If you own a two wheeler, then having two wheeler insurance is essential.
In spite of vehicle insurance being mandatory under the Motor Vehicle Act, 1988, around 75% of bikers ride uninsured two wheelers.
Some just don’t want to invest further on their vehicle. While others have trouble in remembering renewal dates.
_That’s where a multiyear or a long-term two wheeler insurance policy jumps to your rescue._
While general two wheeler insurance plans are designed for one year and have to be renewed annually, a multi-year two wheeler insurance policy is unique. This policy allows two wheelers to be insured up to three years consecutively at one time. Policyholders don't have to renew the insurance contract each year as they receive a policy certificate for a maximum of three years cover.
Disclaimer: The above mentioned prices are for a 2 year old Hero Honda Karizma R 223 CC, registered in Navi Mumbai & previous policy has expired.
Opting for a multiyear two wheeler insurance policy is indeed advantageous: Long Term Policy for Long Run Riders
In the event of an accident, you can’t even make a claim.
Your insurer may demand for a vehicle inspection before renewal. You may have a tough time finding a new insurer. The chaos won’t stop.
Having a long-term two wheeler insurance policy would kill the threat of all such complications.
However, in multi-year plan, you can receive a certain percentage of the premium for all the unexpired years. The refund depends on the tenure of the policy utilized. Although the refund terms & conditions vary from one insurer to another, they should be reviewed before purchasing the policy.
Like the name suggests, a multi-year policy is an insurance plan with a tenure of more than 1 year. So, if you buy a 3-year insurance policy plan for your two-wheeler, then you don’t have to worry about renewing it until the end of the policy tenure, i.e. three years.
Insuring your bike with a multi-year insurance plan frees you from the hassle of renewing you’re the insurance policy year-on-year. You pay once and stay free from renewals for the next three years. Moreover, a single policy document is valid for three years. Now that’s good news! You also protect yourself from revisions in third-party premium rates, which increase as per IRDA regulations. This means you’re saving on premium too! Another advantage is that you get to avail the benefits of no-claim bonus during the three-year long tenure, even if you make a claim during the policy period.
Yes, you will get a refund, and it will depend on the tenure of the policy utilized. The terms and condition of refunding differ from one insurer to another, so you should always read the policy document carefully before purchasing a plan. You can always ask your Coverfox insurance advisor to help you understand the policy terms and conditions. We’d be happy to help.
You can easily raise a request to cancel your current policy and buy a new one. The refund will be calculated based on the tenure of the policy utilized and transferred to you as and when the request is raised.
There is no difference in the way endorsements are raised for a multi-year plan. Whether you’d like to get your misspelt name corrected or change your address, you can contact our Customer Service Unit and raise a request for the endorsement.
No claim bonus is simply the discount that you get on own-damage premium for a claim-free previous year. The more number of consecutive claim-free years you have, the more percentage discount you accumulate for your next renewal.
