Multi-Year Two Wheeler Insurance: Meaning and Benefits
Loving your new bike is only one part of owning it. The second part consists of maintenance and servicing. The third and most essential part is insuring it with a two-wheeler insurance policy. This doesn't end here, and it's a never-ending process. Every year your bike insurance policy will expire, and you have to renew it without failing, or else you'll have to pay a hefty penalty for riding an uninsured bike. This also implies that you should memorize the renewal date so that you don't miss the same. However, it is quite challenging to remember everything when you have such a busy life. Surviving in the flurry of workload, family, studies, and other essential things, the very thought of renewal doesn't even cross your mind. Don't worry; we are here to make it easier for you. Ever heard of multi-year two-wheeler insurance? Let us help you understand the term and several benefits of having a long-term two-wheeler insurance plan-
A multi-year two wheeler insurance or a long-term two wheeler insurance is a policy that provides coverage of up to 3 years to your beloved bike. You can easily buy a multi-year plan online and avail its benefits in no time.
Benefits of a multi-year two wheeler insurance policy-
Saves You from Unnecessary Headaches:
Renewing your bike with a multi-year
two wheeler insurance policy can save you from the hassle of yearly renewals, which is a big headache. A multi-year two wheeler policy keeps you bike protected for the long term.
With a long term two wheeler policy, you get to save big on the premium amount. It is noticed that the premium for a multi-year plan is lesser than that of a one-year policy. Inflation causes premium rates to increase every year by about 10-15%. When you insure your bike for an extended time, you save yourself against any such fluctuation. You get to lock your premium for 3 years and shun the annual cost revision cycle. Additionally, you even get upfront discounts from insurance companies for buying a long-term policy.
Avoid the Risk of Policy Laps:
It's a tedious task to renew an expired bike policy. When a policy lapses, the entire process of inspection and IDV calculation is taken out, this consumes immense time. Also, you might even have to pay a higher amount due to the hike in the premium rates. A multi-year policy, however, removes this risk, thereby allowing you to enjoy the benefits for up to 3 years without any hassles of renewal.
No Claim Bonus:
Do you know that you get rewarded for being a responsible driver? Yes! You get an incentive if you have not made any claims on your policy in the previous year. This incentive is called
No Claim Bonus (NCB). When you get a multi-year plan, you get an NCB of 20% at the time of policy renewal.
Avoid Penalties And Losses:
According to the latest MVA of India, riding on an uninsured bike is an offense. Also, if you face any untoward incident where you need to file a claim, an uninsured policy will prove to be a waste. If traffic police catch you, you might have to pay a hefty fine for your ignorance.
Easy Policy Cancellation:
A long-term bike insurance policy can be canceled anytime you want. There's no hard and fast rule to continue with the policy for the entire tenure. If you think you can get a better plan, you can withdraw from the policy. Also, the insurer will return you the unutilized premium amount. If you want to retain the NCB from your previous plan, then you should buy a new policy before withdrawing from the existing one.
Now that you know that there are several benefits you can get out of a long-term bike insurance policy, you should definitely go for it the next time you renew your bike.