What Is Two-Wheeler Insurance Renewal?

Two-wheelers like bikes and scooters are quite popular in India owing to their affordability. They are not only fun to ride but are also convenient and economical to maintain. However, when you are out and about riding your bike or scooter, you are exposed to several risks such as accidents, theft, and elements of nature. Even a small lapse in your bike insurance coverage could potentially lead to heavy losses for you in the near future. When it comes to bike insurance, timely renewal is essential. In this article, we’ll take a look at how to renew bike insurance online. 

Types of Two-Wheeler Insurance Plans

A two-wheeler insurance plan is a contract between the insurance company and you (the policyholder). It financially safeguards your motorcycles in case of accidents, theft, and loss incurred due to man-made or natural calamities.

Generally, insurers in India offer two types of bike insurance plans:

  1. Third-Party Bike Insurance Plan

  2. Comprehensive Bike Insurance Plan

The following table will give you a better idea about the two types of bike insurance plans:

 

Third-Party Bike Insurance

Comprehensive Bike Insurance

What Does It Mean?

Only the third-party is liable to receive coverage

It provides financial coverage for third-party liability as well as to the policyholder

Compulsion

It is mandatory under the Motor Vehicle Act, 1988

It is not mandatory by law

What Does It Cover?

It covers you financially from damage to a third-party person or their property

It not only covers you against third-party damages and loss but also protects your bike in case of accidents, theft, and loss incurred due to human or natural disasters. It also provides personal accident coverage to the rider

It is highly recommended that you buy a comprehensive bike insurance plan as it provides extensive coverage to you and your motorcycle. You can even enhance the scope of the policy with multiple add-on covers. Besides, having valid insurance keeps you away from traffic challans written out exclusively to people riding without an active insurance plan. At the end of the day, you will be able to ride your bike legally and peacefully on Indian roads, knowing that any damage incurred due to others’ negligence is covered by the insurer.

4 Ways to Renew Two-Wheeler Insurance

Here are a few ways in which you can renew your bike insurance policy:

  • Contact the Insurer to Renew the Policy

Simply visit the insurer’s office to renew the policy. You must carry all the relevant documents and fill up the application form. On successful form submission and payment, you will get a printout of your renewed policy along with the receipt of payment.

  • Insurance Agent

Another option of policy renewal is through an insurance agent. In this case, the agent will undertake the paperwork and submission on your behalf and hand you the renewed policy. However, you will have to pay an additional fee to the agent for their services.

  • Apply Online

Applying for two-wheeler insurance renewal online is the simplest compared to other methods. It can be done from the comfort of your home or even on-the-go simply by visiting the insurer’s website. You don’t have to waste your time commuting and waiting in line. You simply need to fill in a few details such as your policy number and vehicle details and then make the payment online. On successful payment, the soft copy of your bike insurance policy will be sent to your registered email address instantly.

  • Using Mobile App

Most insurers in India provide bespoke insurance apps with various facilities and services. All you have to do is download the app and login with your registered email id or mobile number. Go to the ‘Bike Insurance’ section and apply for policy renewal. Provide the details of your existing plan and other needed information (personal and bike-related), as requested. Proceed to pay the renewal premium online via the app. Once the payment is successful, the renewed policy will be sent to you.

5 Things to Know Before Renewing Bike Insurance

  • Renew Before Expiry

It’s best to consider renewing your two-wheeler insurance at least 15 days before expiry. Do not wait for the policy to lapse. In case your bike insurance policy lapses, you may lose out on benefits like no-claim bonus (NCB) and incur losses and penalties.

  • Avail the No-Claim Bonus

If you did not file any claim during your current policy year, you can avail the no-claim bonus benefit at the time of insurance renewal. Depending on the number of claim-free years you have accumulated, you can avail an NCB discount of up to 50%.

  • Relook Your Insurance Cover

Renewal is the perfect time to evaluate your bike insurance cover or change other details of your policy. When the policy term is about to end, you will have a clear idea about what works for you and what doesn’t. You can modify, thus, your policy coverage accordingly. Moreover, review the bike insurance premium amount before renewing the policy. You can use the bike insurance calculator available on Finserv MARKETS for the same.

  • Correct Your Information

If you notice any discrepancy in your insurance policy, renewal is the right time to get it rectified. For instance, if you have moved to a new city during your previous policy year, you can change the address in the policy documents at the time of renewal. Even seemingly small mistakes like a misspelt name or date of birth can affect your claim settlement. So, if you notice any mistakes, you can submit the required proof and rectify the information on your policy.

  • Grace Period

In case you miss the policy renewal date by a few days, you don’t need to worry. Most bike insurance providers offer a grace period for policy renewal depending on the type of policy. If you renew your bike insurance policy within the grace period, you can retain your accumulated benefits like the no-claim bonus, etc. So, if you have forgotten to make the premium payment before expiry, you still have the grace period to renew it successfully.

Steps to Renew Bike Insurance at Finserv MARKETS

Is your bike insurance policy nearing expiry? Are you looking to switch from your existing insurance provider to a better service? If so, you do not need to look beyond Finserv MARKETS to renew your bike insurance policy.

Whether you purchased your policy on Finserv MARKETS or you are just looking to switch from your existing insurer, here’s how to renew two wheeler insurance online:

 

Step 1: Visit the Finserv MARKETS website.

Step 2: Enter your vehicle details.

Step 3: After entering your details, you can check the free bike insurance renewal quote.

Step 4: Next, fill in your details under the ‘Owner Details’ section.

Step 5: Enter your previous policy details and make an online payment to renew your bike insurance plan for another term.

Step 6: You can also choose to buy add-on riders to get advanced protection.

The same process is easily accessible on our bike insurance app as well. Just download the Finserv MARKETS App from Google PlayStore or Apple AppStore. Login with your credentials and proceed to renew your bike insurance plan via the app.

Ways to Reduce your Bike Insurance Premium During Renewal

  • Buy bike insurance online

  • Maintain a clean driving record

  • Opt for long-term bike insurance and get a discounted rate

  • Renew insurance policy with your existing insurer

  • Avoid making claims for small damages as it can increase your premium

Factors That Affect Bike Insurance Renewal Premium

Let’s understand some key factors that play a role in deciding your bike insurance renewal premium:

 

  • No-Claim Bonus

No-claim bonus, or NCB, is a discount that you can avail on your bike insurance premium for making zero claims during the policy tenor. You get a 20% discount on renewing your two-wheeler insurance plan after the first-claim free year. This reward keeps increasing as you continue to avoid raising claims.

 

The no-claim bonus can go up to 50%, enabling you to save up on your bike insurance premium. Thus, you can get a lower two-wheeler renewal premium quote on driving safely and accumulating the NCB reward.

 

  • Two-Wheeler Insurance Claim

The history of your insurance claims is another aspect that can highly affect your bike insurance renewal premium. By filing an accident claim, you can come off as a risky driver to the insurance provider.

Furthermore, a record of repeated claims can also impact your insurance premium. However, it is recommended to only pay for claims that you can afford to cover.

 

  • Transfer of Bike Ownership

Transferring the ownership of your two-wheeler can also lead to an increased renewal premium. As the No Claim Bonus belongs to the policyholder and not the vehicle, the NCB will not be transferred along with the ownership of the bike. Thus, the two-wheeler insurance premium quote will be calculated without considering the NCB.

 

Benefits of Renewing Your Bike Insurance Plan Online

Here are a few advantages of renewing your bike insurance policy online:

  • Convenient and Time-Saving

Undoubtedly, the internet has made our lives easier. Almost anything and everything is readily available online. The same is true when it comes to buying/renewing a comprehensive bike insurance plan.

Insurers in India provide bike insurance renewal online on their website and bike insurance app. The process is simple and quick. Besides, it saves a lot of your valuable time as you can renew your bike insurance plan online at any time and from anywhere.

  • Secure

The rise in fraudulent activities online has left people concerned about these facilities. So, when it comes to renewing bike insurance online, concerns related to the security of premium payment and website authenticity tend to arise. Make sure you renew your bike or two-wheeler insurance on trusted websites like Finserv MARKETS. 

  • Easy Transfer of Policy and No-Claim Bonus

Usually, as stated earlier, people look to switch from their existing insurer during renewal. The switch from existing services can be due to varied reasons. However, what’s important is that transferring your bike insurance plan from your existing insurer to a new one is easy with us at Finserv MARKETS. We also consider your no-claim bonus (NCB) benefits from the previous policy.

Exclusions in Two-Wheeler Insurance Plans

The following situations and circumstances will not be covered under the two-wheeler or bike insurance plans:

1. Non Accidental Damage:

Any damage to the bike caused due to normal wear and tear will not be covered.

2. Mechanical or Electrical Breakdown:

Any mechanical or electrical breakdowns are not covered.

3. Illegal Driving:

Driving without a licence or under the influence is not covered. Additionally, if the driver is found to be indulging in any illegal driving act or breaking traffic rules, the insurance will not provide coverage.

4. Driving Without Documents:

Driving without valid documents such as PUC, insurance papers etc. will not be covered under bike insurance.

5. Expired Policy:

You will not be eligible for any coverage if your insurance policy has expired.

Inclusions in Two-Wheeler Insurance Plans

The following situations and circumstances will be covered under a two-wheeler insurance plan:

1. Damage Due to Calamities:

Any damage caused due to natural calamities or man-made disasters will be covered under insurance.

2. Third-Party Cover:

The insurance will provide coverage to the third party involved in an accident.

3. Accidental Repairs:

Any damage caused to the bike due to an accident will be covered under the bike or two-wheeler insurance.

4. Personal Injuries:

Any personal injuries arising out of accidents will be covered under the personal injury cover.

How to renew expired bike insurance?

Considering the coverage a bike insurance plan provides, it is only wise to renew the policy on time. If you fail to renew your bike insurance policy within the stipulated time, your policy will lapse. A lapsed bike insurance plan does not offer any benefits, as stated earlier. If you do not renew it even in the grace period, you also lose out on the No-Claim Bonus (if any) that can be used to avail discounts on bike insurance premiums at the time of policy renewal. If your policy has expired past its grace period, you will have no option but to buy a new bike insurance policy. 

What Happens if You Don’t Renew Bike Insurance on Time?

Bike insurance is a mandatory requirement to legally ride your two-wheeler in India. You need to carry a valid bike insurance policy with you at all times to avail its benefits. That way, if you are involved in an unfortunate accident or incur a loss due to theft or natural/man-made disasters, your insurer will cover the damage repair expenses. Besides, the policy covers third-party liabilities as well.

Considering the coverage a bike insurance plan provides, it is only wise to renew the policy on time. If you fail to renew your bike insurance policy within the stipulated time, your policy will lapse. A lapsed bike insurance plan does not offer any benefits, as stated earlier. If you do not renew it even in the grace period, you also lose out on the No-Claim Bonus (if any) that can be used to avail discounts on bike insurance premium at the time of policy renewal.

Expired bike insurance has many disadvantages. Below is the list of the most significant drawbacks of not renewing your two-wheeler insurance plan on time:

  • Increase in out-of-pocket costs

  • Discontinued financial security

  • No enhanced coverage with add-on benefits

  • Your bike is exposed to various risks

Add-On Covers on Two-Wheeler Insurance

Another thing to be mindful of when renewing your comprehensive bike insurance plan is that you can opt for add-on covers. A few bike insurance add-ons that you can opt for are as follows:

  • Zero Depreciation Cover

With the zero depreciation cover, you will be able to seek a higher claim amount. This is because the depreciation factor of the bike is not taken into consideration when paying the claim settlement amount.

However, it is essential to note that this cover will pay only for those bike parts that depreciate. In case the depreciable parts are not damaged, you will not get any compensation for the claim raised against the cover. You can read more about zero depreciation bike insurance at Finserv MARKETS online.

  • Consumables Cover

Certain consumable bike items such as nuts, bolts, engine oil, etc., require repairing or replacement over time. With this cover, these items are covered under your bike insurance plan. Make sure that you explicitly ask your insurer to provide you with the list of consumables covered to avoid discrepancy in the future.

  • Bike Engine Protect Cover

The bike engine protection cover, as the name suggests, will cover damages to the vehicle’s engine. This add-on ensures that any damage to your bike’s engine is covered under the policy.

Buy a Multi-Year Bike Insurance Plan

If you are someone who is most likely to forget to renew your bike insurance plan on time, consider buying a multi-year bike insurance plan available on Finserv MARKETS. That way, you do not have to worry about renewing your bike insurance policy every year.

Finserv MARKETS provides upto three-year-long bike insurance plans. The benefits of the same are as follows:

 

  • With this policy, you get additional NCB benefits at the time of renewal

  • The premiums remain unaffected throughout the policy tenure, even if there are any changes in the cost of the short-term plans

  • Even if you raise claims on your long-term bike insurance plan, the NCB reduces but does not become nil

  • If you wish to cancel the policy mid-term, a facility of proportional refund (even after raising claims) is provided during the tenure

To Conclude

Now that you know everything about renewing a two-wheeler insurance policy online, you will be able to renew your policy at any time and anywhere. Online bike insurance renewal with Finserv MARKETS is a simple and speedy process. Moreover, you can benefit from features such as cashless claim facility, 24x7 assistance, extensive coverage, and more.

To renew your bike insurance policy or know more about bike insurance, visit Finserv MARKETS today!

FAQs on How to Renew Bike Insurance Online After Expiry

  • ✔️ How to renew insurance of bike online?

    You can renew your bike insurance online on Finserv MARKETS or on the insurance company website you bought your insurance from. 

  • ✔️How to renew bike insurance online after expiry?

    You can renew your bike insurance policy online after expiry if you are still under the policy grace period. If the grace period has expired, you will need to buy a new policy. 

  • ✔️Can I switch from my existing insurer to Finserv MARKETS at the time of bike insurance renewal?

    Yes. You can switch from your existing insurer to Finserv MARKETS while renewing your bike insurance policy to avail great deals and offers.

  • ✔️What happens if I do not renew my bike insurance policy?

    Besides the fact that your motorcycle will have no financial security in case of theft or damages, you will also attract hefty penalties. The e-challan for riding without a valid bike insurance plan is ₹2,000 and/or imprisonment of three months for the first offence. For consecutive offences, the penalty is ₹4,000 and/or imprisonment of three months.

  • ✔️What are the documents required for renewing my bike insurance policy?

    You can keep the following bike insurance documents ready while renewing your two-wheeler insurance plan:

    Documents for renewal with existing insurance provider:

    • Policyholder’s personal details such as name, age, address, etc.

    • Registration Certificate (RC)

    • Driving license

    • Old two-wheeler insurance policy number

    Documents for renewal with new insurance provider:

    • Proof of identity

    • Proof of address

    • Passport size photo

    • Driving license

    • Registration Certificate (RC)

    • Old two-wheeler insurance policy number