How to renew a bike insurance policy?

A guide to the two-wheeler insurance renewal process. Know why the timely renewal of bike insurance is important and its benefits.
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3 mins
20-October-2023

Renewing your bike insurance is not just a legal obligation but also a crucial step in ensuring your two-wheeler's safety and financial security. Additionally, timely bike insurance renewal brings you many benefits. This guide takes you through the process of renewing your bike insurance, focusing on the ease and convenience of online renewal. Know the two ways to renew your bike insurance premium, and the steps to make online payment.

How to renew bike insurance

Renewing your bike insurance is a simple process that ensures your two-wheeler remains secured against unforeseen events. There are two primary methods for renewing your bike insurance premium:

Offline renewal: 

This traditional method involves visiting the office of your insurance provider, meeting with an agent, and manually filling out the necessary paperwork. While it is an option, it can be time-consuming and less convenient compared to online renewal.

Online renewal:

With the advent of technology, online renewal has become the preferred choice for many policyholders. It offers a hassle-free, time-saving, and cost-effective way to renew your bike insurance from the comfort of your home.

Here’s how you can renew your bike insurance online.

Step 1: Visit the insurance company’s website or mobile app.
Step 2: Enter your bike registration number and other details required to check the policy details.
Step 3: Verify policy details like the policy number, expiry date, add-ons, etc.
Step 4: Choose the policy you want to renew and select the appropriate add-ons.
Step 5: Check the premium payable, and if you are satisfied, proceed with the payment.
Step 6: Make the payment via net banking, debit/credit cards, or any other options given by the insurer.
Step 7: Once the payment is successful, you will receive an email or SMS with the policy details and payment confirmation.

It is important to note that you need to renew your policy before the expiry date to avoid any lapse in coverage.

Two ways to renew bike insurance

When it comes to renewing your two-wheeler insurance, you have two main options: the traditional method and the increasingly popular online method. Check both the options for bike insurance premium renewal:

Traditional method (offline):

  • Visit your insurance agent or the nearest branch office of your insurance company.
  • Provide the required documents, including your previous policy, identification, and vehicle details.
  • Discuss any changes or updates you want to make to your policy.
  • Pay the premium using cash, cheque, or demand draft.
  • Once the payment is made, you will receive a renewed policy document.

Online method:

Renewing your two-wheeler insurance online is quick, convenient, and increasingly popular. Here's how to do the step-by-step process for online payment:

  • Visit the insurance provider's website.
  • Select the 'Renew' or ‘Renew Your Policy’ option on the website homepage or on your account profile if you have one with the insurance provider.
  • Provide the policy details such as your policy number, the type of insurance you have (comprehensive, third-party, etc.), and the expiry date of your current policy.
  • Review and modify your policy by opting for additional riders or add-ons like zero-depreciation cover, tyre protection cover, NCB protection cover, etc.
  • Check for a No-Claim Bonus (NCB) if you have not made any claims during the previous policy term. This bonus can significantly reduce your premium. Ensure that the NCB is accurately reflected in your policy.
  • Calculate the premium based on the information provided, including any modifications and add-ons.
  • Select the payment method from the options available like credit/debit cards, net banking, and digital wallets. Make the payment online.

You will receive a renewal confirmation via email. This confirmation will contain all the details of your renewed policy. Make sure to save this document for future reference.

Why is renewing bike insurance important?

Renewing your bike insurance is not just a legal formality; it is essential for several reasons:

Legal requirement: In India, it is a legal requirement to have valid insurance coverage to ride your bike on public roads. Failing to renew your policy can lead to penalties and legal consequences.
Financial protection: Bike insurance provides financial protection in case of accidents, theft, or damage to your two-wheeler. Without insurance, you would have to pay the cost of repairing the damages, which can be expensive.
Peace of mind: Knowing that you have active insurance coverage provides peace of mind while riding. You can enjoy your bike journeys without constantly worrying about potential accidents or mishaps.
Third-party liability: Bike insurance also covers your liability towards third parties. In case you cause an accident that results in injuries or damage to others, your insurance will take care of the associated expenses.
No-Claim Bonus (NCB): Timely renewal ensures that you retain your No-Claim Bonus, which is a discount on the premium for each claim-free year. Accumulating NCB can lead to significant cost savings.

Benefits of renewing bike insurance on time

Renewing your bike insurance on time comes with a host of benefits, making it a wise choice for every bike owner:

Continuity of coverage:

Timely renewal ensures that your bike remains continuously covered without any gaps in protection.

No-Claim Bonus (NCB) retention:

By renewing on time and not making any claims, you can accumulate NCB, which leads to premium discounts in subsequent years.

Legal compliance:

You avoid the legal consequences and penalties associated with riding without valid insurance when you renew your policy on time.

Cost savings:

Early renewal often results in lower premiums compared to renewing after the policy has expired.

Add-ons and riders:

When you renew, you can review and modify your coverage, adding riders or add-ons for enhanced protection.

Hassle-free process:

Online renewal is quick, convenient, and can be done from anywhere, eliminating the need for physical visits to insurance offices.

Renewing your bike insurance is a simple yet critical task that should not be overlooked. By understanding the two methods available for renewal, the importance of renewing on time, and the benefits it offers, you can ensure your bike remains secured. Remember that renewing your bike insurance is not just a legal requirement but also a smart decision for safeguarding your two-wheeler and your finances.

Frequently asked questions

Can I transfer my bike insurance to another insurance company when renewing the bike insurance?

Yes, you can transfer your bike insurance to another insurance company when renewing your policy. This is called insurance portability, and it allows you to switch to a better policy with improved coverage and lower premium rates. However, you need to follow the correct procedure for transferring the policy and ensure there is no gap in coverage.

How much discount will I get on my bike insurance renewal premium?

The discount you get on the bike insurance renewal premium depends on whether you have made any claims in the previous year. If you have not made any claims, you can avail of a No-Claim Bonus (NCB) discount, which can range from 20% to 50% depending on the number of claim-free years.

How can I renew my bike insurance?

You can renew your bike insurance online via the insurance company’s website or mobile app. Alternatively, you can also visit the insurance company's office or any authorised agent to renew your policy.

Is it important to renew my bike insurance?

Yes, it is mandatory as per the Motor Vehicles Act to have a valid insurance policy for your bike. Besides being a legal requirement, renewing your bike insurance policy regularly ensures you have the required financial protection. Bike insurance covers accidental damages, third-party liabilities, and personal accidents.

Can I change my bike insurance plan?

Yes, you can change your bike insurance plan while renewing your policy. You can either opt for a different policy from the same insurer or switch to another insurer offering better coverage or lower premiums. However, it is important to understand the terms and conditions of the policy you are opting for and any additional costs that may be incurred.

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Disclaimer

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