There are many who love biking, but often forget to renew their two wheeler insurance on time. This could lead to some problems because according to the new Motor Vehicles Act, every vehicle should have insurance. In such cases, it will be best to get a long term, two wheeler insurance and there would be no need to renew insurance at regular intervals or remember the deadlines for doing so.

In India, over 10 crores bikes and scooters ply the roads and over 67% are uninsured. Most do not get the insurance when they purchase the scooters or forget to renew them at a later date. The IRDA has introduced long term two wheeler insurance policies which have 3 years tenure. There are many advantages to be had by getting such a long term insurance for your two- wheeler.

Here are top benefits of having Long Term Two Wheeler Insurance You Just Can’t Ignore


  • To start with, the convenience of a long term bike insurance is immense. With a three year insurance offered in one go, there is no need to renew the insurance every three years. It is quite possible to forget about it because today consumers are paying EMIs for almost everything anyway, so it is quite possible that something or the other skips the mind. The long term insurance would be best.
  • With a long term insurance, it is simpler to avoid non- renewal related risks. There are certain risks involved when a policy lapses and till one renew the premium. If the vehicle is stolen or damaged during the period when the insurance has not been renewed, then the vehicle owner will not receive any reimbursements. All the financial expenses would have to be borne by the two- wheeler himself. This is quite a waste because in spite of having paid insurance for a consecutive period, the insured person will still not be able to reap the benefits when he actually needs the protection of the insurance the most. Hence, going for a long term insurance does not provide such pockets of non- cover.
  • A policy which has lapsed due to non- payment of insurance premium has its own sets of demerits. It means, an application for a new premium would have to be sent in all over again and the vehicle would have to be checked again as well. It is perfectly within the rights of the insurance company to do so. All of this can be avoided with a long term insurance.
  • One can also get discount on own damage premium with a long term insurance. This is something that the insurance companies have offered that in case the damage to the vehicle has been caused due to one’s own fault, certain discounts would be offered on the premium, which they are able to do because they save costs with the administrative and the issuing costs.
  • It has been seen that long term insurance for two wheelers also helps the vehicles owners to save the annual hike in the third party premium rates which have been fixed by the IRDA. Usually, the hike is of 10% to 15% on an average. Moreover, based on their experience, the insurance companies may also hike their premiums for own damage from time to time. These instances of hikes premiums can be avoided because a three insurance has been opted for as premium rates remain constant for the duration of the policy.
  • Thus with a long term premium also have an advantage with respect to No Claim Bonus. The NCB structure is quite different in the case of one year policy and a three year policy and there are more benefits to be enjoyed in the later one, subject to the clauses of the various insurance companies.

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