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Our multi year two-wheeler insurance experts answer the most commonly asked questions, so that you aren't confused when you need to choose insurance for your bike or make a claim on it.
What is a multi-year policy?
Like the name suggests, a multi-year policy is an insurance plan with a tenure of more than 1 year. So, if you buy a 3-year insurance policy plan for your two-wheeler, then you don’t have to worry about renewing it until the end of the policy tenure, i.e. three years.
Why should I buy a multi-year plan for my two-wheeler?
Insuring your bike with a multi-year insurance plan frees you from the hassle of renewing your insurance policy year-on-year. You pay once and stay free from renewals for the next three years. Moreover, a single policy document is valid for three years. Now that’s good news!
You also protect yourself from revisions in third-party premium rates, which increase as per IRDA regulations. This means you’re saving on premium too!
Another advantage is that you get to avail the benefits of no-claim bonus during the three-year long tenure, even if you make a claim during the policy period.
How is the IDV for my two-wheeler set for all three years?
IDV or Insured Declared Value refers to current market value of your vehicle. It is the maximum ‘sum assured’ that you can receive from your insurance company if your vehicle was stolen or completely damaged. IDV depreciates year on year at a certain rate. In the case of a multi-year insurance plan, you can set the IDV of your two-wheeler within a pre-defined slab only for the first year of the policy tenure. Your insurer automatically calculates the IDV for the subsequent two years by depreciating the first year IDV at a set rate.
Will I get a refund if I want to cancel the insurance policy before the tenure of my multi-year policy is complete?
Yes, you will get a refund, and it will depend on the tenure of the policy utilized. The terms and conditions of refunding differ from one insurer to another, so you should always read the policy document carefully before purchasing a plan. You can always ask your Coverfox insurance advisor to help you understand the policy terms and conditions. We’d be happy to help.
What if I want to switch to another insurer before the tenure of my multi-year policy is complete?
You can easily raise a request to cancel your current policy and buy a new one. The refund will be calculated based on the tenure of the policy utilized and transferred to you as and when the request is raised.
How can I raise an endorsement if I have change certain details in my multi-year policy?
There is no difference in the way endorsements are raised for a multi-year plan. Whether you’d like to get your misspelt name corrected or change your address, you can contact our Customer Service Unit and raise a request for the endorsement.
What will be my NCB once my multi-year policy tenure is over?
No claim bonus is simply the discount that you get on own-damage premium for a claim-free previous year. The more number of consecutive claim-free years you have, the more percentage discount you accumulate for your next renewal.
Similar concept is applicable in a multi-year policy too. However, the logic is different from one insurer to another. Some insurers lock the no-claim bonus for the policy period, which means that if you are eligible for a no-claim bonus of 25%, the same percentage discount will be applied on all three years. On the other hand, there are insurers who apply no-claim bonus at an incremental basis. It is always best to read the policy terms and conditions carefully before making a purchase. You can also get in touch with our experts on 1800-209-9970 to understand your coverage options in detail.