How to Renew Your Two-Wheeler (Bike) Insurance Policy?

Features and Benefits of Bike Insurance Renewal

Bike insurance policy renewal has a range of advantages for the rider. It not only ensures continued protection against unexpected events that a vehicle owner might encounter but also saves them from unnecessary legal troubles that may arise in the absence of an active two-wheeler insurance policy.

Here are some of the advantages of renewing your lapsed two-wheeler insurance policy on time.

• Coverage Against Natural Calamities:Natural calamities such as earthquakes, cyclones, landslides, floods, fire, explosions, and other such events are not in human control. Timely renewal of your motor-vehicle insurance policy will ensure that your losses and damages are covered and you spend minimum amount from your pockets towards the repair of your damaged vehicle.
• Coverage Against Man Made Hazards:An active bike or scooter insurance can provide the insured the protection against man made events such as strikes, thefts, burglary, and other malicious activities. The financial liabilities and losses are borne by the insurer in such incidents.
• Protection Against Third-Party Liabilities:A third-party insurance policy is mandatory in India. This means that a bike insurance policy must cover for the damages or losses caused to a third person or their properties. A lapsed policy will not hold the insurer liable to pay for such losses. A renewed two-wheeler insurance policy can protect the insured against any such obligation.
• Discounts And Bonuses:Timely renewal of your lapsed policy will ensure that you are eligible for various types of discounts and bonuses. If you haven't filed any claims on your policy in the previous year, you may also avail a No Claim Bonus (NCB) which is an incentive for the rider for riding safe.
• Enjoy A Sense of Security:Being insured gives you a sense of security and you can ride with confidence without worrying about traffic cops catching you and charging you with penalties. You can also be assured of the right coverage against any unfortunate event you may encounter.
• Avoid Legal Penalties: Having an insurance prevents you from paying penalties as not having a vehicle insurance is a legal offence in India.

When to Renew Your Two-Wheeler Insurance Policy?

A policyholder must renew his/her policy before the expiry date. It is pertinent to ensure that a vehicle is insured throughout its lifetime to enjoy continued protection. Policyholders can also retain the No Claim Bonus (NCB) and benefit from a reduced premium amount.

Before your policy expires, contact your insurance company and intimate them about the same. Also confirm with them if it is necessary to get the vehicle inspected for which you will be required to schedule an appointment with a designated representative from the insurance company. The NCB can be transferred to the new policy if the renewal is done within a period of 90 days from the date of expiry.

How to Renew Your Lapsed Two-Wheeler Insurance Policy Online?

By following the simple steps, you can easily renew your two-wheeler insurance online: 

Step 1: Visit the official website of the insurance provider from whom you would like to purchase the insurance. 

Step 2: Navigate to the option “Two-Wheeler Insurance Renewal” to begin. 

Step 3: Fill in the renewal form with details such as your current policy number, vehicle registration date, manufacturer, model, cubic capacity (cc), chassis number, and engine number.  

Step 4: Upload the required documents and review the application form. 

Step 5: Pay the required fees through preferred payment methods, such as a debit card, credit card, or net banking, and complete the payment. 

Step 6: After completing the payment, you will receive a confirmation message.  

Step 7: Your renewed policy document will either be available for download on the website or sent to your email. 

Note: You can also renew your two-wheeler insurance using the insurer’s mobile app by following the same steps.

Documents Required for Two-Wheeler Insurance Policy Renewal

The following documents are required to complete the two-wheeler insurance renewal process smoothly and without any delay:

1. Details of the policyholder such as name, date of birth, residential address, occupation, and gender.
2. Details of policyholder's driving license.
3. Registration certificate (RC) and vehicle registration number.
4. No Claim Bonus (NCB) certificate
5. Pollution Under Control (PUC)certificate
6. Credit card/debit card/internet banking details for online renewal of bike insurance policy.
7. Policy number of the old/lapsed two wheeler insurance policy.
8. Inspection Report (Only applicable for policies lapsed for more than 90 days) 

The information mentioned above can also be found in your existing policy document.

Can an Insurance Policy Be Switched to a Different Insurance Provider?

If you are not satisfied with the benefits and coverage offered to you by your existing insurance provider, you may switch your policy to another insurer. The IRDAI allows individuals to switch their insurers after the expiration of policy term. You may need the following details if you wish to change your insurer while renewing your policy:

1. Identity proof: Driving license/Aadhaar card/Passport/PAN Card/Any other government issued identity proof.
2. Address Proof: Passport/Driving License/Bank Passbook/Any other government issued address proof.
3. Latest passport sized photos.
4. Details of the policyholder such as name, date of birth, residential address, occupation, and gender.
5. Details of policyholder's driving license.
6. Registration certificate (RC) and vehicle registration number of the vehicle.
7. Credit card/ debit card/ internet banking details for online renewal of the bike insurance policy.
8. Policy number of the old/lapsed two-wheeler insurance policy.
9. The documents are to be submitted with an insurance renewal form.

Points to Remember for Your Bike Insurance Policy Renewal

1. Renew well in advance and keep track of the expiry date of the policy to save additional costs that might be incurred otherwise.

1. Compare different motorcycle insurance policies in India before applying. You might find a better policy that gives you more benefits at a cheaper price.

1. Don't forget to avail No Claim Bonus (NCB) if you haven't filed any claims on your policy in the previous year.