29 May 2019
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Just the way your bike has been a reliable companion through all your journeys, two-wheeler insurance is meticulously designed to be your bike's ideal partner. Two wheelers are among the cheapest and easiest modes of transport considering the extremely busy roads in India. It is mandatory for the users to apply for a two wheeler insurance policy when they buy their vehicle.

A vehicle owner cannot assume the end of responsibility once they insure their vehicle. They must also renew their policy in a timely manner to remain protected against a variety of mishaps involving their two-wheeler and themselves. However, most people in India do not renew their bike insurance on time as they find it hard to remember the date of policy expiry.

For the lifestyle, we lead today, time-saving and getting the work done with minimal effort is important and if it is available at our fingertips then it is even more convenient. Riding a two-wheeler on Indian roads is an economical option because it is convenient. To protect your vehicle from normal wear and tear and other mishaps, it is important to get your vehicle insured.

Why Long-Term Two-Wheeler Insurance?

Today, insurance companies are willing to offer discounts on their own damage part of the policy premium for long term insurance policies. Long term policies help insurers cut administrative and policy-issuing costs and these savings are in turn passed on to the customer in the form of a discount.

Motor laws in India make third party insurance cover mandatory. It covers the liability of a third party in case of an accident. Bajaj Two Wheeler Insurance available on Finserv MARKETS protects you against the financial losses that could occur due to unforeseen accidents and medical treatment expenses. Insurers say the three-year tenure will reduce the cost of issuing policies, administering them and follow-ups for renewals as the insured will not have to renew his policy every year and administration costs related to it will also reduce. Being financially prepared even for the worst case scenario will give you a sense of peace.

Benefits of Long Term Two Wheeler Insurance

  • Skip the hassle of annual renewal

  • Comprehensive insurance policies for all major two-wheeler brands

  • Additional Benefits on No Claim Bonus

  • Avoid untoward losses as a result of breaks in policy renewal

  • Avail attractive discounts on long term two wheeler insurance premium

What is the Coverage of 3 years two-wheeler Insurance?

In a three-year long term cover, you will have the third party insurance cover. Whether it is loss or damage the insurance company will bear the expenses saving you from paying for all damages from your own pocket. The most important thing is, you can save yourself from renewing the lapsed policy every year and you can enjoy all the benefits for a longer period.

What is Third-party liability -

The loss or damage caused by the two-wheeler to someone else’s life or property is covered by the insurance company.

Own Damage –

Damage to one’s own vehicle is covered by the insurance company. Whether it’s caused due to man-made or natural.

What is the Premium for 3-year Bike Insurance?

The premium for the two-wheeler third party insurance for 3 years is supposed to be 3 times the annual third-party premium and should be paid in a single installment. This premium cannot be revised during the 3 year period, whatsoever.

Also, the stand-alone third party cover cannot be canceled except in the case of a total loss, wherein the full premium for the unexpired years has to be refunded. The 3-year bike insurance policy is a boon for the users as it frees them from renewing the third-party liability policy every year. The fixed premium during the policy period saves them from the annual rate hike. Apart from this, they also get a benefit from the above-mentioned discounts.

Ask your insurance provider for more details on the long-term policy as a few advantages and factors may differ from each company. Many companies offer great discounts on the purchase of three-year third-party bike insurance along with other benefits.

How safe is it to ride without a two wheeler insurance?

Purchasing a bike insurance policy is a must since it offers coverage against various expenses that you might have to incur in case of an untimely eventuality. Riding a two-wheeler without a valid two wheeler insurance policy is a punishable offense in India.

Based on your needs, you can choose to purchase either a third-party liability insurance policy or a comprehensive/bundled/package two wheeler insurance policy since it offers enhanced coverage to policyholders.

The only time when your bike does not need an insurance policy is when you stop using it. However, never take risks by not opting for a two-wheeler if you are still using your bike.

Here are the 4 types of hurdles that you could face if your bike does not have a valid insurance policy.

  • Penalty

Each and every vehicle must have insurance while playing on Indian roads. If you are caught without a proper policy, you must be ready to pay a very heavy fine or imprisonment up to 3 months. This rule is enforced by the Motor Vehicles Act.

  • Loss of claim-bonus

When you don't file a claim for years, the benefits are accumulated in the form of a no-claim bonus on your bike insurance. A person is eligible to get the no-claim bonus after a certain point of time. The no-claim bonus can also be transferred to your new bike if you are buying one. However, one cannot transfer it if the policy lapses.

  • Legal liability

If your two-wheeler is damaged when your policy lapses, the entire cost of repairing your two-wheeler has to be borne by you. If you meet with an accident on your two-wheeler, you could be framed for a couple of reasons; the first one is for negligent driving and the second one is for your lapsed policy. You bear a lot of financial loss which could ruin the peace of mind of your family.

  • Lengthy process

If you want to make your lapsed policy active, you have to go through a time-consuming process. The procedure of renewing a lapsed policy is as good as buying a policy. The insurance company may charge a higher premium to renew a lapsed policy or may even reject the insurance proposal.

Lastly

Now that you understand the benefits and features of long term two wheeler insurance, you can compare and choose the right bike insurance plan for your bike. Buying a comprehensive bike insurance plan is highly recommended as it saves you from the task of renewing your policy annually.

At Finserv MARKETS, you can buy Bike Insurance Policy which offers extensive coverage at a reasonable premium. You also get to access benefits such as quick claim settlement, cashless service at 4000+ garages and round the clock assistance.

To buy or know more about bike insurance, visit Finserv MARKETS today!

 

Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. Loans, Insurance, Investment, and exclusive EMI store, all under one roof- anytime, anywhere!

FAQs

  • ✔️What is bike insurance?

    A third party bike insurance is mandatory by law under the Motor Vehicle Act. Bike insurance offers protection to your two-wheeler in case of damage, theft, or loss incurred due to man-made and natural disasters. In simple terms, it covers the financial loss incurred in case of unfortunate events.
  • ✔️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 - It only covers third-party liabilities and is mandatory by law Comprehensive Bike Insurance - Along with coverage for third-party liabilities, it covers damage incurred by your vehicle in an accident.
  • ✔️What are the different long term plans available for bike insurance?

    The following are the long term bike insurance plans that you can choose from - Liability only plan for five years - It covers all the third-party liabilities. Package plan for five years - This plan extends coverage to your vehicle in case of damage, theft, or loss incurred due to natural and man-made disasters. Also, it covers all the third-party liabilities. Bundled plan for five years - This plan provides comprehensive coverage for one year and covers the third-party section for five years.
  • ✔️Can I renew my expired bike insurance plan?

    Yes. You can easily renew the expired bike insurance at Finserv MARKETS online.
  • ✔️Can I retain/avail my No Claim Bonus when renewing an expired bike insurance plan?

    The No Claim Bonus (NCB) is valid for 90 days after policy expiration. Hence, it is essential to new bike insurance within 90 days after the policy expiry date. You cannot avail/retain the benefits of the No Claim Bonus if you fail to renew the policy within the stipulated period.