The Advantages Of Multi-Year Third-Party Insurance for Two-Wheelers

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Insurance for Two-Wheelers

Securing your bike or scooter with two-wheeler motor insurance covers you against financial losses during mishaps and also serves to keep you legally compliant. Remember that the Motor Vehicles Act, 1988 has made it compulsory to buy at least a basic third-party motor insurance coverage before plying your vehicle out on the roads. 

These days, insurers offer two-wheeler owners multi-year third-party coverage when they buy insurance. Many people often wonder why multi-year two-wheeler insurance policies exist. They sometimes ponder over whether it is worth paying for many years of coverage at one go. The fact is that there are many benefits to having multi-year policies for a bike or scooter owner. In this article, we take a look at some of the main advantages that you can enjoy with a multi-year two-wheeler third party- insurance policy. 

 

  • You stay covered against losses

 

Perhaps the biggest benefit of having multi-year third-party two-wheeler insurance is that you continue to stay protected for a longer period of time. When you renew your bike or scooter third-party insurance, you receive coverage for 5 years at a stretch. Thus, you do not need to worry about facing any lapses in coverage due to annual policy expiry. No matter how busy you are, your policy coverage is long-term and will keep you protected from third-party financial and legal liabilities during mishaps.  

 

  • You skip the hassle of yearly insurance renewal

 

Remembering to renew your two-wheeler insurance on time every year can be pretty stressful. You might often have to set up multiple reminders to avoid going even a few days without your coverage. The availability of multi-year two-wheeler insurance can truly take the stress off your mind as you make a one-time payment for third-party coverage that stretches for 5 years on your bike or scooter. This kind of peace of mind is truly worth it given that you probably have a lot of other stressful things to deal with. 

 

  • Saves you from penalties

 

Riding your two-wheeler without an active third-party insurance policy will attract a hefty fine if you are stopped by the police for inspection. Having a motor insurance policy that stretches on for multiple years will keep you safe from riding without coverage unintentionally and thus, also save you from paying these fines that can drain your savings account.

Moreover, having a multi-year motor insurance policy also lets you skip any price hike in two-wheeler third-party insurance rates for a given financial year as you have already paid for your coverage in advance. Therefore, the introduction of multi-year policies does truly work for your benefit as a bike or scooter owner. 

Looking at things from a larger perspective, multi-year third-party insurance policies will also reduce the number of uninsured vehicles plying on the road. Indeed, the benefits of these third-party multi-year two-wheeler insurance plans are aplenty. 

We hope that this article has helped improve your understanding of the benefits of multi-year third-party insurance plans for bikes and scooters. Remember that there are also multi-year policies for four-wheeler and commercial vehicle insurance too.  

Ride safely and take care.