admin 
In the past, yearly renewing motorcycle insurance was done to comply with the law, protect other road users, and protect one’s vehicle from theft or damage. However, things are slightly different and more convenient now.
Multi-year car/bike insurance
One can now buy multi-year car/bike insurance, saving money, hassle, and the risk of forgetting to renew one’s insurance. ##
Let’s quickly review why yearly renewing car/bike insurance is a bad idea, especially with multi-year insurance.
First, annually renewing car/bike insurance is a chore. The Insurance Regulatory and Development Authority of India (IRDAI) raises third-party premiums annually, thus raising the cost of annual renewal. If one forgets to renew insurance, the vehicle must be brought to the insurance office for a re-inspection. #
Finally, forgetting to renew insurance can lead to law enforcement fines, accidents, and vehicle theft. Check the bike insurance app to see when the renewal date is coming close.
Multi-year car/bike insurance is the answer. Multi-year vehicle insurance covers a vehicle for multiple years. Multi-year car insurance covers a four-wheeler for five years, and multi-year bike insurance covers a bike for three years. Both policies can be purchased simultaneously and renewed respectively after 5 or 3 years.
Let’s examine the multi-year car/bike insurance policies’ main benefits.
Benefit 1: cost
Multi-year car/bike insurance is more affordable than an annual one. Buying a 5-year car insurance policy offers about 15% more savings (depending on underwriter guidelines) than buying it annually. ##
Buying a multi-year car insurance policy for Rs. 40,000 would cost Rs. 46,000 to buy the same policy annually.
Bike insurance renewal expiry can also be avoided here to save on cost. ##
Benefit 2: price increase protection
The IRDAI meets and raises third-party insurance rates almost yearly due to inflation, risk parameters, and previous claims. Insurance premiums rise 10–20% annually. A multi-year insurance policy prevents these annual price increases. #
Benefit 3: claim protection
A multi-year car/bike insurance policy has this hidden benefit. Multi-year car/bike insurance premiums include the NCB (no claim bonus) for the years the policy is active. Thus, a claim during the multi-year car/bike insurance policy does not affect your current insurance policy. However, claiming during a single-year policy will cause the NCB to lapse, making renewal more expensive. *
Benefit 4: easy financing
New car/motorcycle owners usually choose multi-year insurance policies. The car/bike loan also covers the multi-year insurance policy. Thus, your multi-year car/bike insurance premium will be included in your EMI. Multi-year policies are easier to finance than single-year policies.
Benefit 5: safe and easy!
Each year, lakhs forget to renew their car/bike insurance. Bike insurance renewal expiry is a big hassle to go through. Renewing a policy after it expires requires a vehicle inspection at the insurance office. Multi-year car/bike insurance saves time and effort. Law enforcement can fine uninsured drivers/riders heavily. A crash/theft after the insurance policy expires can cost much more than a multi-year policy.
Get insured anytime, anywhere! Check out Bajaj Allianz General Insurance website to learn more and download the app now.
* Standard T&C Apply
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer per the IRDAI-approved insurance plan. Standard T&C apply
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.
