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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

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  • Tata AIG Two Wheeler Insurance
    "Good reputed insurer"
    0.5 5.0/5 "Blown Away!"
    The showroom where I purchased my bike got tied up with Tata Aig hence from day one I have been using this policy. I believe the premium is lesser around Rs.1500 when compared to Reliance. The customer support is not friendly when I tried to reach them for renewal they asked me to visit to their branch. The IDV value is good for my super splendor bike.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 20, 2019
  • ICICI Lombard
    ICICI Lombard Two Wheeler Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I got a two wheeler insurance with ICICI Lombard and am using the service from past 4 to 5 years. I do get reminder email and the renewal process is easy. I felt, the premium is far better than other insurer. Its a first party insurance. The benefits are good and I can choose IDV according to my requirements.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 18, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Good in the market"
    0.5 5.0/5 "Blown Away!"
    The dealer where I bought the bike they gave me ICICI lombard, the premium rate is nominal. I paid the cost of Rs. 600 for one year comprehensive plan. It gives protection for bike parts with personal accidental cover. The renewal process is good through online and offline.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 18, 2019
  • Royal Sundaram Two Wheeler Insurance
    "Better policy"
    0.5 4.5/5 "Excellent!"
    I have never had any scratch on my bike hence i don't apply for any claim till now. The company has given the policy directly to me when i got my bike in showroom and i have been renewing the policy with the same company. I pay the premium amount of Rs. 3300 for the coverage value of Rs. 1.5 lakhs. In the branch or else in the showroom, i renew the policy.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 13, 2019
  • HDFC Ergo Two Wheeler Insurance
    "Smart Protection"
    0.5 5.0/5 "Blown Away!"
    HDFC Ergo two wheeler going to expire on September 2019, I paid the premium around Rs. 1600 for one year. I took comprehensive plan, I am getting messages to renew the plan. I have tvs jupitar bike its almost four years old but still the insurer gave me the best IDV value.
    Was this review helpful? 0
    , navi mumbai
    Reviewed on Jul 12, 2019
  • National Insurance Two Wheeler Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    Chosen my two wheeler loan from National and i took the amolgamation loan and the dealer had a few option for selecting the two wheeler insurance and the branch is there nearby my home, i have selected the National insurance. I have been renewing the policy for last 4 years but i did not received any no claim even though i don't have any claim experience. 80% of IDV value has been covered in this policy.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 11, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "No claim experience"
    0.5 3.0/5 "Satisfactory"
    When i purchase the bike, they have provided the policy in showroom from Bajaj Allianz. I have been renewing the policy through online every time and i received the soft copy of the document and hard copy on time. I have been paying the premium of Rs. 1300. I did not apply for any claim till now.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jul 11, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Very good policy"
    0.5 5.0/5 "Blown Away!"
    From the time I bought my bike, I have been using the two wheeler insurance policy with ICICI Lombard. The premium rate is very reasonable. I am paying the premium of Rs. 1200. I did not get any no claim bonus and I do not have any claim experience also. But my friend did, and his claim process was smooth. I used to renew the policy at the Honda showroom every year and I also get reminder calls from the showroom before 15 days of due date.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 10, 2019
  • United India Two Wheeler Insurance
    "Better insurance provider"
    0.5 4.0/5 "Great!"
    Since the branch is nearby my home, i have bought the two wheeler insurance from United India insurance. I pay the premium amount of Rs. 1700 and the given coverage value is Rs. 35000. I have not taken any claim so far. Whenever i go for renewal, executive used to come and check for vehicle before providing the policy.
    Was this review helpful? 1
    , kochi
    Reviewed on Jul 06, 2019
  • Bharti Axa Two Wheeler Insurance
    "No experience with the policy"
    0.5 5.0/5 "Blown Away!"
    My dealer has sponsored for the two wheeler policy from Bharti AXA. I have not seen the coverage value. I have renewed the policy for next 3 years hence i have paid the premium amount of Rs. 8800. I have directly visit their branch for renewing the policy. The branch experience is good. I do not taken any claim so far.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 06, 2019
  • Bharti Axa Two Wheeler Insurance
    "Average policy"
    0.5 3.5/5 "Pretty good"
    My two wheeler insurance was taken from Bharti AXA because its a good policy. I have been paying the premium amount of Rs. 2490 per year. This is a zero depreciation policy. I have been renewing the policy with the same company for the second year and i have not checked about the no claim bonus. I have not applied any claim till now.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jul 04, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Trusted Worthy"
    0.5 4.0/5 "Great!"
    ICICI Lombard is working faster interms of renewal process, when I made online purchase of the policy I got the copy instantly. The premium is standard, I taken it for two years, I paid the amount around Rs.3000 its including third party cover.
    Was this review helpful? 0
    , thane
    Reviewed on Jul 03, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I have taken Two Wheeler Insurance directly through ICICI Lombard .This policy tenure is for 1 year and need to renew every year.I am paying the premium through Online .The premium is nominal and so far not faced any difficulties .I have got all the required details about the policy through the agent .I have got the policy documents on time as well.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jul 02, 2019
  • New India Two Wheeler Insurance
    "Good"
    0.5 4.0/5 "Great!"
    I have a two wheeler insurance with New India Assurance. Their branch is near by so opted for this insurance. The services are proper and the renewal process is simple. Its a whole cover comprehensive plan. The premium was around 1700 rupees for one year. I have received the insurance paper.
    Was this review helpful? 0
    , chennai
    Reviewed on Jul 01, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Very Approachable"
    0.5 4.0/5 "Great!"
    ICICI lombard send soft copy instantly after renewing the policy and they send the hard copy within two days of time. I paid Rs. 3000 premium for one year bike it has the duration of one year and they quoted 80% of cover with comprehensive plan.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jun 30, 2019
  • HDFC Ergo Two Wheeler Insurance
    "Smart protection"
    0.5 4.0/5 "Great!"
    I took two policy with HDFC Ergo because I am an existing customer of the HDFC, the premium is reasonable. The insured value is also decent, the renewal process I used make it through online process. I used to get soft copy to my email id. I took third party for my royal enfield classic 320.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 27, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Yet to explore the policy"
    0.5 3.0/5 "Satisfactory"
    My dealer has selected the two wheeler policy from ICICI Lombard when i purchased my bike. I have been paying the premium amount of Rs. 4000. I'm not sure about the coverage value and they are sending the reminders regarding the renewal. I did not speak with the customer care till now.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jun 27, 2019
  • Reliance General Two Wheeler Insurance
    "Flexible Plan"
    0.5 4.0/5 "Great!"
    I took Reliance two wheeler insurance because its very flexible to renew the policy. I paid the reasonable premium around Rs. 972 for one year term, I have 14 years old vehicle it has only third party insurance because generally I don't ride in cities.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 25, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Yet to experience the claim"
    0.5 4.0/5 "Great!"
    My two wheeler insurance policy was taken from ICICI Lombard. While i purchase the bike, they have given me a policy from them. Till now i do not have any claim experience. I have been renewing the policy for long years. I pay the premium amount of Rs. 1200. I used to renew the policy in their branch.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 24, 2019
  • Bharti Axa Two Wheeler Insurance
    "Renewal process should be simpler"
    0.5 3.0/5 "Satisfactory"
    I am holding two wheeler policy with Bharti Axa, when I want to renew the policy there is no direct option to activate the old one. I have to wait for the customer executive call and they take two business working day to renew the policy. The premium is reasonable compared to others, I purchased comprehensive plan for two years vehicle.
    Was this review helpful? 0
    , gandhidham
    Reviewed on Jun 22, 2019
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