\u200b As a two-wheeler owner, while you were zooming around on the roads, the insurance regulator, IRDAI, has brought about certain changes in the insurance rules. Some major overhaul of the insurance rules has taken place over the last 12 months. While the third-party (TP) insurance cover continues to be a compulsory cover, there are 3 important changes that one needs to know before getting bike insurance \u2013 One, a multi-year long-term TP cover,\u00a0 Enhancement in personal accident coverage and thirdly the unbundling of PAC. 1. Long term two wheeler insurance Effective September 1, 2018 (registration date) the nature of insurance policies have gone long term. For new bikes purchased after that date, the third-party premium has to be paid upfront for 5 years. However, owners of two-wheelers purchased before that date may continue to pay as it is. \u201cIt is now compulsory to buy a\u00a0long-term TP (Third-Party)\u00a0cover as\u00a0mandated\u00a0by IRDAI,\u201d says Tarun Mathur, Chief Business Officer- General Insurance, Policybazaar.com. Remember, its only the\u00a0 TP premium, which as it is fixed by IRDAI based on the capacity of the vehicle, is to be paid upfront. The own-damage (OD) premium may still be paid on an annual basis. Also, there is no impact on the IDV and the no-claim bonus portion and neither it is correct to say that premium will increase as it is only the upfront cost that will go up. After paying 5-year premium upfront, one need not pay any TP premium for the next four years. Options available: Now, the bike owner has two options \u2013 Either to go for a Multi-Year Long Term\u00a0Comprehensive Policy Or else a Bundled Policy. Under a\u00a0 Long Term,\u00a0Comprehensive Policy both\u00a0TP\u00a0and OD coverage is\u00a0for\u00a05 years. Here the\u00a0premium is also collected for\u00a05 years\u00a0and policy renewal will come into question only after 5 years when the policy is about to expire. But, what if one wants to pay OD premium only for one year and renew it the next year onwards? In that case, one can opt for a Bundled\u00a0Policy, wherein, \u201cThe TP\u00a0coverage\u00a0is of 5 years\u00a0but\u00a0OD\u00a0cover\u00a0is\u00a0applicable for\u00a01 year\u00a0only.\u00a0Here, the OD premium will have to be renewed every year\u00a0as compared to a TP cover which is possible for renewal only after 5 yrs,\u201d informs Mathur. 2. Coverage for personal accident cover (PAC) enhanced IRDAI has already enhanced the coverage for the personal accident from Rs 1 lakh to Rs 15 lakh. This rule will apply even to the existing owners. While, earlier the annual premium of Rs 50 was to be paid for a cover of Rs 1 lakh, now the annual premium will be Rs 750 for a cover of Rs 15 lakh. Further, insurers cannot force owners to take a long term PAC and hence one may buy a one-year PAC as well. 3. Stand-alone PAC policies allowed What if you as a bike owner already have a PAC from any non-life insurance company? Or, what if you have more than one bike? Typically, a personal accident policy covers accidental death or pays a certain sum of money to the policyholder in case of any partial or total disability arising out of an accident. Effective January 1, 2019, IRDAI has unbundled the compulsory personal accident cover and permitted the issuance of a stand-alone policy. So, effectively, one need not pay for PAC again if he or she has a PAC of at least Rs 15 lakh bought from same or any other insurance company. \u201cWhat it means is\u00a0a\u00a0customer who already has a standalone PA cover\u00a0or has another bike where the owner-driver PA cover is already taken\u00a0does\u00a0not\u00a0need to buy the cover twice. Also,\u00a0since standalone PA cover also suffices,\u00a0customers\u00a0may buy a standalone PA cover of Rs.15 lakh from\u00a0any of the insurers across the General Insurance Industry,\u201d says\u00a0 Mathur. What to do Choose between the two options based on your specific requirements. Many insurers provide a discount on the premium rates if one opts for multi-year policies. Also, the hassle to keep remembering and renewing each year is minimised. Importantly, long term policies take care of the risk of tariff increase as the regulator keeps revising it every year.