Long Term Two Wheeler Insurance for 5 Years
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*TP price for less than 75cc two-wheeler. All savings/offers are provided by the Insurers which are subject to modification. Terms and conditions apply
Insurance Regulatory and Development Authority of India( IRDAI) made it mandatory for all the new two-wheelers sold after September 2018 to have a 5-year insurance cover following the ruling by the Supreme Court. This was done to make sure that a large number of bike owners remain insured and also to reduce the cases of expired bike insurance policies in India.
5-Year Third-Party Bike Insurance Policy Premium Rates
Five-Year Third-Party Premium*
Not exceeding 75 cc
Exceeding 75 cc < but not exceeding 150 cc
Exceeding 150 cc < but not exceeding 350 cc
Exceeding 350 cc
(*Source: Insurance Regulatory and Development Authority of India)
Features of Five-Year Two Wheeler Insurance Plans
A five year bike insurance plan comes with the features given below:
1. Long Term Validity
With a multi-year bike insurance policy, there is no need to renew your policy on a yearly basis as it ensures long-term protection for your insured vehicle.
2. Feasible Insurance Policy
Buying a multi-year bike insurance plan is much more feasible and economical as compared to getting the same plan renewed every year.
3. Easy Portability Option
In case the policyholder wishes to change their insurance company during the duration of 5-year bike insurance policy, then they can easily opt for a portability option.
4. Transfer of No Claim Bonus
If the policyholder decides to sell their bike or purchase a new one during the policy duration, then the NCB that has been accumulated over the years is transferable to a new bike in order to get the benefits of discounted premiums in the future.
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Advantages of Five Year Bike Insurance Policy
Highlighted below are some of the advantages of a five year bike insurance plan:
1. No Price Hike
With a five-year bike insurance plan, just a one-time premium payment is to be done and the policy stays valid for a duration of 5 years. As there is an increase in the base premium rate yearly by IRDAI yet due to the lock-in period of 5 years you remain unaffected from the hike in premium amount.
2. No Yearly Policy Renewal
Since your bike insurance policy will be valid for the long term i.e up to a duration of 5 years, so there is no need for you to worry about the due date of the policy for yearly renewals. With the multiple-year bike insurance policy, the risk of getting caught with an expired bike insurance policy reduces.
3. Protect Your No Claim Bonus
NCB is a benefit that a policyholder gets if there is no claim made during your bike insurance policy period. As per the rule followed, even if you make a single claim during the 1-year policy tenure, you lose out on your NCB completely. However, with a long-term bike insurance policy, the benefit from NCB does not become nil.
4. Refund Gets Initiated If policy Gets Terminated
Just as the policyholder does not lose out on the entire NCB benefit after making a claim, a long-term 5-year insurance policy also makes sure that a policyholder does not lose out on the entire premium amount if the policy gets terminated. If a policyholder decides to terminate a 5-year bike insurance policy due to some valid reason, then some portion of the paid premium amount will be returned for the unutilized policy tenure.
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Long Term Two Wheeler Insurance For 5 Years
Is Two-Wheeler Insurance for 5 Years Mandatory?
Yes, two-wheeler insurance for 5 years is now mandatory. Following a Supreme Court ruling in 2018, the 5-year long insurance was made mandatory by the IRDAI for two-wheelers. This law applies to third party insurance which has also been mandatory since the passing of the Motor Vehicles Act of 1988.
Is the Two-Wheeler Insurance for 5 Years only available for Third Party Insurance?
No, you can also purchase comprehensive 5-year bike insurance. This will cover both third party liabilities and cover the cost of own-damages in case of a mishap under a single premium.
Can You Change Insurance Providers of the Two Wheeler Insurance During its 5 Year Tenure?
Yes, if you wish to shift to a different insurance provider during the 5 year period it can be done with a two-wheeler insurance policy.
Do You Have to Renew the Policy during the 5 year period?
No, the benefit of the 5-year bike insurance is that the policy needs to be renewed only once in 5 years. This drastically reduces the chances of your policy lapsing or you losing your NCB.
What is the Process of Renewing 5 Year Two Wheeler Insurance?
The following steps will help you renew your two-wheeler insurance:
- Step 1: Visit InsuranceDekho website. Select the two-wheeler insurance option at the top of the page.
- Step 2: Enter your bike number, followed by the fuel type and variant. In case you do not remember the registration number, you can also provide other details such as the make, model and year of registration of your car.
- Step 3: Provide the expiry date of the previous policy and name of insurance provider. Mention if there were any claims in the last year and then press ‘Continue’.
- Step 4: Your personal details such as name, phone number and insurance tenure will be required. Press the ‘Submit and get Quotes’ button.
- Step 5: Bike insurance quotes will be visible on your screen. Select the one best suited to your needs. Also, you can select add-ons of your choice at this stage.
- Step 6: Make the payment for your selected policy and the policy document will be issued and sent to your registered email ID.
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