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Dinal Shah
Contributor
Posts: 25
Registered: ‎28-08-2017

Now when you can take multi year policy how many years I can buy policy for?

Now when you can take multi year policy how many years I can buy policy for?

2 REPLIES
Upkar Singh
Contributor
Posts: 38
Registered: ‎03-06-2017
Solution

Re: Now when you can take multi year policy how many years I can buy policy for?

You can buy just one insurance policy for a period of 2 or 3 years. Traditionally, motor insurance policies have been only for a period of 1 year. The current regulations do not allow multi-year policies for cars. As per a search on policybazaar.com, at least two companies are currently offering multi-year two-wheeler insurance for up to 3 years.

Shwetha Padmashali
Occasional Contributor
Posts: 19
Registered: ‎12-09-2017

Re: Now when you can take multi year policy how many years I can buy policy for?

I would like to add that Apart from the convenience of not renewing, again and again, every year, another added advantage is that multi-year motor policies will be exempt from Insurance Regulatory and Development Authority of India's ( IRDAI) annual premium hikes, which on average could be between 10% and 15% for 2 Wheeler Motor Policies.