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Know About The New Law For Buying 5 Years Long Term Two Wheeler Insurance

There are more than 16 crore two -wheelers in India. It is believed that at least two-thirds of these are without an insurance cover. While most vehicles get an insurance cover at the time of purchase – most riders neglect renewing the same at the end of the policy period. To combat this, the government of India has made it mandatory to buy a multi-year policy for all new vehicles.

  • Long term two-wheeler insurance

    Effective from September 1, 2018, all new bikes have to get a third-party insurance cover for a minimum period of five years upfront. This means that the third-party premium for five years has to be paid at the time of purchasing the two-wheeler insurance policy. It is important to remember here that the premium rates for third-party liability insurance for two-wheelers are dependent on the engine capacity of the vehicle and are decided by IRDAI

  • Older vehicles

    Purchasing a long term two-wheeler insurance policy is mandatory only for vehicles being registered after September 1, 2018. Older vehicles can continue to renew their existing policy on an annual basis, or as per the policy period already agreed upon. Also, after the end of the five year period – the renewal can be done on an annual basis. A rider need not renew the policy for a period of five years, but only for one year at a time.

  • Own Damage Premium

    The five year policy period is mandatory only for the third party cover. Bike owners can choose the policy period for their own damage cover as per their choice. They can either choose to buy a long-term comprehensive insurance policy for five years, and pay own damage premium for five years up front, or choose to buy a bundled insurance plan. In case of a bundled insurance plan, the bike owner needs to pay the own damage premium for a year up front and renew it on an annual basis – while the third party cover is purchased for a five year period.

  • Standalone Personal Accident Cover

    Further, IRDAI has also unbundled the personal accident cover from two-wheeler insurance policy . From January 1, 2019, it is no more compulsory to get a PAC along with your bike insurance. If you already have a PAC of up to Rs 15 lakh, you need not pay for PAC again with each of your bike insurance policies.

    Choose a policy term that meets your requirements the best.

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