People in India should be aware of the fact that vehicle insurance is a legal requirement here. As per the Motor Vehicles Act, 1988, it is mandatory for all vehicle owners to buy at least basic insurance cover for their vehicles i.e. third-party liability. Yet, the inconvenient truth is, around 60% of vehicles on Indian roads don’t have insurance. And a majority of these vehicles are two-wheelers. Even the most ardent motorcycle lovers, who can go on and on about how much they enjoy riding their bikes, tend to have a rather laidback attitude when it comes to buying two-wheeler insurance. A large number of two-wheeler owners simply don’t hesitate to put their bikes at risk by not buying an insurance cover, as they think it’s a big problem to renew it every year. But they are not aware of the multiyear two-wheeler insurance, which gives coverage to your bike for 3 years.
In most cases, the inconvenience associated with buying or renewing the insurance policy that makes people nonchalant about the need and importance of vehicle insurance.
Despite the fact that the two-wheeler insurance can be easily purchased and renewed online, most people consider the two-wheeler insurance buying or renewal process tedious and time-consuming. However, the buying a multiyear two- wheeler insurance is a better option instead of purchasing it every year, still people don’t buy it.
What is a multiyear two-wheeler insurance cover?
A multiyear two-wheeler insurance cover allows to insure your two-wheeler for three consecutive years. Unlike conventional insurance policies that expire after one year, a multiyear two-wheeler insurance policy provides three years cover which means no need to worry about the renewal of your two-wheeler for the next three years.
Let’s take a look at four key benefits what makes a multiyear two-wheeler insurance cover an attractive option -
No Hassles
The first obvious advantage of multiyear two- wheeler insurance is that you don’t have to worry about getting the policy renewed every year and more hassle-free. This means you don’t have to take your vehicle for inspection (if the insurer demands it) and go through all the paperwork again every year. When you are already under so much pressure to remember birthdays and anniversaries of your loved ones, a multiyear two-wheeler insurance cover ensures that you have one less thing to worry about!
Savings (Both Time and Money)
With a multiyear policy, you not just save time but also money. Two-wheeler insurance premiums are revised periodically. With a conventional cover, it’s quite likely that you may have to pay a higher premium next year. However, in the case of a multiyear insurance cover, you can put all your worries to rest as your premium remains the same for three years. So, even though, you may have to shell out more money in advance, you ultimately end up saving money. Also, at times, the insurance companies offer discounts that can further increase your savings.
Easy Cancellation
The thought of being stuck to the same policy for three years is something that stops people from opting for a multiyear two-wheeler insurance cover. Many two-wheeler owners wrongly believe that once they have bought a multiyear cover, there is no way they can cancel it. This, however, is nothing but a misconception. Multiyear covers can be cancelled anytime. Depending on the policy of the insurer, the unutilized amount will be refunded.
No Uninsured Days
One of the biggest drawbacks of a single year policy is that there is usually a gap between the date when the policy expires and the date when it is renewed. Between these two dates, your two-wheeler remains uninsured. And an uninsured two-wheeler is a threat on the road. With a multiyear two-wheeler insurance cover, such a threat can be easily overcome. Buying a three-year insurance cover will ensure that there are no uninsured days for a period of three years.
So, the next time you find yourself wondering what makes a multiyear bike insurance cover an attractive option, do remember the above-mentioned tips. Buying a multiyear bike insurance cover is indeed the easiest way to eliminate all the hassles associated with buying and renewing an insurance cover.