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What is Long-Term Two-Wheeler Insurance

Long-term two-wheeler insurance is a plan that safeguards your vehicle against unfortunate mishaps for 3 years. One of the key benefits of opting for a long-term bike insurance plan is the continued coverage for up to 3 years. You can be worry-free about forgetting your renewal date and having to renew your motor insurance plan year after year.

Many policyholders tend to forget to renew their bike insurance on time as they find it difficult to remember the date of policy expiry. Long-term two-wheeler insurance helps you save time and is a more convenient option when compared to single-year insurance plans.

Why Opt for Long-Term Two-Wheeler Insurance?

Long-term two-wheeler insurance saves time and eliminates the hassle of regular renewals with one-time premium payments. It is beneficial for individuals who are not planning to exchange or purchase a new vehicle. Apart from discounts and No-Claim Bonus points, the policyholders enjoy various advantages like break-in policy facility, budget-friendly premium amounts, etc. in comparison to short-term two-wheeler insurance plans.

Types of Multi-Year Two-Wheeler Insurance

  • Long-Term Third-Party Cover - The long-term third-party insurance plan offers financial security against third-party liabilities for the damages /loss caused for up to 3 years. The policyholder must purchase third-party liability insurance as per the Motor Vehicles Act of 1988.  The insurance plan covers property damages, treatment for minor injuries, etc apart from compensation for the death of the third party.

  • Private Car Bundled Cover - This category of long-term two-wheeler insurance offers comprehensive coverage including damages or loss caused due to natural or man-made calamities, accidental damages, theft, third-party liabilities, etc. The policyholders can include various add-on features in the insurance plan and customise it as per their comfort.

Benefits of Long-Term Two-Wheeler Insurance

  • No Worries About Non-Renewal - 

Forgetting to renew your vehicle insurance comes with legal as well as financial consequences. In the event you are caught without a valid insurance policy, you shall be fined a hefty penalty. Furthermore, any damage incurred during this period will not be covered under your policy. But long-term bike insurance online clears such worries with continuous coverage for up to 3 years!

  • Break-in Policy - 

If you want to renew your bike insurance plan that has expired, your vehicle will need to undergo inspection. Such plans are called break-in policies. Renewing an expired plan can lead to a higher insurance premium which isn’t ideal. So, you can opt for a longer policy term to avoid any breaks in your insurance plan.

  • Lapse in No Claim Bonus - 

You must already know that the No Claim Bonus (NCB) allows you to enjoy a lower renewal premium rate. However, you can't risk losing the earned reward by failing to opt for timely renewals. With the help of long-term two-wheeler insurance, you can have peace of mind when it comes to the NCB reward.

  • Lower Premium Quotes - 

Insurance providers offer lucrative premium quotes for long-term two-wheeler insurance. This not only enables you to avoid yearly renewals but also make significant savings towards your insurance plan!

Coverage of Multi-Year Two-Wheeler Insurance

Let’s understand the inclusions and exclusions of long-term 2-wheeler insurance that you can avail -

  • Inclusions of Long-Term Bike Insurance

  • Damage to third-party property

  • Theft of bike

  • Bodily injuries sustained by the third party or death of the victim

  • Accidental damage

  • Natural calamities

  • Man-made disasters

  • Personal accident

Exclusions of Long-Term Bike Insurance

  • Any natural wear and tear or ageing of the vehicle

  • Mechanical or electric breakdown incurred by the bike

  • Damage resulting from riding under the influence of intoxicants

  • Loss incurred while riding the two-wheeler without a valid driver’s licence

  • Any damage caused while using the vehicle for other purposes than mentioned in the policy

How to Buy Long Term Two-Wheeler Insurance at Bajaj Markets

Customers can purchase long-term two-wheeler insurance plan online via Bajaj Markets to save time and enjoy a hassle-free experience. Follow these quick and simple steps mentioned below -

  • Download the Bajaj Markets app or visit the official portal of Bajaj Markets

  • Login to the account using credentials

  • Under the ‘Insurance’ option, select the ‘ two-wheeler’ tab

  • Click on ‘Apply now’

  • Fill out all the details in the insurance application form and attach all mandatory documents

  • Select the tenure and proceed with the premium payment

  • Once the premium payment is completed, your policy details will be shared on your registered contact details.

What Are the Factors Affecting My Long-Term Bike Insurance Premium?

Various factors affect long-term two-wheeler insurance premiums -

  • IDV - 

Insured Declared Value is the market value of the vehicle declared by the policyholder during policy purchase. IDV helps the insurance company to determine the premium amount as per the risks involved.

  • Cubic Capacity - 

The cubic capacity of the two-wheeler influences the engine performance and power quality. Insurance companies consider a vehicle’s cc to evaluate the performance quality of the vehicle.

  • Registration Place - 

Metro cities are considered Zone A, while the rest are considered Zone B. The premium amount is comparatively higher in metro cities than in any urban and rural cities.

  • Vehicle’ Age - 

The vehicle's age is also important, as old vehicles are more susceptible to servicing and damages.

  • Vehicle’s Modification -

 Any modification or adjustment in the vehicle made by the vehicle owner also influences the policy premium amount.

  • No-Claim Bonus - 

The policyholder earns the No-Claim Bonus points in the case, they haven’t made any claims in a year which are redeemable in the form of premium discounts.

  • Insurance Plan –

 The insurance plan and add-on perks curated by the policyholder in the insurance plan, determines the premium amount.

Advantages of a Long Term Two-Wheeler Insurance

Long-term two-wheeler insurance offers a wide variety of advantages to its policyholders -

  • Eliminates the Hassle of Renewal -

 The constant struggle and hassle of renewing the short-term insurance plan sometimes leads to the expiry of the plan. In such a situation, if something unfortunate happens to the vehicle during the grace period, the vehicle owner has to pay for damages/ loss from their end.

  • Cost-Effective -

 Long-term two-wheeler insurance has budget-friendly premiums in comparison to the short-term insurance plan.

  • Constant IDV - 

Policyholders have to declare IDV upon every policy renewal while considering the depreciation So when an individual purchases a short-term insurance plan, the IDV decreases upon every policy renewal, whereas in a long-term two-wheeler insurance plan, the IDV is constant for the entire policy tenure.

  • Constant Premium - 

Insurance companies hike premium amounts every time on policy renewal, but in the case of long-term two-wheeler insurance plans, the insurance companies do not hike premium amounts throughout the tenure.

  • No-Claim Bonus - 

The No-Claim Bonus points earned by the policyholders during the insurance plan tenure can be redeemed as premium discounts in long-term two-wheeler insurance plans.

What is the Premium for Long-Term Bike Insurance

Third-party two-wheeler insurance premium for a tenure of 3 years is supposed to be 3 times the annual premium for a third-party plan and must be paid at once? The premium cannot be revised during the 3 years, whatsoever. Furthermore, the standalone third-party cover cannot be cancelled except in the case of a total loss, wherein the full premium for the unexpired years will be refunded.

The long-term two-wheeler package policy is beneficial for policyholders as they are free from renewing third-party insurance every year. Fixed premium throughout the policy period saves customers from the annual rate hike. Many companies provide great offers on the purchase of long-term two-wheeler insurance online along with other perks.

Difference Between Long-Term Two-Wheeler Insurance & Short-Term Insurance

Parameters

Long-Term Bike Insurance

Single-Term Bike Insurance

Coverage Term

The policy period is for 2-3 years.

The policy period is for 1-year.

Renewal Frequency

As long-term bike insurance has a longer tenure, you don't have to renew the plan annually.

Short-term bike insurance has to be renewed every year.

Impact of Premium Hikes

Third-party premiums of long-term bike insurance experience no impact.

The third-party premium for short-term plans shall be impacted and may increase.

Refund for Mid-Term Cancellation

A proportional refund facility for uninitiated policy terms is available even after making a claim.

No refund facility is available if you have made a claim.

No Claim Bonus

Additional NCB reward is provided during policy renewal.

NCB reward is available as per tariff.

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FAQs on Long-Term Bike Insurance

✔️What is long-term two-wheeler insurance?

Long-term two-wheeler insurance plans are those insurance plans where the policy tenure is  3 years eliminating the hassle of annual policy renewal.

✔️What are the benefits of buying long-term two-wheeler insurance?

Some of the benefits of purchasing a long-term two-wheeler insurance plan -

  • Low Premium Amounts

  • No-Claim Bonus Benefits

  • Break-in Policy

  • No Hassle for Policy Renewal

  • Discounts on Premium

✔️What types of bike insurance plans are available in India?

There are two types of bike insurance available in the market -

  • Third-Party Bike Insurance - Only covers third-party liabilities and is mandated by law.

  • Comprehensive Bike Insurance - Along with coverage for third-party liabilities, it covers damage incurred by your vehicle in an accident.

  • Can I renew my expired bike insurance plan?

Yes. You can easily renew the expired bike insurance online at Bajaj Markets.

✔️Can I retain my No Claim Bonus when renewing an expired bike insurance plan?

The No Claim Bonus is valid for 90 days after policy expiration. Hence, it is essential to renew bike insurance within 90 days after the policy expiry date. This is why long-term bike insurance online is suitable as it secures you from such worries!

✔️Is long-term bike insurance available for more than 3 years?

Yes. You might find insurance providers offering a long-term two-wheeler package policy with a tenure of up to 5 years.

✔️Can I opt for a 3-year insurance plan for the own damage component only?

No. Currently, no separate long-term insurance plans are available for the own damage component.