Bike Insurance Renewal

• Protect yourself with long-term third party cover
• Enhance you cover with add-on covers
• Buy/renew your policy online without hassles from the insurers website

According to the Motor Vehicles Act, 1988, it is mandatory for all vehicle owners to insure their vehicles with a motor insurance policy. Riding or operating your two-wheeler in public places without an insurance cover is a punishable offence. Once you purchase a two wheeler insurance cover, it is important to renew the policy within the specified due date. Given that motor insurance companies do not offer a grace period for two wheeler insurance policies, it is necessary to renew the policy on time to avoid a break in coverage.

Types of Two Wheeler Insurance Policies

two wheeler insurance policies are basically of two types, which are as follows:

Third-Party Liability Insurance Plan:

A third-party liability insurance plan offers basic coverage to policyholders. This policy covers damages caused to a third party’s assets and also covers injuries sustained by a third party due to an accident with your vehicle. In addition, policy buyers are also offered a personal accident cover. The premiums for third-party liability insurance policies are set by the Insurance Regulatory and Development Authority of India (IRDAI).

Comprehensive/Bundled/Package two wheeler insurance Plan:

This type of policy offers more extensive coverage to policyholders. The policy provides coverage against damages sustained by an insured vehicle, in addition to also providing a third-party liability insurance cover and a personal accident cover to the policyholder.

Regardless of the type of two wheeler insurance policy you currently have, you will be able to change the policy type at the time of renewal. Thus, before renewing your policy, make sure to carefully assess whether the policy you have meets your requirements.

How to Renew a Two Wheeler Insurance Policy

Most motor insurance companies give policyholders the option of renewing their policies through online or offline channels. That said, purchasing a two wheeler insurance policy online is more convenient and hassle-free since you can do it from anywhere and at any time, at your convenience.

You can choose to renew your two wheeler insurance policy through the insurer’s official website or through trusted third-party insurance websites. When renewing the policy online, it is likely that you will be asked to provide certain details such as the policy number of your current/previous two wheeler insurance cover, the registration number of your two-wheeler, etc. Thus, make sure to keep such information handy.

Once you provide the required details, you can customise the policy by opting for add-ons, if required. Post this, you will need to pay the due premium online. Most insurance providers/third-party insurance comparison websites allow policyholders to pay the premium with their credit card, debit card, or via net banking.

You can also choose to renew your two wheeler insurance policy offline. In this case, you will need to visit the insurance provider’s branch and speak to a representative at the office. You may be required to submit a few documents, after which you will be able to pay the renewal premium.

Things to Consider When Renewing a two wheeler insurance Policy

• Review the Policy Coverage:

  Before renewing your two wheeler insurance policy, it is advisable to review the coverage offered by your current insurance policy. At the time of renewal, you can opt for a different type of two wheeler insurance cover that either offers increased or reduced coverage, as per your needs. You can also customise and enhance the coverage offered by the policy by opting for add-ons that are offered by the insurer.

• Avail the NCB:

  Policyholders who do not raise any claims during the policy term will receive a No Claim Bonus (NCB) from the insurer. The NCB can help you, the policyholder, secure a discounted premium quote for the following policy term. Thus, make sure to avail the No Claim Bonus and provide the required details about the No Claim Discount at the time of renewing the policy.

• Correct Policy Details:

  It is a good idea to check your policy details before renewing it. Make sure that the policy document has the correct address, contact number, date of birth, etc., mentioned. If you spot any errors in the policy document, make sure to get it corrected at the earliest by submitting the required documents to your insurance provider.

Importance of Renewing Your two wheeler insurance Policy

• Listed below are a few reasons why you should renew your policy on time:

• Legal Requirement:In India, it is a legal requirement for all individuals who own two-wheelers to at least have a valid third-party liability insurance policy at all times, if not a comprehensive cover. If you are caught riding your two-wheeler without a two wheeler insurance policy, you may be fined, imprisoned, or both by the authorities.
• Coverage Against Third-Party Legal Liability: Renewing your two wheeler insurance policy will ensure that you stay protected against third-party liability in the event of an accident.
• Coverage Against Vehicular Damages: If you opt for a comprehensive/bundled/package two wheeler insurance policy at the time of renewal, you will be provided coverage against damages sustained by your two-wheeler due to natural calamities and unforeseen man-made events. Further, the policy also offers coverage against vehicular theft and constructive total loss.
• Keeping the No Claim Bonus Intact: If you do not renew the policy on time, you could risk losing the accrued No Claim Bonus. Thus, you should renew your two wheeler insurance policy within the specified date to keep the No Claim Bonus active.
• Sense of Security: Renewing your two wheeler insurance policy will help you ride your two-wheeler with peace of mind. Given that the insurance policy protects you against expenses that you may have to incur in case of an untimely eventuality, it is best to renew the policy in order to continue receiving the required coverage.

Given how important it is to have a two wheeler insurance policy, it is a must to renew your two wheeler insurance policy. You should keep in mind that the policy will lapse if you do not renew it within the date specified in your policy document. Once the policy lapses, you will not be provided any coverage in case of an accident, vehicular damage, or theft of the bike. Further, if your policy has been lapsed for over 90 days, you will lose the accrued No Claim Bonus. Also, if you do not renew the policy on time, there is a good chance that your insurance provider will require your vehicle to be re-inspected. In this case, the premium payable could increase if the insurer finds good reason.

Before renewing your two wheeler insurance policy, it is advisable to compare the premium rates quoted by a few different insurance companies. Given that you can change your insurance provider during renewal, it is recommended that you do your research and opt for a two wheeler insurance policy that is offered at a competitive premium, without compromising on the coverage provided by the policy.

Frequently Asked Questions

1. Can I renew my current two-wheeler insurance policy online?

   Yes, you can renew two-wheeler insurance policies online. Most insurers give you the option of renewing policies through their official websites. You can also choose to renew your two-wheeler insurance policy through a trusted third-party insurance website.

2. Can I switch from a third-party liability insurance policy to a comprehensive two-wheeler insurance policy at the time of renewing the policy?

   Yes, you can switch from a third-party liability-only insurance policy to a comprehensive two-wheeler insurance policy at the time of renewing the policy. It is advisable to switch to a comprehensive two-wheeler insurance policy if you wish to receive enhanced coverage during the policy tenure.

3. What are the benefits of renewing two-wheeler insurance policies online?

   Renewing your two-wheeler insurance policy online is a hassle-free and convenient option since you can do it from the comfort of your house. There is also minimal/nil paperwork involved. Further, you are given the option of paying the due premium through secure online payment channels.

4. Can I change my insurance provider at the time of renewing my policy?

   Yes, you can change your insurance provider at the time of renewing your insurance cover. However, you will need to inform your current insurer about the same 45 days before the renewal date. You should also make sure to not cancel your current two-wheeler insurance policy before purchasing a new policy.

5. Will I receive a No Claim Bonus when renewing my third-party liability insurance policy?

   No, insurance companies do not offer a No Claim Bonus on third-party liability insurance policies. You will only receive a No Claim Bonus if you have a comprehensive two-wheeler insurance policy, provided you don’t raise any claims during the policy year.