Long Term Two Wheeler Insurance

Getting insurance for your two-wheeler is mandatory as well as necessary. Due to hectic schedules and lifestyles, sometimes policyholders forget or fail to renew their two-wheeler insurance plan that leads to financial complications in future. To avoid the hassle of annual renewal, insurance companies offer long-term two-wheeler insurance to customers with a validity of 2-3 years.  It is a time-saving, hassle-free and budget-friendly two-wheeler insurance plan with 360-degree coverage against theft and accidental loss and damages. It offers financial coverage for the personal as well as to the third party for any accidental damages or loss incurred.

Having a comprehensive insurance plan for your two-wheeler is a necessity. It not only helps protect your vehicle from accidents and mishaps, but it also does not burn a hole in your pocket. The cost of damage on vehicles can put a dent in your savings in case you miss paying premiums on time or renewing your two-wheeler insurance plan. This is why it is beneficial to get a long-term two-wheeler insurance plan with a validity of 2-3 years.

The long-term two-wheeler insurance plan gives you 360-degree coverage against accidental damages and theft at affordable premiums. Moreover, both personal and third-party damages will be covered under long-term two-wheeler insurance for up to 3 years. So you can save time and forget stressing about renewing the insurance for your two-wheeler year after year.

Moreover, insurance companies can hike premium amounts every time on policy renewal. With long-term two-wheeler insurance plans, the insurance companies do not hike premium amounts throughout the tenure

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

1. Download the Bajaj Markets app or visit the official portal of Bajaj Markets

2. Login to your account using credentials or create an account 

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

4. Click on ‘Apply now’

5. Fill out all the details in the insurance application form and attach all required documents

6. 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.

Long-term two-wheeler insurance online is convenient and helps save time by eliminating the hassle of regular renewals with a single-year insurance renewal. If you are not planning to exchange or purchase a new two-wheeler, the long-term two-wheeler insurance plan can be the best option for you. Apart from discounts and No-Claim Bonus rewards, you can also enjoy various advantages like a break-in policy facility, budget-friendly premium amounts, etc., compared to short-term two-wheeler insurance plans.

Long-Term Third-Party Cover - The Motor Vehicles Act, 1988, mandates for every vehicle owner to purchase third-party liability insurance. The long-term third-party insurance plan offers financial security against third-party liabilities for the damages and loss caused to your two-wheeler for up to 3 years. The insurance plan covers vehicle damages, treatment for minor injuries, etc apart from compensation for the demise of the third party.

Private Car Bundled Cover - The private car bundled cover offers more comprehensive coverage. The cover includes damages and loss caused due to natural or man-made calamities, accidental damages, theft, third-party liabilities, etc. You can also include other add-on features in the insurance plan and customise it as per your comfort.

The Insured Declared Value (IDV) of any vehicle determines the insurance claim amount and premium in a long-term two-wheeler insurance plan. Various factors contribute to the IDV depreciation of the vehicle:

• Regular wear and tear caused in the vehicle

• Irregular servicing 

• Below average fuel efficiency

Apart from these factors the age and model of the vehicle also play a crucial role in determining the depreciated value of the IDV during long-term two-wheeler package policy renewal.

The long-term two-wheeler insurance policy is a great option since you don’t have to renew your third-party insurance on a yearly basis. Third-party two-wheeler insurance premiums for a tenure of 3 years can be 3 times the annual premium for a third-party plan. However, with long-term two-wheeler insurance, you pay a fixed premium throughout the policy period, helping you save money from the annual premium hike. 

Many companies provide great offers on purchasing long-term two-wheeler insurance online, along with other perks. 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.

Here are the factors affecting 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 determine the premium amount per the risks involved.

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

• Registration Place - If your vehicle is registered in a metro city, the premiums will be slightly higher than vehicles registered in non-metro or rural areas. 

• Vehicle’s Age - Since old vehicles are more prone to frequent servicing and damages, older two-wheelers may invite higher premiums compared to newer vehicles.

• Vehicle’s Modification - Any modification or adjustment made to the bike also influences the policy premium amount.

• No-Claim Bonus - You earn No-Claim Bonus points if you don’t make any claims in a year. These points can be redeemed in the form of premium discounts when you renew the policy later.

• Add-ons - The type of add-ons or covers you choose can increase the premium amount of the two-wheeler policy.