Two Wheeler Insurance Renewal
A two wheeler insurance plan stays valid and active for a specific time period let’s suppose 1, 2 or 3 years after which it requires a renewal. If the insurance plan does not get renewed on time, then the plan would expire and the policyholder would lose insurance coverage as well as all the other accumulated benefits.
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What is a Bike Insurance Renewal?
Every two-wheeler insurance policy comes with a validity period such as 1 year, 3 years,s or 5 years after which it needs to be renewed. The renewal of a two-wheeler insurance policy is thus essential for a policyholder to continue to enjoy the insurance coverage offered by the policy.
You can renew your two-wheeler insurance policy with any insurance provider - be it your current/previous insurer or a new insurer.
Two Wheeler Insurance Renewal Online Process at InsuranceDekho
You can easily renew your two-wheeler online insurance policy at InsuranceDekho by following the below-mentioned steps:
Step 1: Visit www.insurancedekho.com and click on the bike tab.
Step 2: Enter your bike’s registration number and click ‘’Proceed’’. After that, select the fuel type and variant to proceed. In case you do not remember the registration number of your bike, click on ‘Don’t know your bike number?’ option. Then fill up the different options such as bike’s brand name, fuel type, model, variant, registration year, registration city and RTO.
Step 3: Enter the expiry date of your previous two-wheeler insurance policy and the previous insurer’s name. Tell us if you have registered any claim in the last policy and click on ‘Continue’.
Step 4: Enter your details such as name, mobile number and the total number of days by which you want your bike to be insured. Click on ‘Submit and Get Quotes’.
Step 5: All the premium quotes from various insurers will appear in front of you. You can compare multiple quotes and choose one that suits your requirements. At this stage, you also have an option to opt for different add-ons, accessories as well as passenger cover.
Step 6: Click on ‘Buy Now’, confirm your details and proceed to make the payment. You can complete your payment using a credit/debit card or net banking facilities. The policy will be issued instantly, and then you will receive the policy document at your registered email address.
Two Wheeler Insurance Renewal Online Process at Insurance Company’s Website
To renew your two-wheeler insurance plan online through the official website of the insurance company, you can follow the below given easy steps.
Step 1: Visit the official website of your bike insurance company. Go to the two-wheeler insurance renewal section available on the website.
Step 2: Enter your previous two-wheeler insurance policy details, previous policy number and your two-wheeler’s registration number/ engine number/ chassis number.
Step 3: Check the policy details and the policy renewal premium and proceed with the payment of the renewal fee. There are various modes of online payments such as credit card, debit card and Net banking.
Factors To Consider While Bike Insurance Renewal
Here are some factors that every policyholder must be aware of:
- Decide Prior to Policy Expiry: It is wise to decide regarding the two-wheeler insurance policy renewal at least 45 days prior to the lapse date of your bike insurance policy. Don’t wait for your two-wheeler insurance policy to expire as in case the policy lapses, you could lose all your accumulated benefits.
- Insured Declared Value: The premium amount is directly impacted by the IDV or Insured Declared Value. If any total loss or damage to the insured motorbike occurs, then this amount gets transferred to the insured individual. Ensure that you opt for a balanced IDV amount as lower Insured Declared Value can leave your vehicle underinsured, while for a higher Insured Declared Value you may need to pay a higher premium amount.
- No Claim Bonus: Ensure that while the renewal of your bike insurance policy, you avail No Claim Bonus(NCB) benefit in case no claims have been raised by you during the previous policy duration.
- Cashless Support Service: There are certain insurance providers that offer cashless support services, while other insurance companies do not offer any such services. It is wise to opt for an insurance company that offers such services, especially while taking into consideration premium bikes.
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What Is The Best Time To Renew Your Bike Insurance Policy?
To avail continuous insurance protection, it is important to ensure that your bike is insured all the time. Ideally, you should renew your bike insurance policy before its date of expiry. Timely renewal helps you retain no claim bonus along with other insurance benefits.
A bike insurance policy can also be renewed within a grace period of 90 days from the expiry date, known as the break-in period. However it is not advised to wait till the end of the grace period for the policy renewal as it is not a good practice.
Benefits of Bike Insurance Renewal
On-time renewal of your bike insurance offers a wide range of advantages. An insurance policy not just safeguards the policyholder against unfortunate events but also protects the riders from unnecessary legal consequences that can possibly arise without any active bike insurance policy.
Some of the advantages of renewing your two wheeler insurance policy timely are given below:
- Legal Protection
According to the Indian Motor Tariff Act, third party insurance is mandatory for all bike owners in order to legally drive on the Indian roads. A third party bike insurance policy covers the losses or damages caused to any third party property or person by the insured’s two wheeler. However, a lapsed bike insurance does not hold the insurance company liable to cover the policyholder against any such financial losses. While a timely renewed bike insurance policy offers protection to the insured against any such commitment.
- Protection Against Natural Calamities
Two wheeler insurance policy offers coverage for the bike’s own damage against natural calamities like earthquakes, cyclones, fire, storms, flood, etc. A bike insurance policy allows the policyholder in mitigating the financial stress by covering the cost of damages or losses caused by any of the afore-mentioned natural calamities.
- Protection Against Man-Made Disasters
Two wheeler insurance policy offers coverage against the damages caused due to man-made disasters. Such man-made hazards include accidents, theft, war, burglary, strike and other harmful activities. A bike insurance policy provides assistance to the policyholder and helps in meeting the financial burden by covering the charges for repairs, service costs, or any other related cost.
- Access To No Claim Bonus
On time bike insurance policy renewal ensures that a policyholder is eligible for No Claim Bonus(NCB) that they have accumulated over the past years by not filing for any claims on their two wheeler insurance policy. However, by not renewing your bike insurance policy on time, a policyholder loses out on the benefit offered.
- Provides A Sense of Security
With a timely bike insurance renewal, a policyholder not just gets a sense of security but also peace of mind. An active bike insurance policy gives a rider the needed protection and security for riding on the Indian roads without any worry of getting caught by the traffic police. Consequently, it also helps the policyholder from avoiding hefty fines charged by the cops under traffic laws.
Things To Remember For The Renewal Of Your Two-Wheeler Insurance Policy
A policyholder should keep the following things in mind while renewing their bike insurance policy:
- Keep a track of the lapse date of the bike insurance policy and renew it in advance to avoid paying any additional cost that otherwise might be incurred. Also, it advisable for a policyholder to make any decision related to their bike insurance renewal at least 45 days prior to the lapse date of the existing insurance policy.
- While renewing your bike insurance policy, make sure you thoroughly compare and then choose the best insurance policy depending upon the factors like affordable premium amount, discounts, and additional benefits offered etc.
- In case if you haven’t filed for any claims in the previous year then avail of the No Claim Bonus that you have accumulated over the past years.
Why Should You Purchase/Renew Bike Insurance Online?
Purchasing or renewing a two-wheeler insurance plan online is very convenient as you can research for various policies easily and make an informed decision. Some of the reasons of buying/renewing or renewing your bike insurance plan online are as follows:
- Paperless: Buying/Renewing a bike insurance plan online is an excellent way to go paperless as huge paper piles get eliminated and digital forms are environment friendly, and can also get easily downloaded and stored. This online buying and renewal process not just helps in saving paper but also saves the time involved in physically organizing the documents.
- Simple Comparison: When you purchase or renew your two-wheeler insurance plan online, you can do comparison of various plans online easily and then choose the most appropriate plan. At the time of comparing the plans, you can make your decision based on the plan cost, coverage offered and other features to get the best plan.
- Time Saving: The online buying/renewal of your bike insurance plan is much faster as you easily avoid standing in the long ques and getting involved in the paperwork as it happens in the offline process. Also, at InsuranceDekho, we offer a swift and easy online process for buying/renewing plans that assists in saving the time.
- Customizable: Bike insurance plans available online can be customized as you can select the amount of coverage and also include various add-ons to the insurance plan to extend the coverage of the plan. At the time of insurance plan renewal online, you can include new add-on covers and exclude some of the previously existing covers according to your needs.
- Instant Accessibility to Plan Documents: You can access your insurance plan documents anytime, you just need to login to your respective insurance company’s official website in order to access the plan documents. Also, you can download and save them on your device to view them later on.
- Safe and Secure Procedure: Bike insurance online buying and renewal procedure is quite secure and safe. The personal information and payment details that you enter on the website are protected and remain confidential.
- Easy Portability: At times, it happens that the policyholder is not entirely satisfied with their existing insurance plan and wishes to switch to a new insurance company. An insured individual can easily port their insurance plan to a new insurance provider online with much ease.
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Explore Two Wheeler Insurance
Learn about Two Wheeler Insurance Renewal
- Read the article to know what all documents are required at the time of bike insurance renewal.
- Learn about documents that you may need for bike insurance policy renewal.
- Know all about grace period for bike insurance renewal in this post.
- Renewing bike insurance may seem like a hassle, but it is a must according to the law and also for your personal protection, financially and legally.
- Read this article to know the steps for renewing expired bike insurance at Oriental Insurance.
- Renewing bike insurance is beneficial in many ways. Read the article to know more about why you should not ignore bike insurance renewal.
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Two Wheeler Insurance Renewal FAQs
Can I renew my two wheeler insurance policy after the expiry date?
Yes, it is possible to renew your two-wheeler insurance policy even after you miss the renewal deadline. However, it is not advisable because the policyholders may end up missing some benefits. The renewal option is available for the next 90 days after the policy expires however, in such a case an inspection of the vehicle becomes mandatory. After this 90 days window, the two-wheeler insurance cannot be renewed. In such cases, you will have to buy a fresh policy to keep your two-wheeler insured.
Can I get reminders for the renewal of my two wheeler insurance policy before it expires?
Yes, most of the insurers send reminders to policyholders via text messages, email etc. when their policy is about to expire.
Can I customize my add-on covers while renewing my two wheeler insurance policy?
Most insurance companies allow modification of add-on covers at the time of renewal of a two-wheeler insurance policy.
How long does it take to renew a two wheeler insurance policy online?
The duration for renewing your two-wheeler insurance policy varies from one insurer to another. Generally, two-wheeler insurance gets renewed instantly when the previous and current insurer is the same. However, if you intend to switch to another insurer, the renewal might take some time.
Can I change the IDV of my two wheeler insurance policy?
You can change the IDV of your two-wheeler at the time of policy renewal. However, there is a maximum cap for the IDV value which varies from insurer to insurer.
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