Riding a two-wheeler is riskier than being at the controls of a car for obvious reasons. Which is why, in addition to the protective gear one must adorn while riding a two-wheeler, it is also extremely important that all other risks are covered. Ensuring that your two-wheeler is insured at all times mitigates the possible outcome of an unfortunate situation, where the rider, the two-wheeler and any third party is inflicted with harm.
These days, insurance providers offer plenty of choices with great all-round benefits to secure you and your two-wheeler from unforeseen incidents. These different policies available in the market are created to cater to your different needs. Apart from traditional two-wheeler insurance policies that offer cover for a single year, there are also ‘multi-year’ insurance policies available that allow your two-wheeler to be covered for a tenure of more than one year. The main aim of multi-year insurance policies is to keep your life hassle-free since you don’t have to worry about renewing your policy every year. According to the Supreme Court’s order, third party cover for two-wheelers has to be mandatorily purchased for a period of 5 years. However, there are no impositions on comprehensive multi-year two-wheeler insurance. Learn more about the benefits of investing in multi-year comprehensive two-wheeler insurance below.
They’re a great option to consider since they ensure long-term, 360-degree coverage for your two-wheeler against untimely events. Now, there are many multi-year two wheeler insurance policies to look at but one should go for a company that offers 24×7 customer assistance and maximum benefits. What’s even better is that buying a multi-year insurance policy is easier than ever and can be done at the click of a few buttons, from the comfort of your home. However, these are just a few of the many benefits that come packed with multi-insurance two-wheeler policies, let’s take a look at the others!
As human beings, we tend to be forgetful. Given our lifestyle these days, there are more things to remember than we can. This is why multi-year two-wheeler insurance is more convenient as you don thave to worry about renewing your policy every year. What it also means is that one no longer has to sit and compare between policies at the time of renewal or go through similar hassles.
Besides, your two-wheeler is protected 24×7 against damages covered by the policy and since its tenure spans over multiple years, some insurers do not even ask for your two-wheeler to be inspected at the end of each year. Take, for example, Bajaj Allianz, a leading general insurance company in India, that offers multi-year insurance cover for two-wheelers with a host of benefits. Under this policy, you can opt for long term comprehensive two-wheeler coverage of three years, so you don’t have to worry about policy renewals every year. It also offers 24×7 call assistance where you get instant help anywhere around issues related to claim settlement and assistance among other things.
Another great thing about multi-year insurance plans is the flexibility that comes along. A user may choose to purchase either a two-year or a three-year insurance cover for his/her two-wheeler, as per liking and affordability. You can also expand the scope of your policy by including add-on covers. Bajaj Allianz offers add-ons including Roadside Assistance Cover (RSA), Engine Protector, Consumables, and Zero Depreciation, etc, along with its two-wheeler insurance policies, that help provide more coverage to your multi-year two-wheeler insurance policy. Not to forget, the policy offers Motor On-The-Spot feature using which the two-wheeler owner can file a claim right from the accident spot with just their smartphone. The Motor OTS offers on-the-spot settlements and claims up to Rs 10,000 for your two-wheeler.
Multi-year insurance policies are exempt from the Insurance Regulatory and Development Authority of India & (IRDAI) annual premium hikes. For regular single-year policies, this revision translates into a hike in the premium every year the policy is renewed. This benefit in multi-year policies helps save money in the long run as one doesn’t have to spend on increased third party premium rates and service taxes every year. Policy premium can be determined online with the help of a two wheeler insurance premium calculator.
Also, a multi-year policy translates into more two-wheelers plying on the roads which are covered by an insurance policy. This safeguards the rider, other users of the road and the vehicle itself, against damages which are covered by the policy.
A multi-year two-wheeler insurance policy allows up to 50% of no-claim benefits to be transferred when one switches to a new provider from an old one. Moreover, where the no-claim bonus in a single-year two-wheeler insurance policy becomes ‘Nil’ after a single claim, in a multi-year cover, the situation is different. The latter reduces the no-claim bonus, depending on the number of claims made throughout the duration of coverage.
In case of a mid-term cancellation, where there is no provision for a refund in the case of a single-year policy, a multi-year insurance cover has a proportional provision for refund, even after a claim during the policy period for the uninitiated policy years. Also, it offers an additional benefit with NCB at the time of renewal and has no effect in the case of Third-Party premium increase. With Bajaj Allianz, the‘No-claim Bonus Transfer’ lets you earn a bonus for every claim-free year and it gets accumulated over time. You can transfer up to 50% of your No Claim Bonus from any insurance provider.
Considering the aforementioned benefits, a multi-year insurance cover for your two-wheeler is a great investment to protect you and your two-wheeler from unforeseen incidents. A bigger amount as initial premium could make you think twice. However, if you compare a traditional policy’s premium for the next 2 or 3 years and also consider the yearly hike, a multi-year insurance cover will most likely be your natural choice.
Moreover, these also take into account the higher risk involved while riding a two-wheeler and offer benefits like a reduction in NCB in the event of a claim. And the best thing it does is that it takes away the hassle of going through two wheeler insurance renewal each year. This way, you can focus more on enjoying your rides and other important aspects of your life.