Bike insurance is mandatory in India as per the Motor Vehicles Act of 1988. It provides financial protection against accidents, theft, and third-party liability. In India, the standard policy period for bike insurance is one year, but insurance companies now offer multi-year policies that provide coverage for up to three years. In this article, we will discuss the advantages of multi-year bike insurance in India.
- Convenient Renewal Process
One of the major advantages of multi-year bike insurance is the convenient renewal process. With a one-year policy, you need to renew it every year, which can be a time-consuming and cumbersome process. But with a multi-year policy, you only need to renew it once in three years, which makes the process more convenient and less hassle-free. And the great benefit is that you renew your bike insurance online as well.
Another advantage of multi-year bike insurance is that it is cost-effective. When you buy a one-year policy, you need to pay the premium annually, which can add up over time. But with a multi-year policy, you only need to pay the premium once in three years, which can result in substantial savings. This is evident with Bajaj Allianz two-wheeler insurance renewal online.
- Continuous Coverage
Multi-year bike insurance provides continuous coverage, which means you are covered for the entire period of the policy. With a one-year policy, if you forget to renew it, you will not be covered for the period in between. This can result in a significant financial loss if you face an accident or theft during that time. But with a multi-year policy, you are covered for the entire period, which provides peace of mind.
- No Inspection Required
With a multi-year bike insurance policy, you do not need to get your bike inspected every year. This saves you time and money as the inspection process can be time-consuming and costly.
Insurance companies offer benefits on the pricing of multi-year policies, which can result in significant savings.* The longer the policy period, the more the concession, making multi-year policies a cost-effective option.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply
- Coverage for Multiple Claims
A multi-year policy provides coverage for multiple claims, which means you can claim multiple times within the policy period. With a one-year policy, if you claim multiple times, you may not be eligible for coverage. But with a multi-year policy, you are covered for multiple claims, which provides greater financial protection.
- No Increase in Premium
With a multi-year policy, your premium remains constant for the entire policy period. With a one-year policy, your premium may increase every year, which can result in substantial financial losses over time. But with a multi-year policy, your premium remains constant, which provides greater financial stability.
How to renew bike insurance?
If you want to renew your bike insurance, there are two options at your disposal:
- Through an agent
You can approach your nearest insurance agent and get your policy renewed from them. Do remember that agents charge commission, which can increase the cost of your policy.
- From your insurer’s website
You can visit your insurer’s website to renew your bike insurance online. You are simply required to fill in your bike details and details of your policy. You can then make customisations to your policy in terms of add-ons. Once this step is completed, you just have to pay online and your policy is renewed. A soft copy of your renewed policy would be sent to you immediately in your mail.
In conclusion, these benefits make the multi-year bike insurance policy a smart investment for you and your bike. Before you buy one, make sure to compare different insurers to see the coverage and price difference among them.
Subscribe to Bajaj Allianz General Insurance Company YouTube Channel.
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.