Owning and driving any vehicle carries substantial responsibility and a two-wheeler is no exception to this principle. Therefore, you must ensure that you buy two-wheeler insurance for your bike or scooter immediately after purchasing the vehicle. All two-wheeler owners in India are required to have at least a third-party liability insurance policy but it is always better to have a comprehensive bike insurance policy so as to safeguard yourself, your bike, and any affected third party in the event of an accident or any other adverse event.
You can purchase bike insurance online and save time, money, and effort. In this context, there are several companies that sell bike insurance policies online. For instance, Tata AIG, one of India’s leading insurance companies, has a wide range of two-wheeler insurance policies for customers to choose from. You can carry out the purchase or renewal of the Tata AIG bike insurance policy online by visiting their website, selecting the policy that best suits your requirements, computing the premium amount, and proceeding with the purchase.
What is a multi-year or long-term bike insurance plan?
A multi-year bike insurance policy is an agreement between an insurance company and the owner of a bike to safeguard the vehicle against any damage during the policy term which usually lasts several years. You can buy a comprehensive multi-year bike insurance policy for a period of three years. However, a third-party insurance policy for a new two-wheeler has to be purchased for a term of five years.
Benefits of a multi-year bike insurance plan
A multi-year motor insurance policy carries several significant benefits for the policyholder, including all the features of a one-year insurance policy and some additional features. Some of the major benefits of a long-term motor insurance policy have been discussed below.
- Protection against any potential hike in annual premium
When you purchase a multi-year bike insurance policy, you pay the premium for the entire tenure of the policy whether it is two years or three years. Therefore, you are safeguarded against the rise in premium in the second or third year of your insurance term. By subscribing to a multi-year motor insurance plan, you can save on the overall premium paid across the period in comparison with a single-year insurance plan.
- No need to remember your two-wheeler insurance policy renewal date for a few years
One of the advantages of purchasing a multi-year bike insurance policy is that you are spared the need to remember the annual renewal date of your insurance policy. Therefore, you can continue utilising your bike without worrying about forgetting the renewal date of the insurance plan. Furthermore, the aforementioned selection also safeguards you against any potential fines or damages in the event of an accident or theft during the period between the expiration of your old annual policy and the purchase of a new one.
- Higher benefits from the ‘No claim bonus’ clause
A long-term motor insurance policy enables you to receive the maximum benefit of the ‘No claim bonus’ clause that is a part of most insurance plans. In contrast with a single-year policy, you will not lose your entire ‘No Claim Bonus’ if you make an insurance claim in any year of the policy tenure but instead receive some proportion of said bonus.
- Easy cancellation clause
It is a misconception that a multi-year insurance policy for your bike cannot be cancelled or modified in the middle of the policy tenure. In reality, you can cancel your policy at any point during the plan period and receive the premium for the unused part of the policy tenure from the insurer. Furthermore, you can also collect and utilise the ‘No Claim Bonus’ certificate received from one insurer to seek a discount whilst purchasing a new policy.
- Freedom from the annual insurance checks of your two-wheeler
If you purchase a multi-year motor insurance policy, you are not required to have your two-wheeler inspected every year which is mandatory in a single-year insurance policy. Therefore, by purchasing a policy for, say, three years, you can enjoy an insurance cover for your bike for three years without annual inspections and checks.
Why should you buy a bike insurance policy online?
You can buy a two-wheeler insurance policy online in a safe, easy, and convenient manner. It is important to note that there are several benefits to buying a bike insurance policy online. Firstly, you can compare the bike insurance policies offered by different companies and pick the one that suits your requirements and is feasible for you. Secondly, you can submit all the necessary documents and buy a bike insurance policy online without having to stand in long queues or waiting for your turn. Thirdly, you need not worry about the confidentiality of your information being compromised since most of the companies selling insurance products keep your information safe and private.
Conclusion
Purchasing a multi-year bike insurance policy online offers you several additional benefits as compared with the purchase of a single-year insurance plan. You end up saving on time, money, and effort and also receive additional benefits owing to the ‘No claim bonus’ clause of a multi-year motor insurance plan. Therefore, you must prefer buying a multi-year insurance plan over a single-year one.
