10 Steps To Bike Insurance Renewal You Should Follow

Bike insurance acts as a financial safety net, protecting you against damages caused to your two-wheeler by accidents, natural calamities, or thefts. Two-wheeler insurance financially covers the damages caused due to accidents to any third party or their property. Keeping in check whether your bike insurance is active is also necessary to check the validity of the insurance plan. Bike insurance renewal allows you to recheck the relevancy of the plan chosen and make necessary updates or changes if required, along with the options of including add-ons to the existing insurance plan.


The Motor Vehicles Act 2019 mandated the applicability of two-wheeler insurance. In this way, users can freely ride their vehicles without the stress of being financially susceptible to any damages. Thus, it becomes crucial for riders to have their two-wheeler insurance renewed as any potential lapses could lead to financial distress. 


After knowing the two-wheeler insurance coverage details, it is essential to renew the two-wheeler insurance policy on time. If a person fails to complete the bike insurance renewal within the policy period or grace period, the insurance policy will lapse along with its benefits. The insurance company offers a grace period to the policyholder to renew the plan. However, if you fail to do so, you would lose out on the opportunity for the no-claim bonus, if applicable. A no-claim bonus is used to avail discounts on bike insurance premiums during the period of policy renewal.

Lapsing bike insurance has several demerits. Following are the most significant disadvantages of not ensuring bike insurance renewal in time:

  • Out-of-pocket costs will be higher, which the rider has to bear
  • The financial safety provided to the rider and the vehicle will discontinue
  • Rider loses enhanced coverage along with add-on benefits


Here’s how to complete your bike insurance renewal:

  • Hire an insurance agent: You can renew your policy via an insurance agent. Here, the agent will take care of the paperwork and submit it. He will then hand over the renewed policy to you. After completing the procedure, the insurance agent will charge a certain amount as their fee.
  • Online renewal: The online process of bike insurance renewal is simple. You can do this from the comfort of your home or wherever possible by just surfing various online platforms. One does not have to waste their time travelling or waiting in long queues. You have to upload your policy number and vehicle details and proceed with the online payment to start the online process. After completing the payment, you will receive an email containing a soft copy of your bike insurance details. 
  • Bike insurance renewal through mobile apps: To process bike insurance renewal online through a mobile application, you need to install the application and log in with your registered email or mobile number. Click and apply for policy renewal. Fill in the details of your existing plan along with the required information. Proceed with the payment for the renewal premium online on the app. After payment, the renewed policy will be delivered to you.

Things to keep in mind while completing your bike insurance renewal:

Now, we’ll have a look at various aspects you must keep in mind while completing your bike insurance renewal:

  • Bike insurance renewal before expiry: It’s always better to renew your two-wheeler insurance 15 days before it expires. You should not wait for the policy to lapse. If your bike insurance policy lapses, you may incur losses and penalties when claiming benefits like the no-claim bonus (NCB).
  • No Claim Bonus: If a policyholder does not file any claim during their ongoing policy year, they can claim the no-claim bonus at the time of bike insurance renewal. You can avail No Claim Bonus for a discount of up to 50% or less depending on the number of years of no claims made.
  • Recheck the insurance cover: The perfect time to recheck the relevancy of your bike insurance cover is at the time of renewal. At the end of the bike insurance policy, you would have a clear idea about the relevancy of the plan and how it aligns with your requirements. You can modify and bring changes to the existing policy during this period before the bike insurance renewal.
  • Update information: If a policyholder finds any errors in the insurance policy, renewal is the best time to rectify it. Suppose you notice any mistakes or want to bring specific changes in the already submitted information, you can submit the necessary identity proof and rectify the information on the policy.
  • Utilise the grace period: If policyholders miss the renewal date by a specific day, they can utilise the grace period for renewing their insurance plan. Many bike insurance companies provide a grace period of 45 days for policy renewal, depending on the expiry date and the type of policy. Suppose the policyholder renews their bike insurance policy within the grace period. In that case, they are eligible to claim their benefits collectively, including the no-claim bonus, along with other benefits mentioned in the policy’s fine print.
  • Utilising zero depreciation cover: With the help of a zero depreciation cover, the policyholder will be eligible to claim a higher amount along with other benefits. This is applicable as the depreciation factor of the two-wheeler is not taken into account while paying the claim settlement dues.

Keeping in mind the points mentioned above, you can complete the process of bike insurance renewal seamlessly. Getting the right insurance plan for a bike can be tiring if one is unaware of the proper procedure. With these steps, you can decide the right plan for your bike and consider all the necessary steps while avoiding any undue complications in the process. 

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