What Is Multi-Year Bike Insurance?

Many of us start the vehicle-owning dream by buying a two-wheeler. However, owning a bike comes with a lot more responsibilities than one would expect. One of the most significant responsibilities is to purchase a suitable bike insurance. In India, it is mandatory to have at least third-party insurance to ensure the safety of oneself and other riders on the road. You must also renew your policy each year within the stipulated time to continue enjoying the perks of the insurance. But, there are times when you might forget to renew due to unforeseen circumstances. What do you do as the solution for such events? A multi-year bike insurance. That’s right, you can purchase multi-year bike insurance that provides protection from financial losses against damage, theft, or third-party liability for a long duration. Traditional single-year plans require annual renewal, but multi-year policies keep you insured for a few years without the hassles of renewal. This plan also helps you avoid the yearly hikes in premium amounts. used cars in el cajon

Following are some additional advantages of a Multi-Year Bike Insurance Plan –

● One of the major attractions of a multi-year plan, as mentioned before, is the sheer convenience it offers. You do not have to keep a regular track of renewals every year!

● It helps you enjoy add-ons at a discounted rate. Most insurance companies usually provide these discounted rates on add-ons such as roadside assistance, zero depreciation cover, etc.

● You can even beat the inflation rate with a multi-year insurance plan! When you avail of this kind of bike insurance plan, you lock its price, which means you do not have to pay the inflated price for succeeding years. As opposed to a single-year plan, in which you’ll have to bear the inflated price when purchasing the plan.

● No Claim Bonus (NCB) is an incentive extended by insurance companies to policyholders in case they haven’t made any claims on their policy in the previous year of insurance duration. This bonus is sort of a reward insurers gets for being responsible riders. In a multi-year bike insurance policy, if the policyholder receives an NCB of 20% at the time of policy renewal, the same discount will be applicable for the subsequent years of policy tenure as well.

● You can easily cancel a multi-year bike insurance policy anytime during the policy tenure. It doesn’t even bind you to continue with the policy till its validity lasts, and in fact, your insurer will refund you the unutilised premium value. However, always remember to buy a new policy if you withdraw from your current one and retain the NCB from your old policy.

It’s clear now that a multi-year bike insurance policy offers more benefits than drawbacks. It packs you with a bundle of long-term coverage in one plan, and that too with a one-time premium payment. Chola MS bike insurance ensures catering to every insurance need and offers comprehensive plans for everyone. Click the link to know more about how we help protect your bike!