Multi-Year Two Wheeler Comprehensive Insurance

What is a Multi-Year/Long term Two Wheeler Comprehensive Insurance?

It is an insurance policy to cover your vehicle against potential risks of theft, accidental damage, third party liability and others from one to three years’ period through a single policy document.

 

What are my benefits on multi-year policy?

You shall have following benefits:

  • Convenience of insurance, protection for long term- one to three years
  • Longer policy duration means “No worry for annual renewals”
  • NCB protection during policy period irrespective of claim status of your vehicle
  • Savings on third party premium which gets fixed today for full policy period

 

How do I buy multiyear two wheeler insurance policy?

  • Fill-in your vehicle details and calculate premium
  • Our system will give you option to buy single year, two-year and three-year policy period
  • Select the desired option and proceed to buy policy
  • Make payment online by using your Credit Card or debit card or online bank account or Paytm Wallet

 

My existing policy has expired! What to do?

Do not worry, you can renew your 2-wheeler insurance policy without any inspection even if it is lapsed. Simply Click here and follow instructions online to buy policy in a few minutes, that too without any documentation requirement

 

What is a No Claim Bonus (NCB)?

Quite simply, it's a discount in the Own Damage premium payable when renewing your policy after a claim-free year. It is an incentive for driving carefully and avoiding accidents.

All types of Vehicles

NCB% on own damage premium for one-year policy

No claim made or pending during the preceding full year of insurance

20%

   

No claim made or pending during the preceding 2 consecutive years of insurance

25%

No claim made or pending during the preceding 3 consecutive years of insurance

35%

No claim made or pending during the preceding 4 consecutive years of insurance

45%

No claim made or pending during the preceding 5 consecutive years of insurance

50%

 

What is applicable higher discount on multi-year policies?

Basis your NCB status as on date of buying policy with us, we will offer you following discounts

NCB \Policy Year

Max. Disc. On Annual Policy Premium for Long Term Cover

2nd Year Premium

3rd Year Premium

0%

33%

38%

20%

40%

45%

25%

45%

50%

35%

55%

60%

45%

65%

65%

50%

65%

65%

55%

65%

65%

65%

65%

65%

 

What is IDV (Insured Declared Value)?

The Insured Declared Value (IDV) of the vehicle will be deemed to be the ‘SUM INSURED’ and it will be fixed at the commencement of each policy period for each insured vehicle.

The IDV of the vehicle is to be fixed on the basis of manufacturer’s listed selling price of the brand and model as the vehicle proposed for insurance at the commencement of insurance /renewal and adjusted for depreciation (as per schedule specified below). The IDV of the side car(s) and / or accessories, if any, fitted to the vehicle but not included in the manufacturer’s listed selling price of the vehicle is also likewise to be fixed.

AGE OF THE VEHICLE

% OF DEPRECIATION FOR FIXING IDV

Not exceeding 6 months

5%

   

Exceeding 6 months but not exceeding 1 year

15%

Exceeding 1 year but not exceeding 2 years

20%

Exceeding 2 years but not exceeding 3 years

30%

Exceeding 3 years but not exceeding 4 years

40%

Exceeding 4 years but not exceeding 5 years

50%

 

How do I make changes in my policy?

Simply call our toll-free helpline 18004197151 (Partners), 18001087152 (Customers) and we'll guide you. All changes require a confirmation in writing from you and some may involve payment of an additional premium. The changes will be carried out within 5 working days of receiving your written request and cheque for the additional premium, if applicable.

 

Why do I need to insure my vehicle?

Two Wheeler Insurance policy helps in protecting your asset and coping with the financial loss that may be caused due to accident, damage or even theft. Also, when you are on a move, you are responsible for the safety of yourself, your pillion passenger, pedestrians and other people's property. Insurance helps in covering the costs of potential damages/losses/injuries

 

What are factors that determine the premium of my vehicle?

The premium of your vehicle depends upon the following factors: -

  • Age of the vehicle
  • IDV or sum insured
  • Place of vehicle registration
  • Vehicle type
  • Policy tenure
  • No claim bonus

 

What will happen when I sell my two wheeler to someone else?

If you sell your scooter/motorcycle to someone else, this two wheeler insurance can be transferred in the name of the buyer. The buyer has to apply for transfer of insurance with the Insurer within a specific period of time from the date of transfer of vehicle in his/her name.

 

What are the steps to initiate a claim settlement?

Always keep a copy of policy/cover note, Car Registration Copy (RC) & driving License Copy (person driving the vehicle) in the vehicle during journey as they are required during claim intimation. The steps for it are:

  • Register your claim immediately with the insurer on the toll-free number provided on your policy and receive your claim number
  • Ask help from the call center to guide you to nearest cashless garage or request for help with Towing /ambulance services (if required)
  • File an FIR at the nearest police station in case of property damage, bodily injury, theft or major damages.
  • Get a repair estimate, fill up the claim form & attach the necessary documents, and send them on to the insurer for your claim settlement.

 

What details do I need to provide for a claim settlement?

For a prompt claim settlement, you need to fill our claim form and provide us the following information:

  • Contact number
  • Policy number
  • Registration details/RC Copy
  • Driver's details at the time of accident including driving license number
  • FIR on case-to-case basis
  • Repair estimates