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

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  • Bajaj Allianz Two Wheeler Insurance
    "Need to reduce the premium"
    0.5 4.0/5 "Great!"
    My two wheeler insurance is with Bajaj Allianz because mine is Bajaj bike so it will be easier for claim and also lot of showrooms included. I got the insurance paper. The claim process was average, the amount was not fully refunded. Also the process was lengthy. I have paid the premium of Rs.2000 for one year. It is a first party insurance. I felt the premium is quite high.
    Was this review helpful? 2
    , hyderabad
    Reviewed on Jan 18, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "Average"
    0.5 3.0/5 "Satisfactory"
    I took my two wheeler insurance from Bajaj Allianz last year. It was suggested by my friend because he is working. I have paid approx 1000 rupees to purchase the policy. I never had a customer service experience and no claim. The benefits are good and its a third party insurance.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 18, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Not recommendable policy"
    0.5 3.0/5 "Satisfactory"
    My two wheeler insurance was taken from ICICI Lombard. I have applied the claim from with ICICI Lombard but they have not given proper response. They have not processed the claim also. Since because of the lowest premium, i have opted this policy. The service is not upto the mark.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 18, 2019
  • Bharti Axa Two Wheeler Insurance
    "Excellent Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy a long back and the premium has been paying annually. The premium amount has not been too high and the payment method has also been convenient. I had not made any claims so far and it has been a good policy for others as well.
    Was this review helpful? 1
    , navi mumbai
    Reviewed on Jan 18, 2019
  • New India Two Wheeler Insurance
    "Good Insurance company"
    0.5 4.0/5 "Great!"
    They are good in all service, without approach them they are providing good service. New India premium is economical, I paid the premium around Rs 7000 for three years. They gave me the third party cover, cash less service. They got tie up with many experience the agents are good.
    Was this review helpful? 1
    , chennai
    Reviewed on Jan 18, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "Premium should be economical for the renewal"
    0.5 4.0/5 "Great!"
    Whenever there is a issue, I can reimburse with Bajaj Allianz its good than other company. One time I claimed, they gave me cash less service the premium is lesser than others then I changed it. The renewal option is good but they show more premium when I go for renewal.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 17, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy almost four years back and i am paying the premium annually. The premium amount has not been high and the payment method has been simple. There has not been any claims made so far and the services which they had offered so far was good.
    Was this review helpful? 1
    , chennai
    Reviewed on Jan 17, 2019
  • HDFC Ergo Two Wheeler Insurance
    "Good for two wheeler"
    0.5 4.0/5 "Great!"
    My policy belongs to HDFC Ergo, its a premium policy for one year the insured value is fine for me Rs. 97,000, I have the KTM Duke bike its good, I took first party insurance with HDFC Ergo, I really not interacted with them for any policy queries.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • 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? 2
    , 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? 1
    , 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? 2
    , 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? 2
    , 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? 3
    , 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
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