Two-wheelers are assumed to be more likely to be involved in traffic accidents than bigger vehicles. It takes skill to ride a two-wheeler on the Indian roads that are notorious for their potholes and traffic jams. While there is little you can do to change the situation on Indian roads, you can ensure comprehensive protection for you and your two-wheeler. To be protected in case of an accident, you must purchase long-term bike insurance in addition to always riding cautiously. If you have bike insurance online, renew it on time to continue receiving benefits.
The Five-Year Insurance Contract
In response to the Supreme Court’s ruling, the IRDAI changed its policy in September 2018 and mandated 5-year insurance for bikes. The IRDAI hopes to have as many two-wheelers as possible insured to lessen the financial burden of vehicle accident damage caused by expired or nonexistent insurance.
You must have third-party insurance to ride a bike on Indian roads, per the Motor Vehicles Act of 1988. If you are caught riding a bike without third-party insurance, you risk facing severe fines and losing your license. #
Renewing The Bike Insurance
You can easily renew your bike insurance online. The majority of insurance companies now sell and renew bike insurance through online channels. Transparency and reduced 5-year bike insurance prices are also made possible by this.## All two-wheeler riders are required by law to carry bike insurance. If you don’t have long-term bike insurance, you’ll have to pay the losses out of your pocket if your bike meets with an accident and hurts someone else or damages their property.
Five-Year Insurance Plan Benefits
If you are someone who does not want to worry about bike insurance online or offline renewal every year, a five-year plan can come in handy. Here are some of the benefits of having a long duration bike insurance plan that may help you decide about your policy renewal.
- Insurance Refund: If you cancel your insurance before it matures, you are typically given credit for the remaining policy term. Long-term bike insurance, valid for five years, does not need you to pay for insurance renewal every year.
- No Insurance Challans: With long-term bike insurance, you can ride without stress or concern about any fees associated with insurance.
- Low Premium: Compared to short-term insurance, long-term insurance might have a lower yearly premium. Hence, long-term insurance may help you save some money . Additionally, you will receive five years of continuous third-party liability insurance. Thus, the 5-year insurance plan can prove to be a better option.##
- No Claim Bonus: This is particularly important about the Own Damage Policy. You could save a significant amount of money if you refrain from filing claims under your OD coverage. For instance, you may receive a 50% concession for five years if you do not file a claim while the policy is in force. As a result, if you have a two-wheeler policy with a five-year term, you may now qualify for a sizeable NCB.*## Claims are subject to terms and conditions set forth under the two-wheeler insurance policy.
- Less Anxiety: You won’t have to worry about remembering to renew your insurance each year, saving you the trouble and the time. You won’t need to worry if you have multi-year two-wheeler insurance.
* Standard T&C Apply
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
