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Long term two wheeler insurance is the insurance given for a period of more than 1 year. Most of the insurance companies offer insurance coverage for more than a year in packets of 2 years policy, 3 years policy and 5 years policy. The premium for long term bike insurance is to be paid upfront to the insurance company. In case of long term two wheeler insurance the insured declared value is calculated for each year and the premium is calculated for each year. Long term two wheeler insurance is gaining traction these days as premium can be paid once and there would be no tension of renewal for a longer period of time.
The usual term period of a general insurance policy, including a two wheeler insurance policy, can vary depending on the type of policy and the insurer. Typically, a two-wheeler insurance policy is offered for a term of one year and needs to be renewed annually to continue coverage. Some insurance companies also offer policies with longer terms, such as two or three years, which may come with additional benefits and discounts. However, longer-term policies may also come with restrictions and limitations, such as reduced flexibility in changing coverage or higher premiums. It's important to carefully consider the term period and other policy details when selecting a two-wheeler insurance policy that best meets your needs.
Bike insurance has two sections and the coverage under each section is mentioned below:-
IDV in two wheeler insurance policy copy is the insured declared value which is the maximum value of the bike considered for the purpose of insurance. It is also the maximum liability of the insurance company in case of any loss or accident. The insured declared value is arrived based on the age of the vehicle, as the depreciation is accounted for each passing year. Higher the IDV, higher would be the liability of the insurance company and higher the premium to be paid by the customer. It is important to ensure that your bike is insured with sufficient IDV which comes handy at the time of loss.
Insured declared value for new vehicle is calculated as 95% of the vehicle ex-showroom price and thereafter the IDV decreases at 10% each year to account for the depreciation of the vehicle.
This is one of the most important things to know before taking an insurance policy and driving the bike. If you have met with an accident while driving the bike it is important to understand how to proceed further. Here is the process to be followed if you are met with an accident:
There are certain documents which are to be submitted to the insurance company to process your claim. These include:
NCB is the no claim bonus given to the owner/driver at the time of renewal of bike insurance policy. The no claim bonus is given to those with nil claims reported in the previous years. The no claim bonus increases each claim free year and reaches a maximum of 50% from 0%. The no claim bonus is an extra discount given to the customer on the own damage section of the policy if there are no reported claims in the previous year. The NCB cannot be transferred from one person to another person if the bike is sold.
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