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Multi-year bike insurance protects you from financial losses against damage, theft, or third-party liability for the long term. Traditional single-year plans require annual renewal but multi-year policies keep you insured for a few years without the hassles of renewal. It saves you from the consequences of riding without a valid policy. With HDFC ERGO’s multi-year bike insurance, you can forget about renewing the policy every year and enjoy your ride with protection for up to three years.
Why Do You Need Multi-Year Two Wheeler Insurance?
Multi-year insurance packs you a bundle of long-term coverage in one plan with one-time premium payment. This single policy lasts for a few years with no worrying about yearly renewal. HDFC ERGO offers you a handful of discounts on premium prices of multi-year insurance policies. If you have recently bought a new two-wheeler or plan to ride your favorite bike for several more years, then a multi-year policy must be your go-to insurance plan so that you can enjoy a stress-free ride for a longer-term.
Types of Multi-Year Two Wheeler Insurance
Comprehensive two wheeler insurance policy provides overall protection to your bike/scooter. It offers coverage to your vehicle for loss arising due to fire, theft, natural calamities, manmade hazards, and other unforeseen events. As per Motor Vehicles Act, 1988 it is mandatory to have a third party two wheeler insurance, however, it is wise to opt for comprehensive two wheeler insurance which can provide full financial security to your bike from any external damages. Also, a country like India is prone to floods and road accidents which can cause vulnerable damages to your vehicle. Hence, to avoid incurring huge financial expenses, it is wise to buy a comprehensive bike insurance for your two wheeler. .
Personal accident cover
Injury to a third-party person
Third Party Liability
No fines if valid policy
Choice of useful add-ons
This policy gives you long-term coverage against all third-party liabilities such as damage to their property or vehicle, and injury or death of a third party for up to three years. Having a valid third-party insurance cover is mandatory for all two-wheelers as per Motor Vehicles Act, 1988. Although, this policy does not cover damages or theft of your two-wheeler.
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Accident, theft, fire etc.
Personal accident cover
Natural calamities
Third-party liability
Choice of add-ons
In addition to what a third-party policy covers, this policy gives you a complete package of overall protection around your two wheeler for up to 5 years. You can select the tenure of this policy based on your needs. Here at HDFC ERGO , you also get the flexibility to include add-ons of your choice like ‘zero-depreciation cover’ to protect your car from decreasing value over time or ‘emergency assistance cover’ to get 24x7 on-road help.
Personal accident cover
Third-party property damage
Injury to a third-party person
Single Year Vs Multi-Year Two-Wheeler Insurance Policy
While buying groceries, what do you prefer, stocking up everything to last for a few days or going to the supermarket every day and buying for each day? Given a choice, most would choose to stock up for a few days provided you are sure you’ll need it shortly. Opting for a multi-year insurance policy over a single-year policy is fairly similar if you are sure to use your two-wheeler for at least three years. Buying a multi-year plan saves you from the hassle of renewing it annually and will save you money with a discount on the premium.
| Parameters | Single year | Multi-year |
| Renewal | Every year | Once in 3-5 years |
| Annual cost of insurance | Higher | Lower |
| Discount on premium | Not Available | Available |
| Flexibility | More flexible | Less flexible |
| NCB Discount | Lower NCB discount can be claimed As per Motor Tariff | Higher NCB discount can be claimed As per Motor Tariff |
| 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 |
What is covered/not covered in long term bike insurance?
HDFC ERGO Multi Year Bike Insurance also called long term bike insurance provides you with two types of policy plans. Choosing Long-term Third Party bike insurance policy offers long-term protection from all third-party liabilities, including damage to the property or vehicle, personal injury, or death claims, for up to five years. According to the Motor Vehicles Act of 1988, every motorised two-wheeler must own a minimum of third-party insurance coverage. However, this policy does not protect against theft or damage to your two-wheeler.
The Private Bundled Cover policy, on the other hand, provides you with a comprehensive package of overall protection for your two-wheeler for up to five years, in addition to what a third-party policy covers. Depending on your requirements, you can choose this policy's terms. With HDFC ERGO, you also have the option to purchase add-on covers of your choice, such as zero depreciation bike insurance cover to guard against your two wheeler’s worth depreciating over time or emergency assistance cover to receive round-the-clock on-road assistance.
The following are excluded from coverage under HDFC ERGO's long term bike insurance policy:
Depreciation
HDFC ERGO's long term two wheeler insurance policy does not pay for the costs associated with the bike's regular wear and tear.
Electrical and Mechanical Failure
This policy excludes any type of electrical or mechanical breakdown.
Illegal practices
If the damage was brought on by the policyholder while they were driving without a license, drunk, or engaging in any other illegal activity, the bike insurance becomes null and void.
Features of Long Term Two Wheeler Insurance
The features of the long term bike insurance include-
Benefits of Buying Multi-Year Two Wheeler Insurance
How to Buy a Multi-Year Two-Wheeler Insurance Policy?
Now you can protect your two-wheeler from the comfort of your sofa. Buy HDFC ERGO’s multi-year insurance policy in 4 easy steps.
Click here to visit our website
Select the bike brand, bike variant and enter the registration city and year of registration.
Click on ‘Get Quote’ and select the plan of your choice.
Fill in your contact details and make an online payment.
Factors affecting Multi Year bike insurance premiums
There are a few factors that can affect the premiums of your Multi Year bike insurance plan. Those factors are as follows-
Vehicle Depreciation
Your bike experiences wear and tear as you ride it, reducing its supply of consumables. This results in a decline in market value. Depreciation is computed differently by auto insurance companies. Keep in mind that your insurance rate will be reduced the more your bike depreciates. This works in conjunction with insured declared value of two wheeler.
Insured Declared Value
The insurance company's insured declared value, or IDV, determines the present market worth of your bike. It indicates the most amount of money the insurance provider will give you in the event of a claim. Your IDV serves as the basis for directly calculating your premium. The good news is that insurance companies let you select your own IDV, as long as it falls within a certain range of the predetermined IDV. Your bike insurance premium will increase in direct proportion to the amount of IDV you choose and vice versa.
No Claims Bonus
NCB is a special reduction offered by insurance companies on the premium of a policy to encourage safer driving and regular insurance renewal. If you spend five years without filing a claim, the discount increases to 50% from 20% in the first year of being claim-free. However, to attain this, you must ensure that the insurance is consistently renewed and never expires.
Add-ons
In order to expand the extent and nature of protection, bike insurance providers offer you a range of add-ons on your insurance policy. The more add-ons you select, however, will result in a higher price for your bike insurance because these add-ons are additional.
Things to consider before buying long term bike insurance
Before you decide on purchasing long term bike insurance, it is important to take certain things into consideration. Those are as follows-
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FAQs
Depending on the age of the two-wheeler, the following table illustrates the percentage of depreciation:
| Age of the bike | Depreciation |
| Less than 6 months | 5% |
| 6 months to 1 year | 15% |
| 1 year to 2 year | 20% |
| 2 year to 3 year | 30% |
| 3 year to 4 year | 40% |
| 4 year to 5 year | 50% |
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