Insurers to Stay Shielded from Non-Renewal of a Two-Wheeler Policy

Efforts are on to implement a policy for 3 to 5 years for covering the two-wheelers to safeguard the insurers to some extent from the non-renewal of policies

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With a view to handle the issue of large number of non-renewal of motor insurance policies, the supreme authority has decided to launch a long-term policy where a bike owner would have to pay premiums for three to five years at once.

Presently, bike owners purchase insurance covers for a year, and if does not get renewed by the end of the year, it lapses.

Efforts are on to implement a policy for 3 to 5 years for covering the two-wheelers to safeguard the insurers to some extent from the non-renewal of policies over a large portion of the population. India's general insurance companies perform poorly when in the two-wheeler segment, renewal does not take place most of the time after buying covers for one year.

Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in