If you own a two-wheeler, you have to purchase at least third-party insurance for the bike. This is mandatory for all bike owners as per the Motor Vehicles Act, 1988. Despite the regulation, around 75% of bike owners drive without having a policy at all.
While some simply think that insurance is not a necessity and do not want to invest much into bike insurance online, most people fail to stay covered due to difficulties remembering renewal dates. It is illegal to drive a vehicle without a motor insurance policy. Therefore, it is very important to have an insurance policy for your vehicle. A multi-year policy can help you with staying insured and avoid problems with renewals.
What is a multi-year bike insurance policy?
Traditional types of two-wheeler insurance policies are designed to cover your vehicle for one policy year. After one-year you have to renew the policy again to continue enjoying the coverage of the policy. However, multi-year insurance policies can cover your bike for your up to five consecutive years. This means that for up to 5 years, you will not have to worry about renewals. With a multi-year bike insurance policy, there would not be a need to renew your plan annually. Your coverage will continue until the longer term expires. * Standard T&C Apply
Advantages of multi-year bike insurance
A multi-year bike insurance policy essentially differs from the single year policy on the basis of convenience. Renewing your policy each year can be a lot of work. A multi-year policy protects you from the need to renew your insurance policy every year. Hence, it removes a part of bike insurance that can make managing it a hassle. For example, remembering exact dates for renewal can be very challenging. Even if you do, there is no guarantee that you can manage to renew it on time. There are multiple obstacles that can make renewal an even bigger hassle than you expect. Hence, the biggest benefit of buy a multi-year policy is that you get to enjoy a great deal of convenience. * Standard T&C Apply
- Saves you from legal troubles
Under the Motor Vehicles Act, 1988, driving a two-wheeler without a valid insurance policy is punishable by law. Most importantly, if your two-wheeler is involved in an accident and you do not have bike insurance, you will find yourself in a dire financial situation. You will have to pay a fine for not having a valid policy. Adding to that, you will have to cover all the legal and financial liabilities of the accident towards the third-party involved.
It is a real possibility that you might not have a valid policy in a such a situation. This is because you might miss two wheeler insurance renewal. After you miss renewal, your policy is considered lapsed and lapsed policy is not considered valid coverage. Having a multi-year policy eliminates this possibility. * Standard T&C Apply
The latest amendment in rules allow you to purchase third party bike insurance by way of multi-year plans. Any new comprehensive policy that is being sold is offered only on annual basis. To sum it all up, a multi-year bike insurance policy makes sure that your policy acts as a cushion in the case of any accident or mishap and not turn into another headache you have to deal with. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.