Owning a new bike involves:
- Maintaining and servicing
- Buying motorcycle insurance
Your bike insurance policy will lapse yearly. You must renew it without fail to avoid paying a steep fine for riding an uninsured bike. It implies you should commit the renewal date to memory to avoid forgetting it. With such a hectic schedule, remembering everything can be very difficult.
Don’t worry; ever heard of two-wheeler insurance for multiple years? Let us explain the duration and several advantages of a long-term two-wheeler insurance plan.
A policy that offers coverage for your beloved bike for up to 3 years is known as long-term or multi-year two-wheeler insurance. A multi-year plan is simple to purchase online, and you can quickly enjoy its benefits.
Advantages of a multi-year motorbike insurance policy :
It saves you from needless anxiety
When you buy motorcycle insurance with a multi-year two-wheeler insurance policy, you can avoid the troublesome annual renewal process. A multi-year two-wheeler policy provides long-term protection for your bike.
Reduced premium
You can save much on the premium cost when purchasing a long-term two-wheeler policy. It has been observed that a multi-year plan has a lower premium than a one-year policy. Each year, premium rates rise by 10% to 15% due to inflation. You protect yourself from any such fluctuation by purchasing long-term bike insurance. You could forego the annual cost revision cycle and have your premium locked in for three years. In addition, insurance companies will give you upfront concessions if you purchase a long-term policy.##
Reduce the chance of policy gaps
A bike insurance renewal is a laborious process. When a policy expires, the entire inspection and IDV calculation process must be repeated, which takes much time. Due to the increase in premium rates, you may be required to pay more. However, a multi-year policy eliminates this risk, allowing you to make the most of the benefits for up to three years and worrying about renewal. You can get multi-year bike insurance from the Bajaj two-wheeler insurance app.
Unclaimed bonus
You would receive a reward if you had no insurance claims in the previous year. This reward is known as a No Claim Bonus (NCB). When you purchase a multi-year plan, you will receive a 20% NCB when your policy is renewed.*
Avoid losses and penalties
The most recent MVA of India declares it illegal to ride an uninsured motorbike. Additionally, having an uninsured policy will be useless if you experience unfortunate events requiring you to file a claim. If traffic police stop you, you might be subject to a sizable fine for your indiscretion.
Simple policy cancellation
You could cancel a long-term bike insurance policy whenever you want. You may opt out of the policy if you find a better one. The insurer will also reimburse you for any unused premium money. Before withdrawing from your current policy, you should purchase a new one from a two-wheeler insurance app to keep the NCB from your previous plan.*
Get insured anytime, anywhere! Check out Bajaj Allianz General Insurance website to learn more and download the app now.
* Standard T&C Apply
## All savings are provided by the insurer per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
