Riding a bike offers convenience and independence, but financial security is vital with a valid third-party two-wheeler insurance policy. Save time by purchasing online, which offers various plans. Use our bike insurance calculator for an instant quote. Ensure timely renewals to avoid fines and financial vulnerabilities in case of theft or accidents.
Three-Year Policy For Two-Wheeler Insurance
Purchasing a 3-year policy for a two-wheeler is a straightforward method to avoid renewing your bike insurance yearly. Bike insurance has been available from insurance companies in India for three years, thanks to the Insurance Regulatory Development Authority of India (IRDAI). This policy functions similarly to an annual policy for two-wheeler insurance. However, it has a few unique qualities, which are covered below. #
Critical Elements Of Three-Year Bike Insurance
- Three-year bike insurance provides third-party coverage for ongoing financial protection.
- The premium for this policy is triple that of an annual policy as mandated by the Insurance Regulatory Development Authority of India. #
- The premium amount is determined by a formula considering various crucial variables.
- The policy cannot be cancelled unless the vehicle is completely lost, ensuring a minimum three-year coverage.
- A one-time premium payment is necessary, eliminating the need for annual payments.
- The coverage can be renewed for three years, offering convenience and continued protection.
The Advantages Of Purchasing Three-Year Bike Insurance
- No Need To Renew The Policy Annually: Not having to renew your two-wheeler insurance policy annually is one of the main advantages of purchasing a three-year policy. Although this advantage is minor, it involves substantial time, money, and effort savings. For this reason, choosing a three-year bike insurance policy is a very wise choice. ##
- No Premium Changes During The Policy Term: Annual adjustments in third-party insurance rates can lead to higher premiums upon annual renewal. Opting for a three-year Bajaj Allianz two-wheeler insurance third-party plan eliminates worries about fluctuating premiums, thanks to the one-time payment clause. No additional payments are required until the policy renewal after three years.
- There Are No Fines For A Lapsed Two-Wheeler Insurance Policy: In India, all motorcycle owners must obtain a third-party two-wheeler insurance policy. Failure to do so may result in fines and penalties. You may end up with a heavy financial burden due to this. Choosing a three-year third-party insurance policy for your bike means that you won’t have to worry about paying a fine for not having an active bike insurance policy for the first three years at least.
For three years, you can put your concerns about Bajaj Allianz third-party insurance for bike renewal on hold with a 3-year policy for two-wheelers. You don’t need to be concerned about a possible yearly increase in the cost of your two-wheeler insurance during this time. Moreover, you might not be penalised for a policy that has expired.
Because of its many advantages, you must choose bike insurance for three years to have continuous coverage for your bike. You can secure your bike’s finances by purchasing a long-term two-wheeler insurance plan. *
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* Standard T&C Apply
#Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.