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:
Download the Bajaj Markets app or visit the official portal of Bajaj Markets
Login to your account using credentials or create an account
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 required 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.
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.
Third-party property damages
Wear and Tear of the vehicle parts due to regular usage
Death or injuries caused to the third-party
Electrical or mechanical breakdown
Personal damages or injuries
Damages or injuries caused under the influence of toxic substances
Man-made disasters and theft
Loss incurred while riding the two-wheeler without a valid driver’s licence
Natural calamities, accidental injuries and damages
Any damage caused while using the vehicle for other purposes than mentioned in the policy.
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
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.
Here are a few factors you must consider when purchasing an extended bike insurance policy:
If you possess a comprehensive bike insurance policy, it will cover damages caused to your bike as a result of an accident, human negligence, or a natural disaster. In addition to this, it will also secure you financially against a theft.
However, the main benefit of an extended two-wheeler insurance policy is that you will not have to get its renewal done annually. If you were not locked in for a span of 3 years, it is probable that the insurance premium will increase after every year. However, you would be able to pay the five years’ two-wheeler insurance premium and avert the upcoming price hikes.
Long term two-wheeler insurance policy is valid if your bike is brand new and you plan to keep it for at least three years. However, a long-term plan may prove to be ineffective if you decide to sell your two-wheeler within a span of three years. Your insurance policy will then be required to be transferred to the new vehicle owner. Besides, you will also have to get an insurance policy for any new vehicle you purchase.
You will be locked in with your insurer for a five year tenure of your bike insurance. Hence, you must consider the legitimacy of your insurer and the quality of their services. You must opt for an insurance provider which has a large network of garages and a decent claim settlement ratio (preferably, 95%-99%). Also, it is also advisable to talk to the existing policyholders or read through the online evaluations of an insurer before choosing one. Also, you should also ensure to check for the price of a new bike insurance for 5 years.
The add-on covers generally increase the premium of the long-term bike insurance and need careful considerations. Hence, you must choose the add-on covers which will be valid to you over the tenure of your insurance policy and not just in the beginning.
Most of the insurance providers are increasing their online process, therefore, they are saving huge amounts of money on their administrative costs. Ultimately, they are getting successful in attracting more customers. Certain insurers also provide free pick-up and drop services to and fro from the network garages. Hence, it is important to consider these benefits offered by the various insurance providers before opting for an insurance policy.
Long Term Two-Wheeler Insurance
Single Term Bike Insurance
The policy period is for 2-3 years
The policy period is for 1-year
As long-term two-wheeler 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 2 wheeler insurance experience no impact.
The third-party premium for short-term plans may increase year on year
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
Yes. You might find insurance providers offering a long-term two-wheeler insurance package policy with a tenure of up to 5 years.
No. Currently, no separate long-term insurance plans are available for the own damage component.