How to Renew Two-Wheeler Insurance Online?

What is Two-Wheeler Insurance Renewal?

Two-wheeler insurance renewal is the process of extending your bike insurance coverage when the existing policy period is about to end. Depending on your policy structure, you may need to renew your own-damage (OD) or comprehensive bike insurance cover periodically, while third-party (TP) cover can have a longer policy term in newer policies.

Bike insurance renewal is also an opportunity to review whether your current insurer and policy coverage still meet your requirements. Therefore, you can compare insurers, reconsider your IDV, retain eligible NCB, add or remove suitable add-ons, or switch to another insurer at renewal.

When Should You Renew Your Bike Insurance?

Ideally, you should renew your two-wheeler insurance before the current policy expires. Check the expiry date on your policy document and start reviewing your options in advance rather than waiting until the last day.

It is recommended to start exploring options at least 15 days before a bike insurance policy's expiry. This gives you sufficient time to review the policy, make changes if required and complete the renewal process without a last-minute rush.

On-time bike insurance renewal helps in avoiding the following circumstances:

• A break-in two-wheeler insurance coverage
• Riding without mandatory third-party bike insurance
• Possible vehicle inspection requirements after a two-wheeler insurance policy lapse
• Disruption to your applicable NCB benefits in bike insurance
• Difficulty arranging coverage when you need to use your bike

Important: Do not assume that you have a two-wheeler insurance "grace period" during which your existing coverage continues after expiry. If the policy has expired, do not ride the bike until you have a valid policy in place. Break-in coverage may also trigger additional renewal requirements, depending on the insurer.

How to Renew Two-Wheeler Insurance Online?

You can renew bike insurance online either through your existing insurer or by comparing available plans on Policybazaar. Follow the procedure below to get your policy renewed in a few minutes:

1. Enter Your Bike Details

   Start the renewal process by entering your bike's registration number and clicking on "View Price".

2. Compare Bike Insurance Plans

   You don't have to automatically renew with your existing insurer. If you want to explore other options, compare the available plans based on more than just the premium. IRDAI recommends considering factors such as premium, deductibles, coverage and IDV when selecting a motor insurance policy.

   Choosing the cheapest policy may not always be the best option if it provides significantly lower coverage or a different IDV and deductible structure.

3. Choose or Review Your Coverage

   During renewal, you can review whether your current policy type is still suitable. Your choice should depend on your bike's age and value, how often you ride it, your location, and the level of financial protection you want.

4. Review Bike Insurance Add-Ons

   Bike insurance renewal is a good time to reassess your bike insurance add-ons rather than automatically renewing the same combination every year. Depending on the insurer and policy, available add-ons may include:

   • Zero Depreciation Cover
   • Roadside Assistance Cover 
   • Engine Protection Cover
   • Consumables Cover
   • NCB Protection Cover 
   • Return to Invoice Cover

5. Check Your NCB

   If you did not make an eligible claim during the previous policy period, check whether the accumulated No Claim Bonus (NCB) percentage has been correctly reflected in the renewal quote. NCB is generally applicable to the own-damage component and can reduce the eligible premium at renewal.

   If you decide to switch insurers, your accumulated NCB can generally be carried forward, subject to the applicable terms and proof of entitlement.

   Do not enter an incorrect NCB percentage simply to reduce the premium. If the NCB shown in your renewal quote appears incorrect, contact the insurer or provide the required proof.

6. Enter or Update Your Details

   After selecting the policy, provide the required proposal and personal details. Check the information carefully before proceeding with payment. Incorrect vehicle or policyholder details can create problems later during claims or policy servicing.

7. Pay the Renewal Premium Online & Get Policy

   Once you have reviewed the policy, complete payment using the available payment options on the platform to receive your policy documents.

How to Renew Two-Wheeler Insurance Offline?

If you prefer not to renew online, you can also renew your two-wheeler insurance through your insurer's branch or an authorised intermediary. The general process involves the following steps:

1. Contacting the insurer or authorised intermediary.
2. Provide your existing policy and vehicle details.
3. Reviewing the renewal coverage and premium.
4. Completing any required documentation or inspection.
5. Paying the renewal premium through the available payment method.
6. Collecting or receiving the renewed policy document.

The exact process and documentation requirements vary by insurer and may depend on whether the policy is being renewed before or after expiry.

Can You Change Your Insurer & Policy Coverage During Policy Renewal?

Yes, you can switch to another insurance company along with the policy coverage when renewing your two-wheeler insurance. You are not required to renew your policy with the same insurer every year.

Before switching, compare the available policies based on coverage, premium, IDV, deductibles, add-ons, claim services and other policy terms. A lower premium should not be the only reason for choosing a new insurer.

How to Switch Insurers During Bike Insurance Renewal?

To switch bike insurance companies, follow the below process at the time of bike insurance policy renewal:

1. Compare plans from different insurers.
2. Check the coverage and exclusions of the new policy.
3. Verify the IDV and deductible.
4. Check whether your eligible NCB has been correctly considered.
5. Select the policy that meets your requirements.
6. Provide the required vehicle and policy details.
7. Complete the premium payment.
8. Save the new policy document after issuance.

If you switch insurers, your existing NCB can generally be carried forward, subject to the applicable terms and proof of entitlement. Make sure the NCB shown in the new policy is correct before completing the purchase.

Can You Upgrade from Third-Party to Comprehensive Bike Insurance?

If you currently have only third-party bike insurance and want protection for damage to your own bike, you can consider purchasing a policy that includes own-damage bike insurance coverage.

A comprehensive bike insurance policy combines third-party liability and own-damage protection under the same policy, subject to its terms, conditions and exclusions. This can be useful if your bike is relatively new, expensive to repair or regularly used in areas with higher accident, theft or weather-related risks.

What Happens to NCB When You Renew Bike Insurance?

No Claim Bonus (NCB) in bike insurance is a discount available on the own-damage premium when you do not raise a single claim during the previous policy period. The important point is that NCB is associated with the policyholder's claim history, not permanently tied to a particular bike. This means you can generally retain your eligible NCB when switching insurers, subject to the insurer's requirements and proof of entitlement.

Things to Remember About NCB

• NCB generally applies to the own-damage portion of the premium.
• The applicable discount depends on the claim-free history and insurer rules.
• Making an eligible claim can affect the NCB available at the next renewal.
• You can generally transfer your eligible NCB when changing insurers.
• Check that the NCB percentage shown in your renewal quote is accurate.

If you are switching insurers, your previous renewal notice, policy document or NCB certificate may be used as proof, depending on the insurer's requirements.

Example of NCB

Suppose you have accumulated an eligible NCB of 20% and decide to switch insurers when your bike insurance expires. You can generally request the new insurer to consider the same NCB, provided you submit the required proof.

Therefore, don't skip checking your NCB simply because you are changing insurance companies.

How Much Does Two-Wheeler Insurance Renewal Cost?

There is no single fixed premium for every bike. The own-damage renewal premium depends on several factors related to your vehicle, coverage and claim history. Some important factors include the type of policy coverage, age, make, model, bike variant, IDV, location, claim history, NCB, selected add-ons, deductible, insurer's pricing, etc. Therefore, comparing policies before renewal can help you understand what you are paying for rather than selecting a policy based only on its premium.

What is IDV in Bike Insurance Renewal?

Insured Declared Value (IDV) in bike insurance is the approximate current insured value of your bike used for determining the maximum amount payable for an eligible total loss or theft claim, subject to the policy terms.

A higher IDV generally results in a higher premium, while choosing a very low IDV solely to reduce the premium may not be appropriate, as it can affect the amount payable in an eligible total-loss claim. Review the bike's IDV shown during renewal and make sure it reasonably reflects your bike's current value.

How to Reduce Your Bike Insurance Renewal Premium?

You can potentially reduce your renewal cost without compromising on essential protection by reviewing your policy carefully.

1. Use Your Eligible NCB

   If you have a claim-free history, make sure your eligible NCB is correctly reflected in the renewal quote.

2. Compare Different Insurers

   Don't automatically renew with the same insurer. Compare premiums, coverage, IDV, deductibles, add-ons and services before making a decision.

3. Select Add-Ons Carefully

   Add-ons can increase the premium. Choose only those that provide meaningful protection for your bike and usage.

4. Review Your Deductible

   A bike insurance deductible can affect your premium. However, don't select a higher deductible solely to reduce the premium without considering how much you would need to pay yourself during an eligible claim.

5. Avoid Choosing a Policy Solely on Price

   The cheapest policy may not provide the coverage you need. Compare the overall value of the policy, including coverage, exclusions, IDV, deductibles, add-ons and insurer services.

What Happens If Your Two-Wheeler Insurance Expires?

If you hold an expired or lapsed bike insurance policy, you should renew it before riding the vehicle on public roads. Riding without valid third-party insurance can result in legal penalties.

A break in insurance can also affect the renewal process. Depending on the circumstances and insurer, a vehicle inspection may be required before certain coverage is issued.

If Your Policy Has Already Expired

Follow these steps:

1. Avoid riding the uninsured bike on public roads.
2. Check the available renewal options.
3. Provide the required vehicle and previous policy details.
4. Complete the inspection if the insurer requires one.
5. Choose the appropriate coverage.
6. Pay the renewal premium.
7. Download and verify the renewed policy document.

Does NCB Continue After Policy Expiry?

Do not assume that your NCB will remain available indefinitely after a policy lapse. The applicable NCB and its continuity depend on the circumstances and the insurer's rules. If your policy has expired, check your NCB eligibility before purchasing the renewed policy.

Common Mistakes to Avoid While Renewing Bike Insurance

Renewal is not just about paying the premium. Avoid these common mistakes:

• Waiting until after policy expiry: Start the process before the due date.
• Choosing the cheapest policy without checking coverage: Compare what each policy actually covers.
• Forgetting to check NCB: Make sure your eligible NCB is reflected correctly.
• Automatically renewing all existing add-ons: Review whether each add-on is still relevant.
• Ignoring IDV: Check whether the IDV is appropriate for your bike.
• Choosing a high deductible without understanding it: A higher deductible can increase your out-of-pocket cost during a claim.
• Entering incorrect vehicle details: Check your registration and other vehicle information carefully.
• Not checking exclusions: Understand serious situations that the policy does not cover.
• Not verifying the renewed policy: Check the final document for errors after issuance.
• Relying on unverified renewal links: Use the insurer's official website/app or an authorised insurance platform.

A careful review before payment can help you choose appropriate coverage rather than simply continuing the previous policy without checking its terms.

Conclusion

Renewing your two-wheeler insurance is more than simply paying the renewal premium. It is an opportunity to review your coverage, compare insurers, check your NCB, reconsider add-ons, and ensure the policy continues to meet your requirements. Most importantly, renew the policy before it expires to maintain continuous coverage and ensure your two-wheeler remains legally insured for use on public roads.

FAQs – About Two-Wheeler Insurance Renewal