, you may have to pay a lesser per year premium as compared to an annual insurance policy. Also, it provides the insured with an immunity against inflation which may result in the increase in premium rate. Generally, the premium rate rises by about 10%-15% every year. You can lock your premium for a longer period by purchasing a 2-3 year insurance policy to avoid the annual premium revision cycle. Also, you may also avail certain discount from the insurance companies if you opt for a long-term scooter insurance policy.

    Avoid The Risk of Policy Lapse

    Renewal of a lapsed motor insurance policy is a complicated task you may want to avoid. At the time of renewal, the policyholder is supposed to obtain a new insured declared value (IDV) and which is determined after inspection of the vehicle. The whole process may consume significant time and you may be required to pay a higher value due to rise in the premium rate. A long-term bike insurance policy can save you from the risk of policy lapse and you can ride without any worries for straight 3 years.

    Avail No Claim Bonus

    No Claim Bonus (NCB) is a discount offered by the insurance companies to policyholders if there were no claims made by them in the preceding year. It is a reward that the insurance companies offer to the insured for adopting safe riding practices. In a long-term two-wheeler insurance policy, if you receive an NCB of 20% while renewing the policy, the NCB will be applied for all the subsequent years till the policy is valid.

    Avoid Penalties And Fines - Riding in absence of a valid bike insurance policy is a punishable offence in India. Also, an expired policy may act as a hindrance if you ever need to file a claim. A long-term policy can save you from such situations and help you avoid paying hefty fines to traffic cops if caught.

    Easy Policy Cancellation: You may withdraw from a long-term motor insurance policy anytime and the insurance company will refund the unutilized premium amount to you. This is subject to a condition that you should have a new policy before withdrawing from the existing one. You can also retain the No Claim Bonus from your old policy.

    Drawbacks of Multi-Year Insurance Policy

    While a long-term motor insurance holder is immune to the rise in premium rates resulting from inflation, they cannot take benefits of any deflation in the premium rates as they would have already paid the premiums. Also, if they sell off their vehicles, they might have to bear a certain amount of loss.

    Conclusion

    A long-term motorcycle insurance policy brings to you numerous benefits. The possibility of deflation in premium rate is rare and it is not something to worry about. If you are not planning to sell your vehicle anytime soon, a multi-year bike insurance policy can be the best thing you can invest in to ride your two-wheeler with confidence.

    Reasons You Should Consider A Long-Term Two Wheeler Insurance Policy Reviews

  • Page 1 of 50 1 2 3 4 5
    • Oriental Insurance Two Wheeler Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the Bike Insurance policy with the Oriental Insurance Company. I am paying a premium of 2000, the policy covers the entire bike. I do not have any claim experience with the policy either. So far it has been a good experience with their services.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 17, 2018
    • National Insurance Two Wheeler Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a health insurance policy with National Insurance from last 15 years, it is a family health policy with the coverage value of Rs 3 lakhs. I have not claimed anything so far from this insurance policy. I am not aware of the premium amount as the company pays it.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jul 17, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a bike insurance policy with the Bajaj Allianz. I am paying a premium 1200 per year. The policy covers the entire bike. I never had any claim experience with the policy. I'll have to wait and see how they respond to my claim requests in future.
      Was this review helpful? 1
      , kolkata
      Reviewed on Jul 16, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with HDFC ERGO from last 6 years, i am happy with the coverage value of this insurance policy. I pay a premium of Rs 1200 for this insurance policy. I have not claimed anything so far from this insurance policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 16, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My two wheeler insurance is with Bajaj Allianz from last 9 months, i am happy with the coverage value of this insurance policy. A premium of Rs 3000 has to be paid for this insurance policy. I have not claimed anything so far from this insurance policy.
      Was this review helpful? 4
      , kolkata
      Reviewed on Jul 13, 2018
    • Reliance General Two Wheeler Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      My bike is insured the Reliance General insurance. I have paid a premium of 4000 for three years, I do not have any claim experience and the policy covers the entire bike. So far it has been a hassle free experience with the policy and I'll have to wait and evaluate their services in future.
      Was this review helpful? 2
      , kochi
      Reviewed on Jul 13, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I was using the Bajaj Allianz bike insurance policy initially. The policy was very good, It was approaching maturity and I changed to a different provider. I do have a claim experience with the policy. The claim process was seamless and hassle free. It is a recommendable bike insurance provider.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 12, 2018
    • Reliance General Two Wheeler Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      My bike is insured with the Reliance general Insurance. I am paying a premium of 1500 year, the policy covers only metal parts. I do not have any claim experience with the policy and so far it has been a smooth experience. I'll have to wait and see about their approach in case if I will have any claims in future.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 12, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with Bajaj Allianz from last 1.5 years, i am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance policy. I am not aware of the premium amount but i am satisfied with the plan benefits of this policy.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 11, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with ICICI lombard from last 8-9 years, i am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance policy. I pay a premium of Rs 1200 for this insurance policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jul 10, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      My bike is insured with the ICICI Lombard General Insurance. I pay a premium of 1600 annually. The the policy covers entire bike. I do not have any claim experience with this policy either. So far it has been a smooth experience with their services.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 10, 2018
    • New India Two Wheeler Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      My bike is insured with the New India Insurance company. I pay a premium of 1200 per year, I do not have any claim experience so far and The policy covers the entire bike. I make payments online. Overall it has been a good experience so far.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 10, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Average Policy"
      0.5 1.0/5 "Really Bad"
      I have taken two wheeler insurance from Icici Lombard general insurance . Am satisfied with the premium amount what am paying . I made the payment through on-line for one year. Its an average policy wont be recommending . Their customer service and response is not up to the mark.
      Was this review helpful? 0
      , greater noida
      Reviewed on Jul 10, 2018
    • United India Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold a two wheeler insurance with United India Insurance from last 7 years, i pay a premium of approx Rs 800 for this insurance policy and it has to be renewed every year. I have no claim experience so far from this insurance policy and i am happy with the coverage value.
      Was this review helpful? 1
      , guwahati
      Reviewed on Jul 09, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "The Service needs Improvements"
      0.5 2.5/5 "Just OK"
      I've a bike insurance policy with the Bajaj Allianz for which I pay a premium of 1600 per year. I got accident, no service was provided. I am not at all happy with their services. Overall they need to be more customer oriented and provide proper assistance to their customers.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 06, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with ICICI lombard from last 5 years and it is a good policy to use. I have no claim experience so far from this insurance policy. I pay a premium of Rs 850 which has to be paid every year and the coverage value is good in this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 06, 2018
    • Tata AIG Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with TATA AIG from last 2 years, i am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance policy. I paid a premium of Rs 3000 for 3 years at once for this insurance policy.
      Was this review helpful? 1
      , pune
      Reviewed on Jul 06, 2018
    • Oriental Insurance Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a two wheeler insurance policy with Oriental Insurance from last 2-3 years, i am happy with the coverage value of this insurance policy. A premium of Rs 1300 has to be paid every year for this insurance policy. I have not claimed anything so far from this insurance policy.
      Was this review helpful? 0
      , karad
      Reviewed on Jul 05, 2018
    • Reliance General Two Wheeler Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I am having a two wheeler insurance policy with Reliance from last 12 years, i am happy with the coverage value of this insurance policy. I have claimed it once and my experience was good. A premium of Rs 900 has to be paid every year for this two wheeler insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 05, 2018
    • Reliance General Two Wheeler Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      My bike is insured with the Reliance general Insurance. It Covers the metal parts. I do not have any claim experience with the policy. I sometimes makes payment online and sometimes visit the branches. So far there hasn't been any issues with their services.
      Was this review helpful? 0
      , chennai
      Reviewed on Jul 04, 2018
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