Things to Know About Multi Year Car Insurance Policy in India

A car insurance policy is now a mandatory requirement as specified under the Motor Vehicle Act of 1988 and thus every car owner must possess the same. On the other hand it is rightly said that everything comes with an expiry date, and so does a car insurance policy. However, in order to get rid of the struggle to renew the car insurance plan every year, a multi-year car insurance policy is extremely beneficial. The Supreme Court of India in 2018 has in fact made it a mandate for all to have a three-year third-party car insurance policy. So, let us discuss all about the multi-year car insurance policy in India.

Multi-year Car Insurance Policy

Let us first begin by understanding, what exactly is a multi-year car insurance policy.

What Is A Multi-year Car Insurance Policy?

A multi-year car insurance policy as the name suggests allows policyholders to benefit from the car insurance policy for a longer period of time i.e. 2-5 years. A multi-year car insurance policy makes it easier for policyholders to pay the premium right away and benefit from the policy. This also means that with a multi-year car insurance policy, policyholders are relieved of having to renew the policy each year, thereby saving time and remaining stress-free. We have also enlisted some more benefits of having a multi-year car insurance policy in the section below.

Benefits Of Multi-year Car Insurance Policy

A multi-year car insurance policy has several benefits such as the following:

• Adds Convenience: There are many times when you may miss renewing your car insurance plan. In such events, your policy might get lapsed. However, with a multi-year car insurance plan, you can stay stress-free about renewing the policy every year. Thus, a multi-year car insurance policy can add convenience to your life especially when you are juggling a hectic life. 
• Reduces The Chances Of Paying Higher Premiums: With the  constant rise in the price of almost every other thing, the premium of a car insurance plan also increases every now and then. However, with a multi-year car insurance plan, you can easily be free from the burden of paying increased premiums every year and simply pay the premium for several years at the same time. So, it is always suggested that you buy a multi-year car insurance policy. 
• Get Additional Discounts: Often, car insurance companies grab the attention of policyholders and sell multi-year car insurance plans at a discounted rate. So, keep an eye on the premium of multi-year car insurance plans and get the benefits of additional discounts. 

Additionally, with multi-year car insurance, your accumulated No Claim Bonus or NCB also remains intact. So, with many benefits to offer, it is a better idea to buy multi-year car insurance. 

Conclusion

So, if you are one of those who often forget to renew your motor insurance plan, then multi-year car insurance is the perfect pick for you. For getting a desired multi-year car insurance plan, feel free to contact us at InsuranceDekho.

Also Read:

Car Insurance Consumable Cover Add-On

Understand A Ideal Car Insurance Coverage

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.