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Home / Two Wheeler Insurance / Multi Year Two Wheeler Insurance

Multi-Year Bike Insurance Online

Multi-Year Bike Insurance

Multi-year bike insurance protects you from financial losses against damage, theft, or third-party liability for the long term. Traditional single-year plans require annual renewal but multi-year policies keep you insured for a few years without the hassles of renewal. It saves you from the consequences of riding without a valid policy. With HDFC ERGO’s multi-year bike insurance, you can forget about renewing the policy every year and enjoy your ride with protection for up to three years.

Why Do You Need Multi-Year Two Wheeler Insurance?

Multi-year insurance packs you a bundle of long-term coverage in one plan with one-time premium payment. This single policy lasts for a few years with no worrying about yearly renewal. HDFC ERGO offers you a handful of discounts on premium prices of multi-year insurance policies. If you have recently bought a new two-wheeler or plan to ride your favorite bike for several more years, then a multi-year policy must be your go-to insurance plan so that you can enjoy a stress-free ride for a longer-term.

Types of Multi-Year Two Wheeler Insurance

Comprehensive two wheeler insurance policy provides overall protection to your bike/scooter. It offers coverage to your vehicle for loss arising due to fire, theft, natural calamities, manmade hazards, and other unforeseen events. As per Motor Vehicles Act, 1988 it is mandatory to have a third party two wheeler insurance, however, it is wise to opt for comprehensive two wheeler insurance which can provide full financial security to your bike from any external damages. Also, a country like India is prone to floods and road accidents which can cause vulnerable damages to your vehicle. Hence, to avoid incurring huge financial expenses, it is wise to buy a comprehensive bike insurance for your two wheeler. .

X
Suitable for those who use the bike infrequently, this plan covers:

Personal accident cover

Injury to a third-party person

Third Party Liability

Third Party Liability

No fines if valid policy

No fines if valid policy

Choice of useful add-ons

Choice of useful add-ons

This policy gives you long-term coverage against all third-party liabilities such as damage to their property or vehicle, and injury or death of a third party for up to three years. Having a valid third-party insurance cover is mandatory for all two-wheelers as per Motor Vehicles Act, 1988. Although, this policy does not cover damages or theft of your two-wheeler.

X
Suitable for bike lovers seeking all-rounded protection, this plan covers:
bike accident

Accident, theft, fire etc.

Personal accident cover

Natural calamities

Third-party liability

Choice of add-ons

EXPLORE MORE

In addition to what a third-party policy covers, this policy gives you a complete package of overall protection around your two wheeler for up to 5 years. You can select the tenure of this policy based on your needs. Here at HDFC ERGO , you also get the flexibility to include add-ons of your choice like ‘zero-depreciation cover’ to protect your car from decreasing value over time or ‘emergency assistance cover’ to get 24x7 on-road help.

X
Suitable for those who use the bike infrequently, this plan covers:

Personal accident cover

Third-party property damage

Injury to a third-party person

Did you know
You can block sunrays by sticking a strip of tape across the top of your helmet’s visor.

Single Year Vs Multi-Year Two-Wheeler Insurance Policy

While buying groceries, what do you prefer, stocking up everything to last for a few days or going to the supermarket every day and buying for each day? Given a choice, most would choose to stock up for a few days provided you are sure you’ll need it shortly. Opting for a multi-year insurance policy over a single-year policy is fairly similar if you are sure to use your two-wheeler for at least three years. Buying a multi-year plan saves you from the hassle of renewing it annually and will save you money with a discount on the premium.

Parameters Single year Multi-year
Renewal Every year Once in 3-5 years
Annual cost of insurance Higher Lower
Discount on premium Not Available Available
Flexibility More flexible Less flexible
NCB Discount Lower NCB discount can be claimed
As per Motor Tariff
Higher NCB discount can be claimed
As per Motor Tariff
Who is it for? For owners of vehicles that might last for less than 3 years For owners of new vehicles that will last for more than 3 years

What is covered/not covered in long term bike insurance?

HDFC ERGO Multi Year Bike Insurance also called long term bike insurance provides you with two types of policy plans. Choosing Long-term Third Party bike insurance policy offers long-term protection from all third-party liabilities, including damage to the property or vehicle, personal injury, or death claims, for up to five years. According to the Motor Vehicles Act of 1988, every motorised two-wheeler must own a minimum of third-party insurance coverage. However, this policy does not protect against theft or damage to your two-wheeler.

The Private Bundled Cover policy, on the other hand, provides you with a comprehensive package of overall protection for your two-wheeler for up to five years, in addition to what a third-party policy covers. Depending on your requirements, you can choose this policy's terms. With HDFC ERGO, you also have the option to purchase add-on covers of your choice, such as zero depreciation bike insurance cover to guard against your two wheeler’s worth depreciating over time or emergency assistance cover to receive round-the-clock on-road assistance.

Features of Long Term Two Wheeler Insurance

The features of the long term bike insurance include-

1
Long-Term Protection
With HDFC ERGO's comprehensive multi-year insurance, which offers general protection for up to 5 years, your car can run smoothly for a longer duration.
2
Discount on Premium
Saving money equals earning money, right? You can spend less on premiums with the HDFC ERGO multi-year insurance plan.
3
No Annual Renewal
You don't need to be concerned about the renewal of your policy yearly. It protects you against the penalties of failing to renew the policy.
4
Simple Cancellation
If you do not require insurance, you won't need to worry! HDFC ERGO makes it simple for you to cancel a long-term policy.
5
No Impact of Price Increase
Even if premium costs increase at any point during the term of your coverage, your policy will remain unaffected.

Benefits of Buying Multi-Year Two Wheeler Insurance

1
No Annual Renewal
You don’t have to worry about renewing your policy every year. It saves you from the consequences of forgetting to renew your insurance.
2
Long-Term Protection
Your smooth ride can remain smoother for a longer period with HDFC ERGO’s comprehensive multi-year insurance that provides overall protection for up to 3 years.
3
Easy Cancellation
Selling your bike? Don’t need insurance anymore? Don’t worry! We offer you easy cancellation of a long-term policy.
4
Discount on Premium
A penny saved is a penny earned! You can save on your premium cost with HDFC ERGO’s multi-year insurance policy.
5
No Effect of Price Hike
Your policy remains unaffected even if the premium prices go up at any time during your policy period.

How to Buy a Multi-Year Two-Wheeler Insurance Policy?

Now you can protect your two-wheeler from the comfort of your sofa. Buy HDFC ERGO’s multi-year insurance policy in 4 easy steps.

  • Ditch the paperwork! Register your claim and share required documents online.
    Click here to visit our website
  • You can opt for self inspection or an app enabled digital inspection by a surveyor or workshop partner.
    Select the bike brand, bike variant and enter the registration city and year of registration.
  • Relax and keep track of your claim status through the claim tracker.
    Click on ‘Get Quote’ and select the plan of your choice.
  • Take it easy while your claim is approved and settled with our 7400+ network garages!
    Fill in your contact details and make an online payment.
Did you know
You can block sunrays by sticking a strip of tape across the top of your helmet’s visor.

Factors affecting Multi Year bike insurance premiums

There are a few factors that can affect the premiums of your Multi Year bike insurance plan. Those factors are as follows-

Vehicle Depreciation

Vehicle Depreciation

Your bike experiences wear and tear as you ride it, reducing its supply of consumables. This results in a decline in market value. Depreciation is computed differently by auto insurance companies. Keep in mind that your insurance rate will be reduced the more your bike depreciates. This works in conjunction with insured declared value of two wheeler.

Insured Declared Value

Insured Declared Value

The insurance company's insured declared value, or IDV, determines the present market worth of your bike. It indicates the most amount of money the insurance provider will give you in the event of a claim. Your IDV serves as the basis for directly calculating your premium. The good news is that insurance companies let you select your own IDV, as long as it falls within a certain range of the predetermined IDV. Your bike insurance premium will increase in direct proportion to the amount of IDV you choose and vice versa.

No Claims Bonus

No Claims Bonus

NCB is a special reduction offered by insurance companies on the premium of a policy to encourage safer driving and regular insurance renewal. If you spend five years without filing a claim, the discount increases to 50% from 20% in the first year of being claim-free. However, to attain this, you must ensure that the insurance is consistently renewed and never expires.

Add-ons

Add-ons

In order to expand the extent and nature of protection, bike insurance providers offer you a range of add-ons on your insurance policy. The more add-ons you select, however, will result in a higher price for your bike insurance because these add-ons are additional.

Things to consider before buying long term bike insurance

Before you decide on purchasing long term bike insurance, it is important to take certain things into consideration. Those are as follows-

1
Rise in Premium
If you have a comprehensive bike insurance policy, it covers any damage to your car that results from an accident, a natural disaster, or human negligence. Additionally, it will protect you from theft. However, the main advantage of long term two wheeler insurance is that you do not need to renew your policy annually. If you weren't locked in for three years, it's likely that the insurance premium would rise every year, but you could pay the 5 years bike insurance price and avert future charge increases.
2
Duration of Ownership
Long term bike insurance makes sense if you just bought a new bike and plan on keeping it for a minimum of three years. But a long-term plan can be ineffective if you plan to sell your bike within three years. The policy would then need to be transferred to the new bike owner. Furthermore, you'll need to get insurance for any new vehicle you buy.
3
Service of the Insurer
Given that you will be locked in with the insurance company for 5 year insurance for bike, the legitimacy of your insurance and the quality of their service are important considerations. Select an insurance company with a large garage network and a good claims settlement ratio. If possible, speak with existing policyholders or read online evaluations of an insurance company to get a better idea. Also, when buying make sure to check the new bike insurance for 5 years price.
4
Add-ons/Riders
Since add-ons raise the 5 years bike insurance price, long-term policies require careful consideration. Therefore, you must select add-ons that are applicable to you over the course of the policy, not only at the start.
5
Extra Features
Since more and more insurance companies are going online, they are saving money on administrative expenses and providing more benefits to attract customers. For example, some insurers now include a free pick-up and drop-off service from the accident scene to the garage and back to the home, which was previously an add-on. Therefore, when buying two wheeler insurance for 3 years, be on the lookout for such benefits from several insurers before choosing a policy.
2000+ Network Garages Across India
2000+ˇ Network Garages
Across India

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FAQs

With a multi-year insurance plan, you get three to five years of hassle-free protection without having to worry about yearly renewals and price hikes. When you purchase multi-year insurance coverage for your two-wheeler from HDFC ERGO, you also get a wonderful discount on the premium.
The bike's estimated market worth as of the present date is known as the insured declared value (IDV). IDV serves as the basis for the premium amount. It is estimated by subtracting the bike's ex-showroom price from the annual depreciation.
Depending on the age of the two-wheeler, the following table illustrates the percentage of depreciation:
Age of the bike Depreciation
Less than 6 months5%
6 months to 1 year 15%
1 year to 2 year 20%
2 year to 3 year 30%
3 year to 4 year 40%
4 year to 5 year 50%

The two options were designed keeping the different needs of people in mind. The multi-year third-party insurance policy provides coverage for three to five years for injury to or death of a third party as well as damage to third-party property or vehicles. Whereas, a multi-year comprehensive policy, in addition to third-party liability, also provides coverage for damage to your car from theft, fire, natural disasters, and accidents. It is best to choose the long term two wheeler insurance that suits your needs and budget.
Yes, you can choose long term bike insurance plans with terms of up to five years. The IRDAI has given insurers permission to provide up to 5 year insurance for bikes.
Unless you opt for a multi-year policy which means a 5 year insurance for bikes, you would have to get your policy renewed on an annual basis.
Yes, a two-wheeler can be insured after 15 years.
No, own damage cover for a 3 year bike insurance policy cannot be availed separately.