It can be quite frustrating to keep track of renewal date of your two-wheeler insurance annually. Who would want their policy to lapse and lead to heavy penalties in the process? To deal with such situations, many insurance companies provide multi-year insurance for two-wheelers that offer coverage for a maximum of three years.
Due to such policies, policyholders need not renew their insurance contract every year because they already obtain a policy certificate for utmost three years of coverage. The IRDAI has allowed the introduction of such long-term cover for combatting non-renewal linked to two-wheeler insurance. In other terms, the facility is provided to encourage two-wheeler owners for purchasing the essential third-party cover. While purchasing a bike policy of longer-term is not essential, it does give one a number of benefit that makes it a prudent choice of investment.
A multi-year two wheeler insurance policy offers a range of great advantages including significant discounts in premium and protection from annual increases in your vehicle’s insurance policy. Let’s look at these advantages in detail.
Multi-Year Insurance – Benefits
Third-Party Liability Cover:
\The particular insurance plan provides coverage against the damages along with losses experienced by a third party if your vehicle meets with an accident with the other party.
Personal Accident Cover for Driver or Owner:
In the situation of total disability or death resulting by accident made by personal vehicle, the driver or owner will be provided with compensation up to a specific amount in the form of personal accident cover.
Aside from third-party liability, a number of reputed insurers provide coverage from own-damage that gives protection to your personal vehicle theft or accidental losses and damages incurred by natural as well as man-made disasters. Popularly known as comprehensive cover, this type of coverage is ideal for optimum level of protection.
Co-passengers can avail the Personal Accident Cover as well:
By paying a bit additional in the premium, you can also extend protection to the co-passengers or pillion riders.
Quick Policy Issuance Online:
You do not need to experience hassle related to paperwork. With online mode, documentation as well as issuance process, can be performed online. You will obtain one policy document for entire three years.
No need to remember due dates:
A policy that goes beyond its due date without renewal faces a lapse in the insurance validity. This usually happens when the policyholder fails to renew the policy on time, simply because he forgot the renewal date. Now, with a 3-year tenure, he needs to remember the date just once every three years. This prevents any issue of policy lapsing due to not remembering the due dates.
You can avail Cashless Claims at Specific Partner Garages:
Making a budget for bike repairs and the overall waiting period of claim reimbursement might be annoying for you. However, some reputed multiyear two-wheeler insurers enable you to make cashless claims easily at particularly authorized network garages.
You can Port Your Two-Wheeler Insurance from One Insurance Company to another:
After the completion of your policy term that might be involved with three years of multi-year insurance of Two-Wheeler, you can port your particular insurance policy from one insurer to another.
Multi-Year Policy Benefits
Some of the benefits provided by multi-year policy cover are as follows:
- A policyholder can save the premium upfront of up to 20–40%.
- It removes the hassle involved with yearly renewal.
- It provides a long-term
- You can easily cancel or terminate the policy.
- Insurance companies provide amazing discounts to the multi-year two wheeler insurance
In a nutshell, multi-year insurance cover for two-wheelers is very beneficial. It lets you enjoy the “pay once, forget for three years” convenience along with protection from premium hikes during the tenure.