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 49 1 2 3 4 5
  • National Insurance Two Wheeler Insurance
    "Good service"
    0.5 5.0/5 "Blown Away!"
    I have taken a two wheeler insurance policy for bullet 350 from National insurance.I will use my bike only when I go to my native. I will pay the premium amount of Rs.3,990 yearly. I do not have any claim experience so far. The plans covers up to 2 lakhs. I do the renewal on time.
    Was this review helpful? 0
    , bangalore
    Reviewed on Dec 13, 2019
  • ICICI Lombard
    ICICI Lombard Two Wheeler Insurance
    "Best Service"
    0.5 4.0/5 "Great!"
    I have taken Two wheeler Insurance through ICICI Lombard general insurance directly .The vehicle model was 2018 and it was Hero extreme .This policy tenure is 1 year and need to renew every year. I have got a clear picture about the policy .I am satisfied with the service .I have not gone for any claim so far.
    Was this review helpful? 1
    , kolkata
    Reviewed on Dec 10, 2019
  • ICICI Lombard Two Wheeler Insurance
    "Good Insurance"
    0.5 3.0/5 "Satisfactory"
    When I bought the bike, they have given me a two wheeler insurance from ICICI Lombard. I am paying the premium amount of Rs.2,300 and I'm satisfied with IDV value. I used to renew the policy in the showroom. I come to know about the expiry date through the messages and calls.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 08, 2019
  • Oriental Insurance Two Wheeler Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    My two wheeler insurance was taken from Oriental because when i purchase the bike, from the showroom side, they have provided me this policy. I pay the premium amount of Rs. 3000 and they are giving coverage upto 60%. I used to renew the policy by visiting their branch directly. They are sending reminders at the time of policy expiry.
    Was this review helpful? 0
    , chennai
    Reviewed on Dec 07, 2019
  • Reliance General Two Wheeler Insurance
    "Better Policy"
    0.5 5.0/5 "Blown Away!"
    My two wheeler insurance was taken from Reliance insurance. Its because of the easy claim process and higher IDV value, i have selected this two wheeler insurance but i do not have any claim experience as of now. I have paid the premium amount of Rs. 1800 for the IDV value of Rs. 76000. I used to renew the policy through the agent.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Dec 06, 2019
  • New India Two Wheeler Insurance
    "No claim experience"
    0.5 5.0/5 "Blown Away!"
    For Apache bike, I have purchased the two wheeler insurance from New India. Till now I have not applied any claim. I have paid the premium amount of Rs. 1500 and this is a third party insurance cover policy. My friend is working as a agent hence he used to give me a reminder hence I renew the policy.
    Was this review helpful? 0
    , tirupur
    Reviewed on Nov 28, 2019
  • Iffco Tokio Two Wheeler Insurance
    "Okay Policy"
    0.5 3.0/5 "Satisfactory"
    For last 3 years i have been renewing the policy from Iffco Tokio. In the mean while, i have not renewed the policy for sometime after that my relative person recommended me about the Iffco Tokio two wheeler insurance. I pay the premium amount of Rs. 1000 nearly and i have no idea about the IDV value. They used to send a reminder message before one week of policy expiry date.
    Was this review helpful? 0
    , karur
    Reviewed on Nov 19, 2019
  • United India Two Wheeler Insurance
    "Best insurance"
    0.5 4.5/5 "Excellent!"
    I am having a two wheeler insurance from United India from the beginning and the services are satisfactory so have been using the same insurer for renewal. I have chosen first party insurance and they have been charging premium around Rs.3500 or 4500. Their customer service is best. Even I have heard from my friends that the benefits are good. I have no claims so far.
    Was this review helpful? 0
    , chennai
    Reviewed on Nov 15, 2019
  • New India Two Wheeler Insurance
    "Good Process"
    0.5 5.0/5 "Blown Away!"
    My two wheeler insurance purchased from New India. My brother has recommended me about this policy. I paid the premium amount of Rs. 4500 for the duration of 1 year. They are giving me a coverage amount which is satisfied for me. I called the branch and transfer the money to their account to renew the policy.
    Was this review helpful? 0
    , virudhunagar
    Reviewed on Nov 06, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "Better policy"
    0.5 4.0/5 "Great!"
    In 2years back, I got a two wheeler policy with Bajaj Allianz at the time of purchasing my bike which is going to expire by next month and am planning to renew with my company Shriram General. I have not done any claims and there was no difficulty so far. The premium is okay and the insurance documents are received on time. The benefits are better.
    Was this review helpful? 1
    , visakhapatnam
    Reviewed on Nov 03, 2019
  • Oriental Insurance Two Wheeler Insurance
    "Average Policy"
    0.5 3.0/5 "Satisfactory"
    I have purchased Oriental policy in offline for my two wheeler and premium is normal. This policy type is first party and as of now no claim has been done by me. The renewal process is taken care by the agent also getting renewal reminders via sms.
    Was this review helpful? 3
    , gudur
    Reviewed on Nov 01, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    Bike dealer has offered me a two wheeler insurance policy from Bajaj Allianz. I'm renewing with the same company for past 3 years. I have been paying the premium amount of Rs. 1200. They gave me a IDV value of Rs. 40000. I used to renew the policy in their branch and the service is prompt.
    Was this review helpful? 2
    , pondicherry
    Reviewed on Oct 23, 2019
  • United India Two Wheeler Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    No claim experience with my two wheeler insurance policy from United India Insurance. My friends have recommended me about this policy. I'm paying the premium amount of Rs. 4000 approximately. I didn't remember about the IDV value. Through online, i used to renew the policy. They are sending reminders regarding the policy expiry.
    Was this review helpful? 0
    , kochi
    Reviewed on Oct 23, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "Good Policy"
    0.5 4.0/5 "Great!"
    I took my two wheeler insurance from Bajaj Allianz. For past 4 years, i have been renewing the policy with the same company without any specific reason. I have been paying the premium amount of Rs. 1800 and i can do the policy through online. They will send the reminder before one month of policy expiry date.
    Was this review helpful? 2
    , chennai
    Reviewed on Oct 22, 2019
  • Reliance General Two Wheeler Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    My two wheeler insurance was taken from Reliance based on my friend's suggestion. I pay the premium amount of Rs. 1000 approximately on a yearly basis. I haven't checked about the IDV value. I used to renew the policy through online. I have not approached them for any kind of claim.
    Was this review helpful? 1
    , coimbatore
    Reviewed on Oct 21, 2019
  • United India Two Wheeler Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    For a long years, i have been renewing the policy with United India. The premium is more. I have used to visit their branch to renew the policy. I have not checked my IDV value. They are sending the reminders before the policy get expired. I have not applied any claim. When i purchased the bike, they provided me the policy from this company.
    Was this review helpful? 0
    , chennai
    Reviewed on Oct 21, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    Bajaj Allianz is a good company so i took the two wheeler insurance from them. Yearly i am paying the premium amount of Rs. 1800. I renew the policy through online. I didn't have any claim experience till now. They are providing a IDV value of Rs.80000.
    Was this review helpful? 3
    , mumbai
    Reviewed on Oct 20, 2019
  • Iffco Tokio Two Wheeler Insurance
    "Better Policy"
    0.5 5.0/5 "Blown Away!"
    This time, i have purchased the two wheeler insurance from Iffco Tokio. When i compared about the premium amount, Iffco Tokio quoted me a less value hence i have selected them. They are giving a IDV value based on the market rates. I renew the policy in their branch. I do not have any claim experience as of now.
    Was this review helpful? 2
    , chennai
    Reviewed on Oct 18, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "As of now good"
    0.5 4.0/5 "Great!"
    Even my two wheeler insurance is with Bajaj Allianz. Its been 2 years and the benefits are good. It was recommended by agent. Its also comprehensive and the policy is valid for 3years. I got the insurance papers on time. They are sending SMS and emails for the policy renewal.
    Was this review helpful? 1
    , new delhi
    Reviewed on Oct 18, 2019
  • Bajaj Allianz Two Wheeler Insurance
    "Okay Policy"
    0.5 4.0/5 "Great!"
    I am not claiming at all from Bajaj Allianz Two Wheeler Insurance. For the sake of Government purpose, i have been renewing the policy. I am paying the premium amount of Rs. 2000 for that they are providing the satisfied IDV value. I used to renew the policy through online. They will send the hard copy to my residential address.
    Was this review helpful? 0
    , kolkata
    Reviewed on Oct 18, 2019
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