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Advantages of Choosing SBI Long-term Two-wheeler Insurance

By Juhi Walia
28 October 2022, 2:03 PM

SBI General Insurance Ltd, a government-owned enterprise, is a magnet in the Indian insurance sector. SBI General Insurance provides insurance across industries, like health insurance, motor insurance, personal accident insurance, home insurance, etc. 

SBI General Insurance offers long-term package bike insurance policy. Under this package policy, the third-party bike insurance covers all the damages caused to a third party, whether to a person or his property. This type of insurance is non-negotiable if you own a motorbike. SBI bike Insurance also caters to personal financial protection through its standalone own damage cover.

With this motor insurance, you will also get coverage for the damages caused to your bike in an accident, theft, fire, vandalism or any natural calamity. You get long-term comprehensive bike insurance compensates for third-party liabilities and damages caused to the insured's bike. 

You can choose the policy that suits your requirements depending on the coverage you need. SBI General bike Insurance Ltd also provides multiple add-ons that you can opt for above your base bike insurance policy to get the best benefits at the time of claim settlement. Some popular add-ons include zero depreciation cover, return to invoice, NCB protection, etc. 

Features of SBI Two-wheeler Insurance Policy

Now that we have covered SBI two-wheeler insurance, let us discuss why you choose SBI bike insurance for your insurance needs. SBI General Insurance is spread across 114 locations. So, you can avail of the insurance claims from every corner of the nation.

With over 10000 agents, SBI ensures that you can enjoy a hassle-free claims process every time. Let us look at some key features of SBI bike insurance:

  • The insurance plans are customizable according to the needs of the policyholder.
  • Additional coverage options are available to get better coverage out of your motor insurance.
  • SBI General Insurance also offers a discount on the insurance premium for policyholders aged between 25-55 years.
  • SBI General Insurance offers discounts on insurance premiums for policyholders who renew their policy without fail.
  • With SBI General Insurance, you can purchase coverage for the pillion rider up to INR 15 lakh.
  • No claim bonus is a means of appreciation that insurance companies show towards safe drivers. SBI General Insurance offers NCB to policyholders who do not make insurance claims in a policy term. If you do not make claims in a long time, the discount can build up to 50% of the premium.

SBI Long Term Two-wheeler Insurance 

Purchasing a bike insurance policy is not the end of the deal. You have to renew it every year to enjoy uninterrupted financial coverage for any mishaps involving your motorbike. The insurance companies send notifications to remind the policyholders to renew the insurance plan before it expires.

But we often put it off till the last moment, as we do not want the hassle of renewing paperwork every year. It often leads to missed deadlines, and your policy expires. Expired two-wheeler insurance has both financial and legal implications. To curb the menace of expired bike insurance policies, SBI has introduced a long-term two-wheeler policy. 

You can buy a suitable bike insurance policy for your vehicle for up to 2 or 3 years and do not have to go through tons of paperwork every year or through the disaster of riding bikes without an active bike insurance policy. Instead of remembering to renew the policy every year and pay a yearly premium, you make a one-time premium payment for two or three years.  

Why Should You Choose SBI Long-term Two-Wheeler Insurance Policy? 

There are several perks of long-term insurance policy services offered by SBI General Insurance. 

  • You can enjoy financial protection for any motorbike-related accidents for 2-3 years.
  • You will not have to go through the hassle of policy renewal every year. You will be set for more than a year. If you do not have an active insurance plan, you cannot claim for settlement during any accident.
  • If you cancel your policy in the first or second year of the insurance plan, you will be eligible to get a refund of the unused premium.
  • You will have better peace of mind knowing you'll have financial coverage in case of an accident or loss of a vehicle for more than a year. With long-term bike insurance, you will have a minimum of 2/3 years of insurance backup.
  • With long-term two-wheeler insurance, you will be significantly saving up on premiums. Since, with yearly insurance, you might have to pay a higher premium for the same bike insurance next year if the insurance company revises their plans.
  • Signing up for a long-term bike insurance policy allows you more leverage to plan your finances.
  • It is common to miss the expiry dates of insurance plans, but it can be financially detrimental. Failing to renew your bike insurance will lead to expired insurance. SBI bike insurance will request a renewed inspection of your bike in such cases. This will lead to decreased IDV of your bike, and you will get less settlement value for your bike. Furthermore, you might have to pay a higher premium as well.
  • A long-term insurance policy ensures that your No Claim Bonus is intact. But with yearly renewal, it becomes an added burden to remember to renew the policy before it expires because you risk losing out on your well-deserved NCB by failing to renew your bike insurance on time.

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1. What is a long-term bike insurance policy?

Long-term bike insurance offers you financial protection against theft, loss and accidents of your bike for 2-3 years. You pay a one-time premium for long-term insurance. 

2. Do I have to renew my policy yearly with SBI long-term Bike Insurance?

SBI long-term bike insurance allows you to enjoy bike insurance benefits for up to 2/3 years without going through the hassle of renewing the policy every year. 


3. Do I pay extra on the premium for SBI long-term bike insurance?

There are certain misconceptions about long-term bike insurance, and this is one of them. In fact, with SBI long-term bike insurance, you save up on premiums. SBI offers lucrative deals on premiums for long-term bike insurance policies. You pay more on premiums for yearly insurance.  

4. What is the maximum NCB benefit I can enjoy with the SBI long-term bike insurance policy?

You get a discount on your insurance premium if you do not make insurance claims in a year. It is called the No Claim Bonus or NCB. NCB benefits accumulate over the years and can get as high as 50% if you do not make insurance claims for five years or more. 

5. How is the premium for my bike insurance calculated?

Insurance premiums are calculated based on factors such as the IDV of the two-wheeler policy type you subscribe to, the add-ons chosen, NCB benefits, bike make and model, vehicle age, policy term, etc. Additionally, the same type of coverage might differ in premium charges from one insurance company to the other. Hence, always compare insurance policies offered by different companies to get the best deal.  

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