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!
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.
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.
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.
Multi-year bike insurance plan gives renewal options for existing bike owners to secure long-term protection for 2, 3 or 5 years.
Check out the benefits of investing in a Multi-Year Bike Insurance that make it a desirable choice:
Ensures protection from yearly premium hikes, as it will have no effect during the term of a multi-year insurance policy.
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.
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.
When a policy lapses, certain penalties can be imposed. But with long-term insurance, forgotten renewals and potential lapse worries are taken care of.
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.
As stated by the IRDAI in 2018, it is compulsory for new bike owners to own 5-year third-party insurance.
Insurers offer the benefit of swiftly cancelling your policy if you no longer require it, especially in cases of total loss or sale.
Let us see how single-year bike insurance plans are different from a multi-year or long-term bike insurance plan:
| Feature | Single-Year Insurance | Multi-Year Insurance |
|---|---|---|
| Renewal Frequency | Requires renewal every year, requiring annual attention. | Depending on the type of plan, renew once every 2, 3, or 5 years. |
| Premium Hikes | This may lead to annual premium hikes. | Premium locked for the entire policy duration, protecting you from yearly and sudden premium increases. |
| No Claim Bonus (NCB) | Accumulates yearly but can be lost if the policy lapses or a claim is made. | Higher NCB discount offered; NCB is uninterrupted and only reduced, not nullified, even after claims. |
| Policy Lapse Risk | Higher risk of lapse due to yearly renewals, causing risk of penalties, inspections, and loss of benefits. | Minimal risk of lapse, ensuring continuous coverage and avoiding penalties or re-inspection. |
| Pricing & Savings | It may cost more over time due to yearly premium hikes. | Cost-effective with upfront discounts and savings on own-damage premiums; overall higher savings over the policy term. |
| Flexibility | High flexibility to modify add-ons or coverage annually and avail of discounts and offers. | Less flexible; add-ons and coverage must be chosen at purchase with limited mid-term modifications. |
| Regulatory Compliance | Mandatory for existing bikes to have annual or multi-year TP insurance. | IRDAI mandates a 5-year third-party cover for new bikes, often combined with 1-year own damage. |
| Who is it for? | For owners of vehicles that might last for less than 3 years. | For owners of new vehicles that will last for more than 3 years. |
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:
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.
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.
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.
By opting for certain add-ons like Zero Depreciation cover, Roadside Assistance, etc, it can help enhance the coverage of the policy.
Here is the simple process to purchase multi-year bike insurance from Coverfox:
Go to Coverfox’s official website and enter your bike details, such as make and model, registration number, city, etc.
Select 2, 3, or 5-year plans that are available for your bike.
Get access to a wide variety of insurance options from renowned insurers. Take some time to compare these plans and their premiums, benefits, etc.
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.
Submit the necessary documents online, without the hassle of manual copies, and make the payment through Coverfox’s secure payment portal.
Receive the policy document instantly in your email inbox.
To renew your multi-year bike insurance policy with Coverfox, go ahead and follow these simple steps:
Enter basic information such as bike registration number and other details.
Compare across a variety of short-listed plans and review their coverage, premiums and benefits.
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.
The accumulated NCB benefit is transferable and can lead to discounts in renewal premiums, provided there has been no claim during the policy period.
Pay the amount securely and receive the multi-year bike insurance policy instantly via email.
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.
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.
| Bike Type | Engine Capacity / Motor Power | 5-Year Premium (₹) |
|---|---|---|
| Normal Bikes | Up to 75 cc | ₹2,901 |
| (Petrol/Diesel) | 75 cc to 150 cc | ₹3,851 |
| (Petrol/Diesel) | 150 cc to 350 cc | ₹7,365 |
| (Petrol/Diesel) | Above 350 cc | ₹15,117 |
| E-Bikes | Up to 3 kW | ₹2,466 |
| E-Bikes | Above 3 kW and up to 7 kW | ₹3,273 |
| E-Bikes | Above 7 kW and up to 16 kW | ₹6,260 |
| E-Bikes | Above 16 kW | ₹12,849 |
Note: The rates mentioned above by the IRDAI are subject to change. Review the official website for further updates.
The following are the people who need to consider buying a long-term bike insurance policy:
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.
Those existing bike owners who will be using their bikes for a period of more than 5 years should opt for this policy.
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.
Check for these factors before you opt for a Multi-Year Bike Insurance:
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 can be transferred to a new bike or insurer, with an NCB Transfer Certificate, as NCB belongs to the policyholder and not the bike.
It is vital to inform your insurer if your bike has undergone any modifications in terms of an upgrade of any accessories.
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.
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:
Log in to Coverfox to instantly renew your policy within 3 minutes, with an algorithm that displays policies to suit an individual’s needs.
Ensures you compare, review and select the top plans across not just one or two but 40+ insurance providers.
As soon as you make your payment, receive the instant policy copy of your document in your email within minutes.
With a process that is completely online, it offers a streamlined method without the hassle of any paperwork or documentation.
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.
Coverfox is an IRDAI-authorised insurance broking firm with numerous awards under its belt, one of them being the best Insurtech platform in 2022.
Yes, you can, under conditions like sale or total loss. Once you cancel the policy, you are also eligible to receive a refund on a pro-rata basis, based on the terms of the insurer.
If the ownership of the bike is changed, then the insurance policy can be transferred to the new owner within 14 days of the ownership transfer.
Yes. NCB Benefit gets accumulated for all the claim-free years and may be higher at the end of a multi-year term plan. However, it is necessary to renew the policy before it lapses to not lose this benefit.
It depends on the insurer. Generally, multi-year insurance policies are less flexible and do not allow limited mid-term modifications.
In case your multi-year insurance policy lapses, there will be a need for inspection from the insurer before the renewal process begins.
Annual policies may face an increase in premium rates every year; however, multi-year bike insurance is safe from this, as the premium is locked for the entire duration of the policy.
Yes, you can switch insurers before your multi-year bike insurance policy expires. First, you will be required to cancel your policy through a request, after which, based on the terms of your policy, the refund will be calculated for the remaining period. Then, you can go ahead and switch insurers.
