<p style="text-align: justify;">Whether you have an existing bike, or <a href="https://newsforpublic.com/performance-hybrid-bike-suitable/">purchase a new bike</a>, it comes with the added responsibility of purchasing a two wheeler bike insurance policy. Having a two-wheeler policy—with mandatory third-party insurance—is a must, according to the Motor Vehicle Act. Now you face two possibilities; either to opt for annual bike insurance, or multi-year bike insurance. While a multi-year bike insurance is hassle-free, in the case of annual bike insurance policies, you have to remember the exact date to renew the policy. Chances are that despite your vigilance towards the daily chores, you can forget to renew the two-wheeler policy. This is fraught with manifold dangers: not only are you liable to pay a stiff traffic fine, but also stand to lose financially in the case of any unfortunate accident.</p>
<p style="text-align: justify;">According to estimates from General Insurance Council (GIC), more than 60% of the bikes are without a valid insurance policy. Many of the uninsured vehicles, including motorcycles and scooters, are insured only at the time of purchasing the vehicle. To curb this dangerous trend, the Insurance Regulatory and Development Authority of India (IRDAI) made it compulsory for all new two-wheeler purchases after September 1, 2018, to have a five year third-party cover. But what about your own damage cover? You can still renew it annually. But an annual two-wheeler policy has its fair share of disadvantages vis-à-vis multi-year two wheeler policies. You can just opt to pay the premium once for several years rather than the tedious process of annual renewals. Here are the advantages of multi-year two wheeler policies:</p>
<h2>Avail upfront discounts</h2>
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<p style="text-align: justify;">Insurance companies provide you with discounts and incentives on multi-year bike insurance policies because of lower administrative costs. Though the premium might appear expensive, the average cost of a multi-year insurance plan is comparatively lower than traditional annual policies. In the long run, this translates into more savings.</p>
<h2>Multi-year policy is convenient and hassle-free</h2>
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<p style="text-align: justify;">With multi-year bike insurance policies, you can say good-bye to the hassle of annual renewals. <a href="https://www.bajajfinservmarkets.in/insurance/motor-insurance/two-wheeler-insurance.html" target="_blank" rel="noopener">Bike insurance renewals</a> becomes even more tedious if you have more than one two-wheelers at home. In the case of a traditional annual policy, the two-wheeler insurer can send an associate for examining the vehicle, if the existing policy has lapsed. All these hassles can be avoided if you opt for a multi-year renewal. For instance, if you opt for Bajaj Allianz Two-Wheeler Insurance Policy, available on Finserv MARKETS, you can easily renew your police online. This best bike insurance policy dispenses with the need of vehicle inspections while renewal.</p>
<h2>Protection from hike in insurance premiums</h2>
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<p style="text-align: justify;"> A multi-year policy can help you save premiums in the case of premiums being enhanced by the insurance company. Once you opt for a multi-year best bike insurance policy, you are not affected by the annual cost revision cycle.</p>
<h2>No Claim Bonus Benefits</h2>
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<p style="text-align: justify;">No Claim Bonus or NCB is a discount offered by <a href="https://newsforpublic.com/get-best-ever-company-insurance/">insurance companies</a> on the own damage component of the premium for not making a single claim during the previous policy year. In case of traditional annual policies, you stand to lose for not making any claims during a year. But in the case of multi-year bike insurance policies, there will be an incremental increase in the NCB each year. For example, in the case of Bajaj Allianz Two-wheeler Insurance, available on Finserv Markets, the NCB starts with 20% for the first year, and goes up to 50% for five consecutive years. What’s more, you can also transfer the NCB to a new vehicle in case of substitution of vehicle of the same class.</p>
<h2>Easy cancellation</h2>
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<p style="text-align: justify;">If you thought that purchasing a multi-year bike insurance policy meant that you could not change the insurer, you were wrong. Because, you can easily cancel the existing policy, and purchase a new multi-year two -wheeler policy from another insurer. All you need to do is send an application to the existing insurer. You will receive the necessary refund after the application is processed. Additionally, you are also allowed to transfer the NCB through an NCB retention certificate.</p>
<h2>Avoid traffic fine and remain safe</h2>
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<p style="text-align: justify;">Riding a two-wheeler without valid insurance can attract a traffic fine of Rs 2,000 and/or imprisonment up to three months for the first offence and an enhanced fine of Rs 4,000 for the second offence as per the new Motor Vehicle (Amendment) Act, 2019.</p>
<p style="text-align: justify;">Thus, you can be penalised for failing to renew your existing policy. Additionally, if your bike meets with an accident when its insurance has lapsed, you will be liable to pay the third-party claims. In the case of damage to your two-wheeler, you have to pay the cost of repairs from your own pocket. So it’s always advisable to opt for a multi-year two-wheeler policy.</p>
<p style="text-align: justify;"><strong>Conclusion</strong>:</p>
<p style="text-align: justify;">Having a multi-year two wheeler policy is always advantageous as compared to annual insurance policies. You can consider a multi-year online bike insurance policy like Bajaj Allianz Two-Wheeler Insurance, available on Finserv MARKETS. This best bike insurance policy provides a host of benefits,and can be renewed online up to three years. Along with the third-party claim cover, you can protect your two-wheeler from loss or damage from natural calamities or man-made disasters. You can also avail of accidental coverage for yourself along with the pillion rider. Along with 24X7 roadside assistance, you stand to benefit from cashless claim servicing at more than 4,000 network garages.</p>
<p style="text-align: justify;">Also read about <a href="https://www.bajajfinservmarkets.in/discover/journals/blogs/insurance/what-is-a-zero-depreciation-cover-in-bike-insurance/" target="_blank" rel="noopener">zero depreciation bike insurance</a> before you buy the policy</p>

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