• 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
    • Reliance General Two Wheeler Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      Using the RELIANCE GENERAL INSURANCE to renew my two wheeler insurance policy ,. I renew the policy for the 4th time. I have paid Rs,950 to renew the policy this year. I haven't got any claim experience with this policy, but the policy coverage and the benefits are average with the Reliance.
      Was this review helpful? 0
      , coimbatore
      Reviewed on May 21, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good Service"
      0.5 4.5/5 "Excellent!"
      I have a Bajaj Platina which is insured with the HDFC Ergo insurance. I Never had any claim experience with the policy. I'll have to wait and see how they respond to my claim request in future. I never had any issues with the policy and their services.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 21, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good Service"
      0.5 4.5/5 "Excellent!"
      I've a Bike Insurance with the HDFC Ergo which I bought for my Honda Dio. I never had any claim experience with the policy. I make a payment 1200-1300 per year for this policy and everything is done online for this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 21, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good Service"
      0.5 4.5/5 "Excellent!"
      I've three bike insurances from HDFC Ergo, one of them is for my Royal Enfield Bullet. I never had any claim experience with the policy. I applied for the policy online never had any issues with their services. I'll need to wait and see how they respond to my claim requests in future.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 21, 2018
    • Tata AIG Two Wheeler Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I have my two wheeler insured with TATA AIG from last 1 year, i have not claimed anything so far from this insurance policy. I am happy with the coverage value of this insurance policy. A premium of Rs 5500 has to be paid every year for this insurance policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 21, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Disapponting experience ."
      0.5 1.0/5 "Really Bad"
      I've a Bike insurance with the ICICI Lombard and I am really disappointed with their services. My bike was stolen and they were not willing to process the claim request which was a really bad experience. I won't recommended this policy to anyone.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 21, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I hold a two wheeler insurance with ICICI Lombard from last 6 years, i have not claimed anything so far from this insurance policy. I pay a premium of Rs 1200-1500 for this insurance policy. I am happy with the coverage value of this insurance policy.
      Was this review helpful? 0
      , chennai
      Reviewed on May 20, 2018
    • National Insurance Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with National Insurance and I am holding this for the last 2 years, i have not claimed anything so far from this insurance policy. I pay a premium of Rs 2600 for this insurance policy which has to be paid every year and i am happy with the coverage value of this policy.
      Was this review helpful? 0
      , coimbatore
      Reviewed on May 20, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Better policy to use"
      0.5 5.0/5 "Blown Away!"
      The two Wheeler insurance policy is good to use from the HDFC ERGO. The customer support service and the response is good with the HDFC ergo. They give reminders on time to renew the policy before the due date. I have paid Rs,2000 to renew the policy last time.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on May 18, 2018
    • National Insurance Two Wheeler Insurance
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      The response was quite good from the National Insurance company. I am renewing my two wheeler Insurance policy with the National insurance company for more than 2 years. The customer support service and the response is good from the National insurance policy. I have paid Rs,1000 to renew the policy last year.
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on May 18, 2018
    • Reliance General Two Wheeler Insurance
      "Good policy to use"
      0.5 4.0/5 "Great!"
      I have insured my two wheeler with the RELIANCE GENERAL INSURANCE company and I renew the policy from the Reliance general insurance company got the past 4 years. I have paid Rs.1600 to renew the policy last time. The policy coverage and the benefits are good with this policy.
      Was this review helpful? 0
      , mettur
      Reviewed on May 18, 2018
    • Reliance General Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I hold a two wheeler insurance with Reliance general from last 2 years, i have not claimed anything so far from this insurance policy. I pay a premium of Rs 1200 which has to be renewed every year. I am happy with the coverage value of this insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 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 3-4 years and it is a good insurance policy to use. A premium of Rs 1500 has to be paid every year for this insurance. I have not claimed anything so far from this insurance. I am satisfied with the coverage value of this inurance.
      Was this review helpful? 0
      , chennai
      Reviewed on May 16, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Average policy to use"
      0.5 4.0/5 "Great!"
      Got the two wheeler Insurance policy from the HDFC ERGO around 2 years ago. The reminders are sent on time via text message and calls from the HDFC ergo to renew the policy on time. The plan benefits and he coverage is good from the HDFC ERGO two wheeler insurance policy.
      Was this review helpful? 0
      , kurnool
      Reviewed on May 16, 2018
    • United India Two Wheeler Insurance
      " UNITED INDIA two wheeler insurance"
      0.5 4.0/5 "Great!"
      From UNITED INDIA INSURANCE i have taken a two wheeler insurance. The yearly premium is for 5000. This policy have the benefit of accidental coverage.There is no claim experience.The customer service and response with them was good.
      Was this review helpful? 0
      , surat
      Reviewed on May 16, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I have been using the two wheeler insurance with HDFC ERGO since last 2 years and this insurance policy was given to me from the bike showroom during the purchase of my bike. I changed to a different insurance provider because of the ease payments. I never had any claim experience with them.
      Was this review helpful? 0
      , chennai
      Reviewed on May 16, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I got bike insurance from the showroom which was from a different company. I bough the ICICI Lombard because it was convenient for me. Their branch is near to my home and it is easy to make payments. I never had any claim experience with this policy. .
      Was this review helpful? 0
      , chennai
      Reviewed on May 16, 2018
    • United India Two Wheeler Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      My Bike insurance is with the United India Insurance company. I pay a premium of 1300 per year. I never had any claim experience with the policy. Overall their services are good and there are no commendable features associated with this insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 15, 2018
    • New India Two Wheeler Insurance
      "Two Wheeler Insurance from New India"
      0.5 5.0/5 "Blown Away!"
      I have taken a two wheeler insurance with NEW INDIA ASSURANCE and the policy just covers the third part coverage and the accidental coverage for the rider. Every year i have to renew the policy. There is no claim experience.
      Was this review helpful? 0
      , roorkee
      Reviewed on May 15, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I am having a two wheeler insurance with HDFC ERGO from last 2 years, a premium of more than Rs 1000 has to be paid every year for this insurance policy. I have not claimed so far from this insurance policy. I am happy with the coverage value of this insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 15, 2018
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