Bike Insurance Renewal

How To Renew Your Two-Wheeler Insurance Policy?

Riding a motorcycle at top speed gives some people an adrenaline rush like no other. Yet there is also a category of people for whom a two-wheeler is one of the most convenient means to commute through the city streets which are getting crowded day after day. Whatever be your purpose of owning a bike, there is a certain amount of responsibility that comes along with it.

Two Wheeler Insurance

While the Insurance Regulatory Authority of India (IRDA) makes it mandatory for motor owners to get their vehicles insured, the General Insurance Council (GIC) highlights that about 60% of the vehicles in India are not insured. The number is alarming as two-wheelers are more prone to road accidents and dangers than any other mode of transport. People often tend to forget to renew their lapsed policies which makes them devoid of the benefits that come with a two wheeler insurance.

Not having an insurance could put vehicle owners at great risks as they would not have any coverage against the damages or losses suffered in a variety of unfortunate events. Renewing a bike insurance policy on time is not as complex as it used to be and vehicle owners can easily renew their policies in no time. Also, people no longer have to memorise the date of insurance expiry as they can buy long term insurance policies for a period of up to 3 years.

The two types of two-wheeler insurance policies that you should be aware of while renewing your insurance are mentioned below:

  1. Comprehensive Insurance policy: A comprehensive two-wheeler insurance policy covers a motorcycle or a scooter against any damage or loss that results from an accident, natural calamity, burglary, riot, and other such instances. A comprehensive bike insurance policy also provides accident cover for the vehicle owner and offers protection against third-party liabilities.
  2. Third Party Insurance – A third-party insurance cover protects the insured against financial liabilities arising out of losses or damages caused to a third party or their properties.

A third-party policy is the minimum level of insurance mandatory in India. However, getting a comprehensive two-wheeler insurance is beneficial in multiple ways as it offers a greater scope of protection compared to a third-party two-wheeler 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.

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

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?

Getting your bike insured is not optional anymore. Besides being a legally enforced document, it is a must have instrument if you care for your pricey vehicle and your own life. With digitalisation touching every aspect of life, the insurance industry too has made considerable progress in simplifying the purchase and renewal of insurance online. If you are planning to renew your existing policy, there are several third-party web portals where you can compare different policies and choose the one that provides you the best coverage. You can also renew your policy on those portals with minimum hassles.

Points To Remember For Your Bike Insurance Policy Renewal

  • Renew well in advance and keep track of the expiry date of the policy to save additional costs that might be incurred otherwise.
  • Compare different motorcycle insurance policies in India before applying. You might find a better policy that gives you more benefits at a cheaper price.
  • Don’t forget to avail No Claim Bonus (NCB) if you haven’t filed any claims on your policy in the previous year.

>Buy A Long-Term TwoWheeler Insurance Policy Online:

Most people do not renew their insurance policies on time primarily because they find it difficult to remember dates of policy renewal and do not realise when their policy expires. For such people, the good news is that the Insurance Regulatory and Development Authority of India (IRDAI) has allowed insurance providers to offer multi-year two wheeler insurance plans. With this move, the IRDAI intends to encourage bike and scooter owners to insure their vehicles for longer periods and be protected against any unforeseen incidents while riding. Two wheeler riders can now get their bikes insured for a period of up to 3 years.

Documents Required For Two Wheeler Insurance Policy Renewal:

Unlike the traditional practice, policyholders need not run from counter to counter with dozens of forms and documents to get their insurance policy renewed. Insurance providers have now made the provisions easier for hassle-free policy renewal. You may visit the website of your insurance provider or a third party online insurance portal where you can easily renew your lapsed insurance policy.

There is a statutory list of documents prescribed by the IRDA to renew a lapsed bike insurance policy. Below is the list of all necessary documents you may need to renew your bike insurance policy online:

  • Details of the policyholder such as name, date of birth, residential address, occupation, and gender.
  • Details of policyholder’s driving license.
  • Registration certificate (RC) and vehicle registration number.
  • Credit card/debit card/internet banking details for online renewal of bike insurance policy.
  • Policy number of the old/lapsed two wheeler insurance policy.

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

Can 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:

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

Bike Insurance Online Renewal:

A two wheeler insurance policy can either be renewed online or offline. The online two wheeler insurance renewal is more convenient and will hardly take 15 minutes of time. The process rarely involves any paperwork or vehicle inspection. Also, you can opt for a long-term insurance policy for a period up to three years. You may visit various neutral online insurance portals, compare available alternatives, and buy the one that best meets your requirements.

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Bike Insurance Renewal Reviews

Page 1 of 50 1 2 3 4 5
  • Reliance General Two Wheeler Insurance
    "Easy and fast policy"
    0.5 4.0/5 "Great!"
    I used to purchase the two wheeler insurance from Reliance. They have good tie up with the garages hence its easy to do a claim. I got the insurance with the package when i bought the bike and i just keep on renewing it for almost 5 years. I renew the policy through online. I pay the premium amount of Rs. 5000 for the duration of 2 years. I haven't applied the claim till now hence they have provided me a no claim bonus. The policy is bit costly when i differentiate with others.
    Was this review helpful? 0
    , kochi
    Reviewed on Mar 10, 2020
  • National Insurance
    National Insurance Two Wheeler Insurance
    "Good and payment is low"
    0.5 5.0/5 "Blown Away!"
    I took my two wheeler insurance from National because its a good company. I have been renewing the policy with the same company for almost 7 years. I pay the premium amount of Rs. 900. Through online, i used to renew the policy. I do not have any claim experience with this policy.
    Was this review helpful? 3
    , ludhiana
    Reviewed on Mar 03, 2020
  • ICICI Lombard Two Wheeler Insurance
    "Good Policy with good service"
    0.5 5.0/5 "Blown Away!"
    Took my two wheeler insurance from ICICI Lombard and so far i have done the claim twice and it got passed so fast. When i bought the bike, the showroom people provided me a free insurance from ICICI Lombard hence i am continuing with the same. My policy got expired 2 months before and I'm receiving the reminder calls regarding the renewal.
    Was this review helpful? 1
    , ahmedabad
    Reviewed on Mar 02, 2020
  • Bajaj Allianz Two Wheeler Insurance
    "Satisfactory policy"
    0.5 3.0/5 "Satisfactory"
    Taken my two wheeler insurance from Bajaj Allianz. When i taken scooter, the supplier has provided me this policy and I'm continuing with the same insurer. I have paid the premium amount of Rs. 3500 which covers for 3 years. They are giving me a IDV value of Rs. 48000. I used to renew the policy through Internet. I don't have any claim experience till now.
    Was this review helpful? 1
    , allahabad
    Reviewed on Mar 02, 2020
  • Bajaj Allianz Two Wheeler Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken two wheeler insurance directly through Bajaj Allianz general insurance.The agent clearly shared the insurance process and this was a 1 year policy. I need to renew this policy every year .The policy documents are received on time. The process was very fast and smooth according to me.
    Was this review helpful? 1
    , bangalore
    Reviewed on Feb 28, 2020
  • New India Two Wheeler Insurance
    "Best for claim purpose"
    0.5 5.0/5 "Blown Away!"
    New India is a very old insurance company in India thats the reason i opted my bike policy here. I have taken the claim when my bike got damaged and they have provided me a cashless option within 15 days. I pay the premium amount of Rs. 2800 and they are giving me a coverage amount of Rs. 50000. I go to the branch directly to renew the policy and overall good.
    Was this review helpful? 0
    , jamshedpur
    Reviewed on Feb 27, 2020
  • Bajaj Allianz Two Wheeler Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    Since my bike is from Bajaj company, they have provided me a two wheeler insurance from Bajaj Allianz. I have paid the premium amount of Rs. 1500 for that they have provided me a sufficient IDV value. I used to renew the policy in the nearby petrol bunk. They will provide the policy documents immediately.
    Was this review helpful? 1
    , chennai
    Reviewed on Feb 21, 2020
  • Oriental Insurance Two Wheeler Insurance
    "Best one"
    0.5 5.0/5 "Blown Away!"
    I have taken my two wheeler insurance from Oriental company. I have been paying the premium amount of Rs. 800 for that they are giving me a IDV value of Rs. 50000. I have not approached them for any claim till now. I used to renew the policy by visiting the branch and doing payment via cash or debit card.
    Was this review helpful? 1
    , guwahati
    Reviewed on Feb 19, 2020
  • ICICI Lombard Two Wheeler Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Taken my two wheeler insurance from ICICI Lombard because the policy feature is good. ICICI Lombard people contacted me before the policy expiry time and i have renewed the policy with them again. I have paid the premium amount of Rs. 2000 for that they are giving me a coverage value of Rs. 90000. I used to renew the policy through online.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 14, 2020
  • ICICI Lombard Two Wheeler Insurance
    "Quick processing policy "
    0.5 5.0/5 "Blown Away!"
    ICICI Lombard company is providing the policy in online, if i enter all my details on the site and also their process is very simple thats the reason i preferred to have a ICICI Lombard two wheeler insurance. For 3 years tenure, i have paid the premium amount of Rs. 6700. For the third party insurance its Rs. 1 lakh and bike cover is Rs. 1 lakh other than that personal injury or death covers. 1 lakh. I used to renew the policy through online.
    Was this review helpful? 0
    , krishnagiri
    Reviewed on Feb 13, 2020
  • HDFC Ergo Two Wheeler Insurance
    "Good customer support"
    0.5 5.0/5 "Blown Away!"
    I have a HDFC Credit card and i felt that HDFC customer care support is good thats the reason i have purchased the two wheeler insurance from HDFC Ergo from past 2 years, i have been renewing the policy with the same company. I pay the premium amount of Rs. 2000 approximately. They will send the reminders at the time of policy expiry and i don't have any claim experience till now.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Feb 11, 2020
  • HDFC Ergo Two Wheeler Insurance
    "Neat Policy"
    0.5 5.0/5 "Blown Away!"
    I have chosen my two wheeler insurance from HDFC Ergo because of the fast process. I have paid the premium amount of Rs. 2,100 and they have provided me a IDV value of Rs. 1L. If I renew the policy today, within two days I will receive the documents in my hand and the policy was renewed through agent.
    Was this review helpful? 1
    , bangalore
    Reviewed on Jan 30, 2020
  • HDFC Ergo Two Wheeler Insurance
    "Easy to renew the policy"
    0.5 5.0/5 "Blown Away!"
    Taken my two wheeler insurance from HDFC Ergo. I pay the premium amount of Rs. 1400 for that they are providing the coverage value of Rs. 35000. Its a 3 years old and i have not checked about the no claim bonus. I will renew the policy through online and i make the payment through debit card.
    Was this review helpful? 1
    , chennai
    Reviewed on Jan 30, 2020
  • National Insurance Two Wheeler Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    From National company, i have purchased my two wheeler insurance because my friend recommended me about this policy. I pay the premium amount of Rs. 3500 with the convenient IDV value of Rs. 1 lakh. They are not sending any reminder to renew the policy. Through agency, i renew the policy and they will provide the policy documents immediately.
    Was this review helpful? 1
    , kochi
    Reviewed on Jan 30, 2020
  • National Insurance Two Wheeler Insurance
    "Better policy"
    0.5 4.0/5 "Great!"
    I have taken the two wheeler insurance from TATA AIG for my Hero bike. Because the plan is really good. I have paid the premium amount of Rs. 2,000 but I have no idea about the coverage value. I used to renew the policy through agent because my friend is working in this company.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jan 29, 2020
  • United India Two Wheeler Insurance
    "Good policy"
    0.5 4.0/5 "Great!"
    From United India, i have taken the two wheeler insurance because its a government based company and while purchasing the bike i got it and that time i have no idea about the insurance plan. I have not approached them for any kind of claim. I have no idea about the premium amount and IDV value. I have been renewing the policy with the same company for almost 3 years and they do send notification at the time of policy expiry.
    Was this review helpful? 2
    , bangalore
    Reviewed on Jan 28, 2020
  • ICICI Lombard Two Wheeler Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken my two wheeler insurance from ICICI Lombard because showroom people have given this policy. This is a first party policy which covers for 1 year. I have got the policy documents through courier as a hard copy. They are keep on sending a reminder messages to renew the policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 28, 2020
  • HDFC Ergo Two Wheeler Insurance
    "Okay policy"
    0.5 5.0/5 "Blown Away!"
    My friend is working in HDFC bank so i have taken my two wheeler insurance from HDFC Ergo on last 9 years back. I took the policy with them after that I'm renewing the policy with the same company through online. I pay the premium amount of Rs. 1400 on a yearly basis. They are giving a coverage value based on IDV now its Rs. 24,000. They have sent the documents immediately through mail.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 27, 2020
  • New India Two Wheeler Insurance
    "Good Plan"
    0.5 5.0/5 "Blown Away!"
    I have taken my two wheeler insurance from New India and it was a bumper to bumper covered policy. I have been paying the premium amount of Rs. 1700 for that they have given me a coverage amount of Rs. 5700. From the showroom, i used to renew the policy. I had no claim experience as of now.
    Was this review helpful? 0
    , panchkula
    Reviewed on Jan 25, 2020
  • Reliance General Two Wheeler Insurance
    "Average policy"
    0.5 4.0/5 "Great!"
    I was in need to claim in Reliance customer care, but they were not that much fast. I took my two wheeler insurance from Reliance because the policy was given from the showroom hence I've been renewing the policy with the same company for last 5 years. Its a 1 year plan. I pay the premium amount of Rs. 1,400 and they do give the coverage value of 40% and they are not covering for plastic products.
    Was this review helpful? 1
    , hyderabad
    Reviewed on Jan 24, 2020
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