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3 Year Third Party Insurance For Bike

  • Author :
  • TATA AIG Team
  • Published on :
  • 26/05/2022

Given India's tremendously congested highways, two-wheelers are among the quickest and best modes of transportation. However, they account for over 70% of all vehicles, the bulk of which are uninsured. Therefore, customers must apply for a bike insurance policy when purchasing a bike. Unfortunately, many two-wheeler users fail to renew their yearly insurance for bikes when they expire. Thus, the Insurance Regulatory and Development Authority (IRDA) has launched third-party 3-year insurance for bikes to address this issue.

In today's world, the significance of bike insurance cannot be overstated. You need not assume any further obligation once you have insurance for your bike. You just have to ensure bike insurance renewal for 3 years to regularly renew your policy to be covered in various accidents affecting your two-wheeler and yourself. Unfortunately, most people in India fail to go through with their bike insurance renewal for 3 years on time because they can't recall when their coverage expires. While keeping up with the everyday hustles and bustles of life, the concept of renewing the bike insurance policy slips from the mind.

Riding without insurance for bikes is illegal in India. In India, the Motor Vehicles Act of 1988 makes bike insurance mandatory. Driving without valid insurance can result in a fine of up to ₹1000 or up to 3 months in jail. Furthermore, travelling on Indian streets without insurance for bikes is not a good idea. Thus, most insurance providers have enabled you to get your bike insurance online for 3 years.

At Tata AIG, not only can you buy your bike insurance online, but you can also complete the process very easily. We have structured our purchase and renewal process so that you can get your two-wheeler insurance online for 3 years without any hassle. We also ensure our products and services are at affordable, competitive prices so that you can get the most for a reasonable price. We encourage you to compare two-wheeler insurance prices and features and return to us when you are convinced we are the best option. Once you are satisfied with your research, remember our easy and online processes, so you never have to miss out on renewing your bike insurance for 3 years.

What are the Different Policies Under Two-Wheeler Insurance for 3 Years?</

3-year insurance for bikes includes both personal and third-party losses. Third-party responsibility entails the insurance company covering the loss or damage inflicted by the insured bike to someone else's safety or assets. All policies cover third-party damage, but the long-term two-wheeler insurance coverage here solely insures third-party damage.

In the case of own damage, the insurance provider covers the damage or loss to one's car. This harm could be caused by man or nature. You can add own damage cover to it but will need to renew it on a yearly basis.

3 Year Bike Insurance Price

3X the yearly third-party payment equals the amount for a 3-year bike insurance price. The payment must be made in one instalment.

Keep note:

  • Throughout the 3-year policy period, this insurance amount will not be discussed or changed.
  • It is impossible to terminate independent two-wheeler insurance for 3 years during the policy period. But, the money paid for unused years will be repaid in the event of total vehicle loss.
  • This insurance payment scheme particularly benefits policyholders because it protects them from yearly premium rate increases implemented by insurance companies. On the other hand, it benefits insurance carriers because it enables them to collect premiums for three years, saving them money on administrative costs.

Advantages of Long Term Two-Wheeler Insurance

Some advantages of having long-term two-wheeler insurance are:

  • After their one-year plans have expired, most bike owners neglect to renew their bike insurance policies. With the right bike insurance for 3 years, even if you miss updating your coverage for three years, you do not face any consequences.

These policies are handier because they eliminate the need to renew your insurance for a bike every year. With Tata AIG, you can get your bike insurance online for 3 years, making the process even easier and leaving you no reason to put off getting the policy.

  • With two-wheeler insurance for 3 years of coverage, you'll have to settle the premiums. However, you will save a significant amount on your insurance premiums in the big scheme of things due to this one-time investment.

It's because insurance companies review and raise premium costs for their plans every year. So if you have a three-year plan in order, you can avoid incurring higher costs until your insurance expires. In this approach, your coverage will be far less expensive in the long term.

  • Insurance companies may examine your bike before agreeing to renew your coverage if there is a lapse between your monthly renewals. This is referred to as a break-in coverage, and it might result in a larger premium payment. When you purchase a long-term insurance plan, you can prevent break-ins in your plan and continue without paying any additional premiums.

  • Driving a bike without proper insurance is a criminal offence in India. However, even if you disregard the legal consequences of an insurance plan, you must recognise that the policy could be extremely useful in times of unforeseeable situations. A long-term coverage protects you from the possibility of having your policy expire for an extended period. It will also provide compensation if there is an accident on the road that leads to damage or injuries to a third party.

  • A policyholder is not obligated to keep the same long-term bike insurance coverage until its validity expires. They have the option to exit from the program at any time and obtain a refund for the premiums not used. However, you should get a new policy before cancelling your current insurance policy. Also, when you acquire a new insurance plan, remember to keep the NCB.

Conclusion

There are several benefits to having a 3-year bike insurance policy. What is most important is having the right insurance policy. Especially since we are talking about having the same policy for three years, you can opt to buy two-wheeler insurance online for 3 years with Tata AIG. You will find that we offer you all you need, and buying insurance has never been easier. So, get your two-wheeler insurance online for 3 years today!

Disclaimer / TnC

Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.

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