When is the Best Time to Renew Your Bike Insurance?

What is Bike Insurance Policy Term or Duration?

Every bike insurance policy, whether short-term or long-term, has a specific policy term, also known as duration, and an expiry date. Renewing before this date is essential to maintain continuous coverage.

Best Time to Renew Your Bike Insurance

Whether you purchase a long-term bike insurance plan or a short-term plan, both have an expiry date. You have to renew it before the end of the policy term.

The best time to renew your bike insurance is before the existing policy expires. Ideally, start reviewing your renewal options at least 15 days before the expiry date, as recommended by IRDAI. This gives you enough time to compare plans, check your coverage and complete the renewal process without a last-minute rush.

Here is a list of situations discussed below to help you understand the best time for bike insurance renewal:

Is It Better to Renew Bike Insurance Before or After Expiry?

Before expiry, it is always preferable to renew it. If your two-wheeler insurance policy expires, the previous policy no longer provides coverage for incidents occurring after its expiry. A break in insurance may also require a vehicle inspection before a new policy is issued, depending on the insurer and circumstances.

Therefore, don't wait for the policy to expire simply because you plan to renew it shortly afterwards.

What If You Miss the Renewal Date?

If your policy has already expired, do not ride the bike until valid insurance is obtained.

You may still be able to purchase a new policy, but the insurer may require an inspection because of the break in coverage. The exact process can vary between insurers. IRDAI's motor insurance guidance specifically states that insurers do not offer a general grace period for premium payment and that even a one-day lapse can result in vehicle inspection.

When Should You Renew a Long-Term Bike Insurance Policy?

Not every bike insurance policy needs annual renewal for all components. For a new two-wheeler, IRDAI states that a bundled policy can include:

• Own Damage (OD) cover: 1 year
• Third-party liability cover: 5 years

Therefore, the OD portion of a bundled policy may need to be renewed after the first year, while the long-term third-party component continues for 5 years.

Always check the individual expiry dates mentioned in your policy document rather than assuming that all covers end at the same time.

Is it Necessary to Renew Bike Insurance?

Yes, renewing your bike insurance is absolutely necessary. It's not just a good idea; it's a legal requirement in India. Here is a list of consequences that you might face if you do not renew a policy on time:

• Loss of Coverage: Your policy becomes null and void, leaving you completely unprotected. This means the insurer will not cover any damages, injuries, or liabilities.
• Financial Burden: You become personally responsible for all costs associated with an accident, including damage to your bike, third-party, and medical expenses for yourself.
• Legal Repercussions: Driving without a bike policy is illegal in India. You could face fines up to ₹2,000, legal penalties, and even imprisonment of up to 3 months.
• No Claim Bonus (NCB) Loss: If you let your policy lapse, you will lose any accumulated NCB, leading to higher premiums when you eventually renew.
• Third-Party Liability: You're not only risking your own finances but also those of others. Without a third-party bike insurance policy, you are personally liable for any damages or injuries you cause to third parties.
• Zero Comprehensive Coverage: If you do not renew your comprehensive bike insurance policy, you lose all its benefits, including coverage for damage to your own bike, theft, natural calamities, man-made disasters, etc.

In essence, an expired bike insurance policy leaves you completely vulnerable, both on the road and in the eyes of the law. Henceforth, renewing your policy on time is crucial for your financial security and peace of mind.

What Not to Miss While Renewing Bike Insurance Online?

To keep your policy coverage intact, you should renew it before the expiry date. Here are things to keep in mind before renewing your two-wheeler insurance:

• If you have only mandatory third-party liability insurance, you can choose wider coverage by opting for a comprehensive bike insurance policy at the time of renewal. You can also buy add-on covers with your comprehensive plan and enhance your policy coverage.
• If you are looking to make any modifications to your vehicle, the best time to do so is during policy renewal. However, before undergoing any makeover to your two-wheeler, always inform your insurer. The insurer will take this point into account when calculating the revised bike insurance premium.
• It's always good to have multiple options before buying or renewing your two-wheeler insurance online. So what better way to get started at Policybazaar.com? Here you will find and compare multiple bike insurance plans offered by insurers in India. Once you're satisfied with the options, coverage, budget, and other factors, you can buy the perfect plan for you.

6 Things to Consider While Renewing Bike Insurance Online

As mentioned above, renewal is the best time to enhance your bike insurance coverage. Below are a few pointers that you must consider while renewing your bike insurance online:

1. Inclusions and Exclusions
2. Claim Settlement Ratio
3. Availability of Add-on Covers
4. Network Garages
5. Customer Support Services
6. Terms & Conditions of the Bike Insurance Policy

Is There a Best Month or Season to Renew Bike Insurance?

There is no single month or season universally considered the best time to renew bike insurance.

Your policy's expiry date determines when you need to renew it. You should not delay renewal in the hope of getting a cheaper premium during a particular month.

Instead, focus on renewing before expiry and comparing the available plans at that time.

What If Your Bike Insurance Expires While You Are Travelling?

If you know that your policy will expire while you are travelling, renew it before beginning your trip.

This is especially important for long-distance journeys because you should not rely on being able to renew after expiry without additional requirements.

Keep a digital copy of your renewed policy on your phone so you can retrieve the details when needed.

Final Words

Renewing your bike insurance on time is crucial for maintaining coverage and retaining other benefits, especially the No Claim Bonus (NCB). Make sure you don't miss your renewal date. However, if you have purchased it from Policybazaar.com, you will automatically receive reminder calls and SMS alerts from the support team to help prevent a policy lapse.

FAQs - When is the Best Time to Renew Your Bike Insurance?