Bike Insurance for 3 Years

A bike insurance plan protects the owner of the two-wheeler financially against unforeseen risks. The policyholder pays a certain amount called the premium, and in exchange, the insurance company or insurer agrees to cover bike-related losses up to a certain amount. Bike insurance plans offer protection against losses, theft, accidents and natural disasters as well as damages done to third parties.

A three-year two-wheeler insurance policy simply offers the same protection for an extended period. Unlike single-year policies, which must be renewed every year, multi-year plans keep you insured for several years. A long-term plan eliminates the hassles of having to frequently renew your bike insurance and saves you from the consequences of driving without a valid insurance certificate.

With TATA AIG’s Two-wheeler Insurance for three years, you get additional benefits like premium savings and a No-Claim Bonus of up to 50%. This allows you to forget about annual renewals and enjoy long-term protection. Check the bike insurance features below to make an informed decision.

Also Read: Why Buy a Two-Wheeler Insurance Policy

Here is a list of reasons why you should opt for convenience by choosing a three-year bike insurance plan:

No Need for an Annual Premium

If you find annual premiums bothersome, you aren’t alone. Many people forget to renew their bike insurance, especially if they bought their bike a few years ago. Unfortunately, getting caught without insurance can lead to fines, vehicle seizure and court cases. A long-term policy can prevent this.

Assurance of No Premium Hikes

Getting a 3-year 2-wheeler insurance policy allows you to lock in affordable premium rates for the future. As per IRDAI guidelines, the premium amount for a third-party plan cannot be revised within the policy period, no matter the circumstances. This gives you an assured amount that will not change.

Peace of Mind

If you are someone anxious about breaking traffic rules, having bike insurance for 3 years can be reassuring and convenient. You don’t have to fill out any new application form and can quickly renew your bike policy online with just a few clicks. Additionally, you can change your insurance provider without losing your bonuses or favourable premium rates.

Higher Bonuses and Discounts

Many insurance providers give generous offers to policyholders for renewals, including the No-Claim Bonus (NCB). NCB is an increase of the sum insured amount or a decrease of the premium amount by a set percentage awarded for every claim-free year. Insurers may also offer additional discounts and bonuses for 3-year plans.

At TATA AIG, we offer an attractive NCB in Bike Insurance that gives up to a 50% discount on five consecutive claim-free years. In addition, you get a host of benefits with the best insurance for a bike, including premium savings, quick claim settlements and cashless cover in 4700+ garages.

The following are the basic categories of bike insurance policies you can buy:

Own Damage Bike Insurance

This is a type of standalone bike insurance policy that covers damages and losses to the insured vehicle. These plans cover various risks, including theft, accidents, misplacement, fire, man-made calamities (riots, strikes, vandalism) and natural calamities (earthquakes, floods, hurricanes). The costs covered include repair expenses, part replacements and even total damage. However, these plans don’t cover third-party liabilities.

Third Party Bike Insurance

A two-wheeler third-party insurance for 3 years covers only losses and damages caused by the insured vehicle to a third party. In this, the insurer provides compensation for property damage, injuries and death caused to third persons. As per the Motor Vehicles Act 1988, every vehicle must have third-party insurance to legally ply on Indian roads. It doesn’t cover damages caused to the insured vehicle.

Comprehensive Bike Insurance

As the name implies, this type of bike insurance provides blanket coverage for a variety of risks. A comprehensive bike insurance covers both third-party damages, including property damage and injuries, as well as own damages, including loss, theft, accidents, man-made disasters and natural disasters. These plans also offer various perks and allow you to customise the coverage using various riders.

Also Read: Types of Bike Insurance in India

Know the features and benefits of opting for three-year bike insurance plans:

• Cashless Repairs: With a valid 3-year bike insurance policy, policyholders can get their damaged bikes repaired at cashless network garages. You don’t have to pay any cash upfront for getting services at network garages. TATA AIG offers 4700+ network garages.

• Discounts on Premium: In general, multi-year plans cost less than single-year plans and allow you to lock in current premium rates. Depending on the insurer, you can get substantial discounts on 3-year premiums in addition to other bonuses.

• Quick Claim Settlement: Nowadays, you don’t need to wait for many days or file complex paperwork for claim settlement. Instead, you can file claims on bike insurance online on the insurer’s website or mobile application and get instant approvals.

• Easy Renewals: The process for bike insurance renewal for 3 years is very simple. All you need to do is enter your bike’s registration number or policy number on the insurer’s website or app and make the payment for an instant renewal.

• 24x7 Assistance: TATA AIG provides 24x7 customer service support, enabling you to sort queries and issues. You can contact the customer service in various ways, including toll-free numbers, SMS or email.

• Customisable Plans: With most 3-year 2-wheeler insurance, you can customise the plans with riders or add-ons. You may purchase riders, such as personal accident cover, depreciation cover, emergency medical expenses, and more.

Also Read: Benefits of Buying Long-Term Two-Wheeler Insurance

Here is a list of losses or damage covered by most three-year two-wheeler insurance plans:

• Accidents: All bike insurance plans cover repair and replacement due to accidents and collisions of your vehicle.

• Thefts: These plans also cover loss of your bike due to theft, burglary, carjacking, housebreaking and other criminal activities.

• Third Party Damages: Two types of bike insurance plans- third party plans and comprehensive plans cover injuries, property damage and death caused to third parties by your vehicle in an accident.

• Fire and Explosion: This includes damage from accidental fire, self-ignition, explosions and lightning.

• Natural Disasters: 3-year bike insurance plans cover damage due to events such as floods, earthquakes, typhoons, hurricanes, hailstorms and frost.

• Man-made Calamities: Most plans cover man-made calamities, including riots, strikes, malicious acts and terrorist activities.

• Damage in-Transit: Many plans cover losses and damage caused during transit by road, rail, lifts, elevators, ferries, or air transportation.

• Personal Accident: Some plans may offer separate personal accident cover for injuries or the unfortunate demise of the owner-driver.

The following damages, losses and conditions are excluded from coverage by most bike insurance policies:

• Damage Due to Negligence: Most 3-year bike insurance plans do not cover damage that has occurred due to the willful negligence of the owner. Reasonable care has to be taken by the owner of the vehicle.

• Wear and Tear: Bike insurance plans usually do not cover the regular depreciation of the vehicle from wear and tear due to regular usage.

• Substance Abuse: Any damage done to one’s vehicle while the rider is under the influence of alcohol, drugs or other substances is excluded by a bike insurance policy.

• Electrical or Mechanical Breakdown: Most bike insurance policies exclude mechanical failure and electrical breakdown, and losses/damage caused by these events.

• Illegal Practices: This includes losses or penalties due to riding without a valid licence, illegal modifications done to one’s vehicle or engaging in criminal activities, which leads to immediate exclusion.

• War and Similar Situations: While some bike insurance plans do cover man-made disasters, most plans exclude damage/loss caused by wars, civil wars or the use of nuclear weapons.

As we have mentioned before, add-ons or riders allow you to customise your bike insurance policy with additional coverage options. Here is a list of common 3-year bike insurance riders* you can find:

• Zero Depreciation Cover: Also called depreciation allowance or bumper-to-bumper cover, this add-on lets you get your full claim amount without any deduction for the depreciation of your vehicle.

• Consumable Expenses: This results in the inclusion of repairing or replacing consumable items, such as nuts, bolts, screws, washers, engine oil, lubricants, air conditioner gas, brake fluid, etc.

• Roadside Assistance Cover: The Roadside Assistance Add-on lets you get breakdown assistance at the location where you are stranded. It includes on-site repairs, towing assistance and emergency transportation, among others.

• Emergency Medical Expenses: This add-on lets you cover medical expenses due to an accident involving your bike. It typically includes ambulance charges, hospitalisation expenses and injuries to your passenger.

*The inclusions, exclusions and rider options vary from one policy to another. It’s advisable to check the insurer’s terms and conditions before applying.

You can purchase a bike insurance plan for 3 years or longer by following the given steps:

Step 1: Visit the TATA AIG website and go to Bike Insurance under the Personal section.

Step 2: To buy a new plan, find the ‘Bike Insurance’ option among the product offerings. To renew your plan, go to your existing policy details page and click on the ‘Renewal’ option.

Step 3: Enter your bike’s registration number, personal information and other required details.

Step 4: Select the policy coverage and the optional add-on covers.

Step 5: Check the given bike insurance quote and make the online payment.

You will get your bike insured for three years and receive your policy document via email or SMS.

Many owners prefer bike insurance for 3 years due to its convenience, safety and attractive discounts and bonuses on long-term bike insurance plans. In addition, having continuous coverage ensures that you keep using your ride for your daily transportation needs without getting into trouble with the traffic authorities.

You can get bike insurance online for 3 years with just a few clicks on TATA AIG’s website and experience the benefits of instant settlement and cashless claims.