Long Term Two Wheeler Insurance

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Disclaimer:Tata Capital Limited (“TCL”) registered with IRDAI (License No. CA0896, valid till 21-Jan-2027), acts as a Corporate Agent “Composite” for Go Digit General Insurance Limited. Please note that, TCL does not underwrite the risk or act as an insurer. For more details on the risk factors, terms and conditions please read sales brochure carefully of the Insurance Company before concluding the sale. Participation to buy insurance is purely voluntary.

The Registered office of TCL is Tata Capital Limited, 11th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam, Marg, Lower Parel, Mumbai-400013.
The Registered Office of Go Digit: Go Digit General Insurance Limited, 1st Floor, Fairmont, Hiranandani Business Park, Powai, Mumbai – 400076.

Buy Long Term Two-Wheeler Insurance for 3 Years Online

If you possess a two-wheeler, you must be well aware that as per the Motor Vehicle Act 1988, third-party bike insurance is mandatory in India.

But here comes the caveat!

In India, about 75% of the total number of two-wheelers on the road DO NOT have any valid insurance cover. Shocking, right? Well, considering the fact that most riders overlook the significance of insuring their bike when rolling the vehicle out of the showroom, these figures are not that surprising.

However, to address the issue of non-renewal of policies, insurance providers across the country have introduced multi-year or long-term two-wheeler insurance policies. At first, these multi-year insurance policies were launched for a term of 3 years. Now, they can also be extended for up to 5 years.

Below is an elaboration on the benefits of purchasing two-wheeler third-party insurance for 3 years and why it is advisable for you to do so.

What is Long Term Two-Wheeler Insurance for 3 years?

A long-term two-wheeler insurance frees vehicle owners from the necessity of renewing their insurance policy every year, as it insures your two-wheeler in unfortunate events for up to 3.

The Insurance Regulatory and Development Authority (IRDA) has extended this facility of multi-year insurance policies for standalone third-party liability plans and the ones combined with own damage plans for two-wheelers.

This means that you can avail two-wheeler third-party insurance in a bundled bike insurance policy, including 5 years of third-party liability cover + 1 year of own damage cover (5 TP + 1 OD).

As for long-term comprehensive bike insurance, these are available only for two-wheelers that have been purchased after 1st September 2019.

How Does Long Term Bike Insurance Work?

The 2-wheeler insurance for 3 years policy is exactly like standard bike insurance but with extended policy term. In long term bike insurance policy, your vehicle is covered by comprehensive coverage for 3 years. However, if you get a third-party liability plan, your vehicle will be covered for 5 years with own-damage coverage for 1 year.

This type of extended coverage plan for your two-wheeler eliminates the need for annual renewals and offers advantages in cost savings.

Is Long Term 5 Year Bike Insurance Mandatory for New Two-Wheelers?

Yes, in India, it is mandatory to have a 5-year third-party bike insurance policy if you have purchased a new two-wheeler. This bundled two-wheeler insurance plan includes a 5-year third-party liability plan and a 1-year own damage cover (5 TP + 1 OD). This plan was implemented by IRDAI starting August 1, 2020.

However, some insurance companies also offer two-wheeler third party insurance for 3 years. Also, if you have purchased a new two-wheeler and you want to opt for comprehensive bike insurance policy, then the long-term bike insurance policy will be of 3 years instead of 5 years.

What are the Types of Multi-Year Bike Insurance Policies?

Long-Term Third-Party Policy

Long term two-wheeler third party insurance for bikes protects your newly bought vehicle against third-party liabilities for up to 5 years, including own damage cover for 1 year, implying that damage to your own bike is also covered for a year. This law was effective from 1st August 2020.

Long-Term Comprehensive Policy

As the name suggests, the long-term comprehensive policy offers financial protection against damage to your two-wheeler and third-party liabilities for up to 3 years. However, it is available only for two-wheelers purchased after 1st September 2019.

Long-Term Own Damage Policy

On December 7, 2022, IRDAI proposed to introduce Long-term Own Damage cover such that its policy period is the same as the Third-party Liability cover. This allows policyholders to buy insurance for multiple years in one transaction.

Why Choose Long-Term Two-Wheeler Insurance by Digit?

Your long-term bike insurance not only comes with a super easy claim process, but also with the option to choose a cashless settlement

Cashless Repairs

9000+ Cashless Network Garages for you to choose from across India

Smartphone-Enabled Self Inspection

Quick and paperless claims through Smartphone enabled processes that make you go "That's it?"

Super-Fast Claims

We’ve settled 96% of all two-wheeler claims! Experience claims that make you go “that’s it?”

Customize Your Vehicle IDV

With us, you can customize your vehicle IDV as per your choice!

24*7 Support

24*7 call facility even on National Holidays

Complimentary Wellness Benefits

Get exclusive wellness benefits on the Digit App offered by top-rated health and wellness partners.

Disclaimer: The total number of vehicles covered, claims settled and amount paid in claims is for two-wheeler policies since inception till 31st December-2024. 96% claims settled for Overall Motor line of business of Digit. CSR Is calculated for FY 24-25. CSR Ratio is count of (Claims paid + Claims Closed) / (Claims O/S at Start + Claims Reported - Claims O/S at End). 9000+ cashless garage network count as of 31st March-2025. This total policies sold count is for two wheeler policies sold since inception till 31st March-2025.

What’s Covered in 3-Year Bike Insurance Policy by Digit?

Accidents

Damages and losses that may arise due to an accident or collision

Theft

Covers for your losses in case your two-wheeler is unfortunately stolen!

Fire

Damages and losses to your two-wheeler in case of an accidental fire!

Natural Disasters

Damages caused to your two-wheeler due to nature’s many furies, such as due to floods, cyclones, etc.

Personal Accident

Covers for your expenses in cases where you’ve hurt yourself too bad!

Third Party Losses

When a person, a vehicle or a property is hurt or damaged due to your bike's actions.

What’s Not Covered in 3-Year Bike Insurance Policy by Digit?

It is equally important to know what’s not covered in your long-term two-wheeler insurance policy, so that there are no surprises when you make a claim. Here are some such situations:

Add-On Covers with Long-Term Bike Insurance by Digit

Two wheeler insurance add-ons which you can buy with your long-term Two-wheeler insurance policy

Engine & Gear-box Protection Cover

Do you know that the cost of replacing your engine is approximately 40% of its cost? In a standard two-wheeler insurance policy, only damages caused during the accident are covered. However, with the engine and gear-box protection add-on cover, you can specifically cover the life of your vehicle (the engine and gearbox!) for any consequential damages caused post the accident. This could happen due to water regression, leakage of lubricating oil, and undercarriage damages.

Features of Long Term 3-Year Bike Insurance

A three-year bike insurance plan comes with several features that make it an attractive option for vehicle owners, such as:

Long Term (3 Years) vs Regular (1 Year) Bike Insurance Policy

If you’re confused which is the most suitable for you - long-term bike insurance policy or standard insurance plan, then this table is for you:

Parameters	Long-Term Bike Insurance	Regular (Annual) Bike Insurance
Policy Duration	3 and 5 years	1 year
Renewal Frequency	Once every 3 and 5 years	Annually
Premium	Fixed for the entire policy term	Can be hiked annually
Cost-Effectiveness	Often more economical over the long term	More expensive due to yearly premium hikes
No Claim Bonus (NCB)	Higher NCB retention over the policy term and thus, more discount at the time of claim	NCB resets annually if a claim is made
Convenience	Less frequent renewals, so more convenient	Requires annual renewal, making it less convenient
Add-ons	Limited flexibility to add/remove add-ons annually	Can easily add/remove add-ons annually
Coverage Continuity	Ensures continuous coverage without any lapse	Needs to be renewed annually so risk of policy lapse

Things to Consider Before Buying Two-Wheeler Insurance for 3 Years

Before purchasing a 3-year two-wheeler insurance policy, consider the following factors:

Coverage Type: Decide whether you need third-party liability coverage or a comprehensive policy as per your needs.
Determine Your Budget: Customise your vehicle’s IDV as per your budget and opt for add-ons accordingly as well.
Compare Premium Costs: Compare bike insurance premium quotes from different insurers online to get the best deal.
Policy Terms: Read the long-term bike insurance policy document carefully beforehand to avoid any discrepancy and confusion at the time of claim.

How to Buy Long-Term Two-Wheeler Insurance with Digit?

Enter Bike Details

On the Digit App or website, enter bike’s registration number and select the policy status.

Choose the Plan

Select the the 3-years two-wheeler insurance plan and choose desired add-ons.

Enter Personal & Nominee Details

Enter your personal, nominee and vehicle details, and start the payment.

Complete Payment & KYC

Complete the payment and mandatory KYC verification process. Once completed, the policy will be issued and available in Digit App.

What is the Bike Insurance Premium for 3 Years?

The 3-year bike insurance price is calculated as three times the annual third-party premium payment. You will have to make this payment in a single installment. You should remember the following:

This premium amount cannot be negotiated or revised during the entire 3-year policy duration.
If you have standalone long-term two-wheeler insurance, it cannot be cancelled during the policy term (except in case of the total loss of the vehicle). In the case of the total loss of a vehicle, the premium paid for unexpired years will be refunded.
This premium payment system is especially beneficial for policyholders because it saves them from the annual premium rate hikes imposed by insurance providers.
On the flip side, it is also advantageous for insurance providers, as it allows them to collect the premium for 3 years at one go, allowing them to save on administrative charges.

Premium Calculation for Long Term Two-Wheeler (3-Year Insurance Plan)

Here is the 3-year bike insurance price in India:

Duration	Premium (OD+TP) GST Excluded
3 Years	₹2,497
1 Year	₹854

Factors Affecting 3-Year Bike Insurance Premium

The following things affect the 3-year bike insurance price:

Premium Calculation for Long-Term New Two-Wheeler (5 -Year Single Premium Policy)

Here is the 5-year third-party bike insurance price in India if you choose the single premium plan. You can also calculate the same using the two-wheeler insurance premium calculator online.

Engine Capacity	New 2W TP rate (effective 1st June 2022)
Not exceeding 75 cc	₹2,901
Exceeding 75cc but not exceeding 150 cc	₹3,851
Exceeding 150cc but not exceeding 350cc	₹7,365
Exceeding 350 cc	₹15,117

Premium Calculation for Long Term New EV Two-Wheeler (5 -Year Single Premium Policy)

Here is the third-party premium price for new electric bikes with a 5-year single premium policy.

Vehicle Kilowatt Capacity (KW)	New 2W TP Rate (effective 1st June 2022)
Not exceeding 3KW	₹2,466
Exceeding 3KW but not exceeding 7KW	₹3,273
Exceeding 7KW but not exceeding 16KW	₹6,260
Exceeding 16KW	₹12,849

Since most of the leading insurance providers in India have welcomed this move of IRDAI with regards to the implementation of long-term insurance covers, you can avail several options of the same to choose from.

So quit stalling! Get your two-wheeler insured under a long term bike insurance policy today!

How is NCB Calculated on Long-Term Bike Insurance Policy?

For 3 years bike insurance policy, NCB will only be calculated for the Own Damage (OD) component of the bike insurance policy, as it is renewed annually. So, the NCB calculations will be same as that of the annual standard bike insurance policy.

Here’s how NCB is calculated for a 5+1 years bike insurance policy.

Number of Renewals without a Claim	Discount on Own Damage Premium
1	20%
2	25%
3	35%
4	45%
5+	50%

How is Depreciation Calculated in Long-Term Bike Insurance?

IDV in bike insurance of the two-wheeler is adjusted for the depreciation value of your bike as per the below table.

In the table, age-wise depreciation is applicable for only Total Loss/Constructive Total Loss (TL/CTL) claims.

Age of the Bike	Depreciation %
6 months and below	5%
6 months to 1 year	15%
1-2 years	20%
2-3 years	30%
3-4 years	40%
4-5 years	50%
5+ years	IDV mutually decided by the insurance provider and policyholder

Benefits of Long-Term Bike Insurance for 3-Years

The two-wheeler insurance for 3 years offers several benefits over the regular ones, such as:

Avoiding Non-Renewal Implications

The period between the lapse of your bike insurance policy and its renewal can expose you to several risks. For example, a hefty fine due to a traffic violation, as well as financial liabilities from any accident during the period, can lead to huge losses. By having a two-wheeler third-party insurance for 3 years, you can reduce these risks to quite an extent, at least for 3 years of the policy term.

Convenience

In most cases, two-wheeler owners forget about renewing their insurance policies after their 1-year policies have expired. With the 3-year plans, you can actually forget about two-wheeler insurance renewal for 3 years without repercussions. That is why these plans are much more convenient because they curb the necessity of renewing your third-party insurance policy annually.

Less Expensive in the Long Run

With a three-year bike insurance policy, you will have to make the premium payment for 3 years at once. But in lieu of this lump sum expense, you will be saving quite a lot on your premium payments in the long run. This is because insurance providers revise and impose a hike on the premium rates for their insurance policies annually. Due to inflation, this hike in premium rates can go up to 10-15%. If you have a 3-year policy in place, you can save yourself from paying higher premiums until the time the policy expires. This way, your policy becomes a lot cheaper in the long run.

Avail High IDV

The Insured Declared Value or IDV of the bike is the total sum assured promised by an insurer against total loss of the vehicle. IDV is given by = the manufacturer’s registered price – the vehicle’s depreciation. The value is revised when you renew your insurance policy by taking your two-wheeler’s depreciation into account. Now, when you avail a 3-year insurance policy, your IDV remains unchanged for the term of those three years, allowing you to avail a higher sum assured against total loss of your vehicle.

High No Claim Bonus

No Claim Bonus or NCB in bike insurance is the discount you can avail on the premium paid for your insurance policy if you have not made any claims in the previous year. With three-year two-wheeler insurance policies, you can enjoy an advantage on your No Claim Bonus over single-year policies. For example, if you have a 20% NCB from your previous policy when you avail a 3-year policy, this 20% NCB will be applicable on the premium you pay for all 3 years. Further, a few insurance providers also offer a higher NCB at the end of their long-term policies as compared to single-year policies to boost the policyholders’ incentives in this regard.

Lucrative Discounts

In an effort to urge more two-wheeler owners to consider long-term insurance policies, insurance companies offer attractive discounts on the same. These discounts can make availing the insurance cover quite advantageous for vehicle owners.

Break-In Policy for Insurance Renewal

Sometimes, a gap between your insurance renewals can warrant an inspection of your two-wheeler from insurance providers before they agree to do your bike insurance renewal for 3 years. This is known as a break-in policy and can subsequently lead to higher premium payments. When you avail a 3-year long-term insurance policy, you can avoid break-ins with your policy and subsequently carry on without any extra addition to your premium.

With such benefits and more, these multi-year two-wheeler insurance policies are a much better option when it comes to safeguarding yourself from unforeseen financial risks involving your two-wheeler.

FAQs about Two-Wheeler Insurance for 3 Years

All

Can a Long-Term Insurance Policy be Availed for More than 3 Years?

Yes, the IRDA has allowed insurance providers to offer these policies for a term of up to 5 years.

Can the Three-Year Insurance Cover be Availed for Comprehensive Insurance?

Yes, it is available for comprehensive insurance for new two-wheelers purchased after 1st September 2018.

Can the Three-Year Plan be Availed Separately for Own-Damage Cover?

No, it is not available separately for own damage covers.

What is a 3-Year Bike Insurance Policy?

A 3-year bike insurance plan provides coverage for three years by paying the premium a single time, thus, removing the need for annual renewals.

Can I Opt for Bike Insurance for 3 Years?

Yes, you can take bike insurance for 3 years. This is known as long-term two-wheeler insurance, and it eliminates the need for annual renewals.

What is the Policy Period for a Long-Term Two-Wheeler Policy?

The policy period for a long-term two-wheeler insurance policy is between 2 to 5 years depending on the type of plan chosen.

How Much is the 3-Year Bike Insurance Price Compared to the Regular Annual Policy?

Generally, a 3-year bike insurance price is more economical than annual policies. This is because long term policy offers pricing stability and offers better discounts on premiums than annual policies.

How Do I Choose the Best 3-Year Insurance Policy for 2-Wheelers?

To choose the 3-year insurance policy for 2-wheeler, compare quotes online from multiple insurers, determine your coverage needs and budget, check the services offered by insurers and read customer reviews to make an informed decision.

Written By:

Manasvi Gupta

Reviewed By:

Mayur Kacholiya

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