Two-wheeler insurance (also known as bike insurance) is mandatory for all two-wheeler riders in India. Besides purchasing the policy, you need to make timely renewals, so that the plan never lapses and is always active. Here, in this guide, we show you how to complete the renewal of your two-wheeler policy on time.

Why should you renew a two-wheeler insurance policy on time? 

In India, two-wheelers remain the most preferred mode of transport. Whether you’re using it for your regular commute or only for casual drives on the weekends, it’s mandatory to hold an active two-wheeler insurance policy. 

It's illegal and punishable to drive with a lapsed bike insurance policy. If you're caught by a traffic police constable with an expired insurance policy, you could be charged a hefty penalty. The worst-case scenario – causing a road accident without an active insurance policy could lead to complicated legal charges and hefty fines.

Even if you ride your bike carefully without causing a road accident, failure to renew the policy on time, makes you miss out on the NCB (No Claim Bonus). Without the NCB, you will have to pay a higher premium on renewal. 

Now, that you’re aware of the importance of timely renewal, let’s take a look at how to renew a bike insurance policy. 

How to renew an active two wheeler insurance policy? 

If your policy is active and is not expired, you can use any one of the two methods mentioned below to renew it. 

#1: Online Renewal 

Renewing a two-wheeler insurance policy online is quite simple and it takes just a few steps. 

  1. Visit the website of your insurance provider. Look for the option “Renew existing policy.” 

  2. Enter the policy number. 

  3. You will get details of the policy including the available NCB (No Claim Bonus) if you’re eligible, available add-on covers. Select the required additions and NCB details. 

  4. You will be provided with a policy quotation that contains the premium you have to pay for the upcoming year. 

  5. Complete the payment online (via internet banking, digital wallets, debit/credit cards).

  6. Once your payment is processed, you will receive the updated policy copy via email. Download it and keep a copy of it in your bike. 

That's it. You have completed the renewal process online, and your policy is active.

*Note that online renewal of two-wheeler insurance does not require inspection of the vehicle. However, when you renew it offline, the review of the bike is mandatory. You will have to take your bike/scooter to the nearest branch of the insurer for inspection.

#2: Offline Renewal 

If you’re not comfortable paying online, you can complete the process offline. Here are the steps to follow:

  1. Visit the nearest branch of your insurer. 

  2. Submit your policy number to the insurance officer. 

  3. The officer will provide you with the application for renewal. Fill up the details, choose the required add-on covers, and check your NCB details. 

  4. The officer will provide you with a premium quotation. 

  5. You can complete the payment by issuing a cheque/DD. 

  6. Once your payment is processed, the insurer sends you the renewed policy via post/courier to your address. 

Always keep a copy of your insurance policy on your bike, so that you can show it when requested. 

How to renew a two-wheeler insurance policy after expiry?

It’s highly recommended that you renew your bike insurance policy before the expiry date to avoid penalties and missing out the NCB. However, if you have forgotten to renew the policy on time, here’s what you can do. 

  • Most insurers offer a grace period after policy expiration. If you renew the policy within this stipulated date, you can retain the NCB and other benefits of your bike insurance. 

  • Log into your insurer’s website, click on policy renewal and provide your policy number. 

  • Select the add-ons if required, set the IDV (Insured Declared Value) and complete the payment. 

*Note that the NCB is only valid up to 90 days from the policy expiry date. Failing to renew the policy within 90 days makes you lose the NCB, and no other benefits are available from the previous plan.

Things to Keep in Mind, during Two-Wheeler Insurance Renewal 

  • Make sure to renew the policy a couple of days or weeks in advance, so that you don’t miss out on the expiration date. 

  • Don’t forget to check the available NCB discount if you have not made any claims the previous year. Check with your insurer regarding the NCB discount and enjoy discounts on the policy premium. 

  • Check out the various add-on covers available with the insurer and choose the right ones that offer you the required protection. 

  • At the time of renewal, you can change the type of policy. For instance, if you previously had only a third-party liability cover, you can switch it to comprehensive bike cover and enjoy increased protection and coverage. 

  • At the time of renewal, it's not necessary to continue with your current insurer. You can switch insurance providers, if you find a better deal elsewhere or if you are not satisfied with the services of your current insurer. Note that most insurance companies allow the transfer of the accumulated NCB. This means you can avail your current NCB discount with your new insurer.

  • If a friend or a family member rides your bike often, you can include that person's name in the policy at the time of renewal.

  • Also, if you have made any modifications to the bike like extra fittings or adding an anti-theft device, make sure to inform the insurer of the changes. This way, you can avail additional discounts (if applicable) and set an accurate IDV.

  • Make sure to compare insurance providers online to find the best company that offers you a better deal.

  • Opt for long-term bike insurance. The IRDAI (Insurance Regulatory and Development Authority of India) has introduced two-wheeler insurance policies of longer duration (two to five years). If you forget to renew your policy on time, you can opt for a more extended duration bike insurance policy, to overcome the hassles of frequent annual renewal.

End Note

Don’t forget to renew your Two-Wheeler Insurance Policy on Time. Generally, most bike insurance companies send multiple reminders to the policyholder reminding him/her of the upcoming renewal. Look for renewal reminders via different modes – email, SMS or Whatsapp messages. Make sure to keep an eye out for these reminders and follow the instructions specified. Alternatively, you can set up a reminder on your smartphone alerting you of the due date, so that you can renew the policy on time. 

Make sure to use any of the methods above and renew your two-wheeler insurance policy to avail the various benefits and to prevent hefty fines and penalties.