Multi-Year Bike Insurance – Two Wheeler Long-Term Insurance Plans

Is renewing your two-wheeler insurance every year taking a toll on you? You may have just paid the premium—and the year flew by just like that! Worry not, because you can now protect your bike for up to 3 or 5 years with a hassle-free multi-year bike insurance plan! Thanks to this long-term two-wheeler insurance, you can conveniently say goodbye to those annual renewals and sudden premium hikes! Whether you opt for a 3-year bike insurance plan or a 5-year one, you can guarantee ultimate savings, uninterrupted coverage, and most of all—total peace of mind!

Multi-Year Bike Insurance, or long-term two-wheeler insurance, is a policy designed to ensure longer protection compared to a traditional single-year plan. It safeguards your bike from unforeseen events on the road, and third-party liabilities, while saving the hassle of renewing insurance every year.

• IRDAI Mandate

  For new bikes in India, the IRDAI has made it mandatory to have a 5+1 bike insurance cover, where 5 years is Third-party bike insurance and at least 1 year is Own damage insurance.

• Optional for renewals

  Multi-year bike insurance plan gives renewal options for existing bike owners to secure long-term protection for 2, 3 or 5 years.

Key Benefits of Multi-Year Bike Insurance

Check out the benefits of investing in a Multi-Year Bike Insurance that make it a desirable choice:

• Save on annual premium hikes

  Ensures protection from yearly premium hikes, as it will have no effect during the term of a multi-year insurance policy.

• Avoid renewal hassles

  With a long-term insurance policy, bike owners do not have to worry about renewals every year, along with annual inspections and paying fines for not owning valid bike insurance.

• Enjoy NCB Protection

  A Multi-Year insurance policy offers a higher accumulation of No-Claim Bonus (NCB) benefits that can be enjoyed by policyholders, along with the assurance that there will be no annual NCB lapse.

• Avoid policy lapse risk

  When a policy lapses, certain penalties can be imposed. But with long-term insurance, forgotten renewals and potential lapse worries are taken care of.

• Peace of mind, less paperwork

  With an assurance of long-term financial protection, bike owners can enjoy peace of mind and no stress. Opting for a long-term bike insurance plan on online platforms like Coverfox has also reduced the hassle of paperwork.

• IRDAI Rules

  As stated by the IRDAI in 2018, it is compulsory for new bike owners to own 5-year third-party insurance.

• Cancel Any Time

  Insurers offer the benefit of swiftly cancelling your policy if you no longer require it, especially in cases of total loss or sale.

Differences between a Single-Year Bike Insurance plan vs a Multi-Year Bike Insurance plan

Let us see how single-year bike insurance plans are different from a multi-year or long-term bike insurance plan:

What Does Multi-Year Bike Insurance Cover?

Based on whether you select a Third-party or Comprehensive Multi-Year cover, third-party bike insurance will only cover Third-party liabilities. However, the following aspects are safely covered under a Comprehensive Multi-Year Bike Insurance Cover:

1. Own Damage

Safeguards against any damage or losses occurring to your own bike due to accidents, theft, natural disasters like floods, earthquakes, storms or manmade disasters like vandalism, riots, etc.

2. Third-Party Liability

If your bike is involved in an accident that causes damage, injury or death to a third party, or damage to their property or vehicle, then this insurance covers the financial and legal liabilities arising from it.

3. Personal Accident Cover

This cover enables financial protection of up to Rs 15 lakhs in the form of hospitalisation and other medical expenses for the owner-driver in case they face injury, disability or death due to an accident on the road.

4. Add-ons (Zero Depreciation, Roadside Assistance)

By opting for certain add-ons like Zero Depreciation cover, Roadside Assistance, etc, it can help enhance the coverage of the policy.

How to Buy Multi-Year Bike Insurance Online?

Here is the simple process to purchase multi-year bike insurance from Coverfox:

Step 1: Enter bike details

Go to Coverfox’s official website and enter your bike details, such as make and model, registration number, city, etc.

Step 2: Select term duration

Select 2, 3, or 5-year plans that are available for your bike.

Step 3: Compare plans

Get access to a wide variety of insurance options from renowned insurers. Take some time to compare these plans and their premiums, benefits, etc.

Step 4: Customise add-ons

Once you decide on a plan, if it is a comprehensive cover, enhance your policy with add-ons such as Roadside Assistance, Zero Depreciation cover, etc, which may slightly increase your premium.

Step 5: Make payment

Submit the necessary documents online, without the hassle of manual copies, and make the payment through Coverfox’s secure payment portal.

Step 6: Get an instant policy

Receive the policy document instantly in your email inbox.

How to Renew Multi-Year Bike Insurance?

To renew your multi-year bike insurance policy with Coverfox, go ahead and follow these simple steps:

Step 1: Fill in Essential Details

Enter basic information such as bike registration number and other details.

Step 2: Compare Plans

Compare across a variety of short-listed plans and review their coverage, premiums and benefits.

Step 3: Customise Policy

Once you select the plan that suits you best, go through customisations to secure your policy, such as add-ons like Zero Depreciation, Roadside Assistance, Engine Protection, etc., as multi-year policies are less flexible in terms of modifications.

Step 4: Check No-Claim Bonus (NCB) Status

The accumulated NCB benefit is transferable and can lead to discounts in renewal premiums, provided there has been no claim during the policy period.

Step 5: Pay and Receive Policy

Pay the amount securely and receive the multi-year bike insurance policy instantly via email.

What happens on expiry?

When your multi-year bike insurance policy expires, it initiates the process of buying a new policy from scratch. But before this, it may lead to inspection by insurers and potential chances of losing the NCB Benefit. In case you are found driving with expired bike insurance, it can lead to fines up to Rs. 2000 and imprisonment of up to 3 months.

In case the policy is not renewed after 90 days of its expiry, there is a chance to lose your No-Claim Bonus (NCB) benefit, which is linked to your claim-free history of the policy and accumulated during your policy term. If NCB is not retained, it means no discount in premiums, as multi-year insurance plans will have a higher rate of discounts compared to single-year plans.

Third-Party Premium Rates for Multi-Year Bike Insurance By IRDAI

Check out the following third-party bike premium rates for a 5-year policy, as fixed by the Insurance Regulatory and Development Authority of India (IRDAI). These rates vary for both traditional and e-bikes, based on their engine capacity.

Note: The rates mentioned above by the IRDAI are subject to change. Review the official website for further updates.

Who Should Buy Multi-Year Bike Insurance?

The following are the people who need to consider buying a long-term bike insurance policy:

• New bike owners

  Based on the rule set forth by the IRDAI, it is legally mandatory for new bike owners to purchase multi-year insurance, including a 5-year third-party bike insurance cover and a 1-year own-damage cover.

• Riders planning to keep the bike for 5+ years

  Those existing bike owners who will be using their bikes for a period of more than 5 years should opt for this policy.

• Anyone wanting hassle-free renewals

  For those who do not want to constantly renew their insurance policy every year, a multi-year policy works out as a really good option.

Things to Consider Before Buying Multi-Year Bike Insurance

Check for these factors before you opt for a Multi-Year Bike Insurance:

• Refund if you sell the bike

  You can receive a pro-rata refund if you wish to cancel your policy mid-term and decide to sell your bike in the future.

• NCB transfer rules

  NCB can be transferred to a new bike or insurer, with an NCB Transfer Certificate, as NCB belongs to the policyholder and not the bike.

• Accessories Upgrade

  It is vital to inform your insurer if your bike has undergone any modifications in terms of an upgrade of any accessories.

• Add-on covers & their cost impact

  Upon incorporating various add-ons to your policy, examine how it affects the premium price of your policy, as the more add-ons, the more it may increase your overall premium.

Why Choose Coverfox for Multi-Year Bike Insurance?

By selecting Coverfox as your one-stop destination for purchasing, renewing and comparing different insurers raising claims for multi-year insurance, you get the following benefits:

• 3-minute renewal of bike insurance policy

  Log in to Coverfox to instantly renew your policy within 3 minutes, with an algorithm that displays policies to suit an individual’s needs.

• 40+ insurers compared

  Ensures you compare, review and select the top plans across not just one or two but 40+ insurance providers.

• Instant policy issuance

  As soon as you make your payment, receive the instant policy copy of your document in your email within minutes.

• Zero paperwork

  With a process that is completely online, it offers a streamlined method without the hassle of any paperwork or documentation.

• Dedicated claim support

  With a team that handles end-to-end claim support, get in touch with our claim support team within your reach at all times by contacting 022 4897 1018 or via email at help@coverfox.com.

• Accreditation and Awards

  Coverfox is an IRDAI-authorised insurance broking firm with numerous awards under its belt, one of them being the best Insurtech platform in 2022.