Making the decision of purchasing multi-year insurance coverage can be a challenging one. Generally, when you buy two-wheeler insurance, you have to renew it every year. That means you have to pay a premium every year for your bike coverage. Whether you can afford those payments is a different question. But there is a benefit to not paying premiums every year. This way, you can pay for 2 or 3 years of coverage at once and enjoy the coverage without having to worry about premiums for a while. However, is this single benefit sufficient to switch to multi-year insurance coverage? If you decide to switch from single-year policies to multi-year twowheeler insurance, you must have good reason. * Standard T&C Apply.

Here are some of them:

• Avoid unnecessary danger

One thing you can say for sure is that you need bike insurance to drive your bike. So, if you do not have a policy, you have two options. First, park your bike in your garage and keep it there until you have insurance. Second, take unnecessary risk by riding your bike without a policy. *

This is a risk because of its illegal nature. If you are caught riding without insurance, you may be booked by traffic authorities. Additionally, in the event of an accident, you will not have coverage to make repairs. Admittedly, renewing a bike insurance policy is a complicated and tedious process. But this fact does not help you to convince the traffic officers to go to the garage or repair your bike at low cost. Therefore, it is necessary to renew the policy. To avoid the hassle of bike insurance renewal each year, you can switch to a multi-year two-wheeler insurance policy. *

• Save money

Money is like sand. As long as you hold it tight, it will be in your hand. As soon as you open your hand, it starts to slip. With money, the smart thing to do is saving as much as you can. Typically, people save money each month and deposit it at the end of the year to see how much they have saved. But renewing the insurance every year can greatly damage your savings. In addition, IRDAI raises two-wheeler insurance third-party rates by approximately 20% each year. This means that your savings will decrease with each renewal. It is being renewed every year along with the regular policy. This means that your cost of bike insurance will increase exponentially. * You can visit the official website of IRDAI for further details.

On the other hand, if you buy bike insurance for a longer period of time, you will not face a premium increase every year. Second, with a multi-year insurance policy, you do not have to pay premiums every year. This means you can use the time until the next renewal to save as much money as possible.*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply*

• Get longer coverage

You may already understand that buying a multi-year policy will result in more time without paying premiums. But what you may not know is that it allows you to enjoy its benefits longer. As with regular bike insurance, most insurance providers offer only a limited number of bike insurance renewals to the customer. Beyond this limit, the policyholder cannot renew his policy. So, regardless of whether you can afford it or not, you will lose your coverage after a while. With a multi-year policy, it will take you a long time to reach this limit. That way, you have coverage until you decide to replace it. Moreover, you will receive higher period of coverage for a lower total bike insurance price.

* Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.