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Two Wheeler Insurance Renewal Online After Expiry: A Guide

Team AckoMay 20, 2022

Renewing a bike insurance policy periodically will give you more benefits as compared to the money you save by not buying a policy at all. Also, reviewing your requirements while renewing your policy is important as it is possible that your requirements might have changed in the past one year.

You can easily buy a policy which suits your needs at the time of renewals. Here are the 5 things to know before bike insurance online renewal:

  1. If you had a Third-party Liability Policy before, you can buy a Comprehensive Bike Insurance Policy at renewal and start enjoying No Claim Bonus by driving safe.

  2. If you had a basic Comprehensive Bike Insurance Policy without Add-ons in the previous year, you can review and buy Add-ons which you think are necessary to suit your requirements.

  3. In case you are not satisfied with the services provided by your insurer, you can switch to a new insurance company at the time of renewal.

  4. If your friend or family member rides your bike frequently, you can add that person’s name in your bike insurance policy.

  5. If you have made modifications to your bike, you need to inform your insurer about the changes in the aesthetics. As you would want to protect the modification from monetary losses. This also holds true, even if you have installed an anti-theft device on your bike.

Guide to Renew Lapsed Two Wheeler Insurance Policy

What Is a Two-wheeler Insurance Policy?

Technically, a two-wheeler insurance policy is a contract between you and your insurance company which states that under the policy you will be compensated for loss suffered due to the insured bike. Depending upon the terms of a two-wheeler insurance policy, the loss could include any third-party loss or damage suffered by the insured bike. You can either file a cashless or reimbursement claim against your bike insurance policy.

How to Renew Bike Insurance Renewal After Expiry?

Waiting till the expiry date of your two-wheeler insurance policy for renewal, will expose you to huge risks which could be easily avoided if you completed 2 wheeler insurance renewal on time. For genuine cases, insurers provide a grace period of around after the expiry, within which you need to renew the policy. However, a claim raised in the grace period will not be honored simply because the policy was not active within this period.

To complete the two-wheeler insurance online renewal after expiry, follow these steps:

  1. Review your requirements related to two-wheeler insurance. You can make changes to your two-wheeler insurance online at the time of renewal.

  2. Login to your insurer’s website.

  3. Enter the details related to your bike and your previous policy.

  4. Select the type of bike insurance policy.

  5. Set Insured Declared Value (IDV) and select Add-ons if required.

  6. Make payment.

After making the payment, a renewed bike insurance policy should be sent to your registered email id in some time. Go through the document and take multiple printouts of the policy. Keep one in your bike’s storage and one at home.

Also, read: Basic Mistakes to Avoid When Renewing Two-wheeler Insurance Online

Types of Two-wheeler Insurance

A bike insurance policy could be one of the following two types:

Third-party Liability Policy

This type of policy offers less coverage as compared to a comprehensive bike insurance policy. As the name suggests, it covers any loss suffered by the third party due to your insured bike. If you are at fault for damaging third-party property or causing injuries to the third party, your insurer will bear the loss on your behalf.

A third-party bike insurance policy also includes a personal accident cover for the owner-driver of the insured bike. However, it does not include any damage to the insured bike itself or the pillion rider.

Comprehensive Bike Insurance Policy

This policy comprehensively covers losses suffered by the third-party (as explained above) as well as damage caused to the insured bike. Apart from these, under this policy, your insurer will also cover the loss suffered if your bike is subjected to theft, vandalism, natural calamities, etc.

Importance of Two-wheeler Insurance

Apart from being a law-abiding citizen and buying insurance for compliance, your bike insurance policy will be helpful in case of mishaps involving your bike. If you regularly renew your comprehensive bike insurance policy, you are entitled to a No Claim Bonus, which is a two wheeler insurance renewal discount on the premium amount as a reward for your safe driving.

Is it Safe to Buy/Renew Bike Insurance Online?

Before purchasing an insurance policy for a bike, you need to consider a number of factors. The biggest dilemma comes when you choose between an online and offline insurance policy. With the advancement of technology, it is now easier and faster to buy online bike insurance. But with the rising number of scams, you must be aware of a few safety factors while choosing a reliable and trustworthy insurance company to insure a bike. Once verified, you are all set to buy/renew your two-wheeler insurance online.

Is it Mandatory to Have Two-wheeler Insurance in India?

Yes, as per the Motor Vehicles Act, 1988, it is mandatory to have third-party insurance for your two-wheeler in India. Third-party insurance covers third-party losses. A Comprehensive Bike Insurance Policy offers wider coverage against accidents, theft, or any natural or man-made calamities. It also covers third-party life and properties. Therefore, it is crucial to insure your two-wheeler and fulfil the legal obligations.

Benefits of Buying Two-wheeler Insurance Online:

The digitalisation in the insurance world has made it much simpler to buy or renew insurance for your vehicle. A vehicle owner can choose and compare the best insurance option for the vehicle without even visiting the branch. Online insurance policy involves the following benefits:

1. Paperless Experience

Traditionally, buying insurance for a two-wheeler used to take a lot of effort. The involvement of middlemen and agents often made it cumbersome to buy or renew vehicle insurance. Thanks to companies offering a digital process, some things have now become easier and paperless.  Digital insurance companies such as ACKO offer an online portal for purchasing or renewing insurance. Insurance experts will guide you through the entire online process of buying/renewing in a hassle-free manner.

2. Explore the Best Deal

While buying bike insurance online, you have the liberty to compare various insurance coverages and cost of each insurance policy then decide the preferred one. By exploring online, you can get the best deal for your two-wheeler. Online reviews and ratings about a company will give you a basic idea about its services. Check out and compare the websites before choosing vehicle insurance.

3. Easy Policy Renewal Procedure

Purchasing insurance online simplifies the procedure of bike insurance renewal. You can opt for the preferred insurance policy with add-ons, complete the payment, and you are all set to enjoy the services for your next policy period. Don’t worry about your earned No Claim Bonus (NCB). NCB is a reward earned by the policyholder for not raising any claim during his/her policy period. Your insurer will safely transfer your earned NCB to your next policy period so that you can get a discount on the premium during renewal.

4. 24/7 Customer Service

The biggest benefit of choosing an online motor insurance policy is the 24/7 availability of customer service for queries. If something goes wrong, you don’t need to worry. You can directly contact the customer service for assistance. The entire process of buying, renewing, and raising claims can be guided by experienced professionals.

5. Instant Policy Issuance

Selecting and purchasing insurance can be done within no time. The traditional procedure includes lengthy documentation to buy/renew two-wheeler insurance, which can be time-consuming. So to avoid such tedious methods, online mode is much simpler and better. After filling a few details of your vehicle, you will be eligible to complete your purchase, and after verification, instantly your policy will be issued.

6. No Broker Charges

The traditional method involves middlemen and agents, which includes extra premium. However, online two-wheeler insurance excludes middlemen and agents, and that removes the brokerage charges. 

7. Purchase Directly From the Insurance Company

Digital insurance companies like ACKO offer online platforms to fill the vehicle details to buy/renew a plan as per your convenience. You can easily buy a bike insurance policy or renew it online from the insurer’s official website or the mobile application in India. You can access your policy documents by logging in to your account in a website or mobile app.

8. Safe Transaction

Some people step down when it comes to online purchase. In that case, you can verify the insurer’s website by checking the reviews and ratings before purchasing two-wheeler insurance. Generally, insurance companies put every information on their website so that you can check and verify. You can transact online in a safe and quick manner after verifying the details of the insurance company.

9. Availing Convenience

Purchasing insurance online has been made much simpler and faster in the past few years. Online platforms offer the most flexible way to buy or renew bike insurance policies according to your convenience. With the evolving market, you can insure your two-wheeler irrespective of time and place. 

Things to Keep in Mind Before Purchasing/Renewing Two-wheeler Insurance Online:

Safety is a significant concern for most people when it comes to making online payments. As a good practice always read through the company guidelines, terms and conditions before buying/renewing an online bike insurance policy. Here are a few things you need to consider before purchasing/renewing two-wheeler insurance online:

1. Be Aware of Fraudulent Offers

With the rising number of crimes, the graph of frauds is also increasing. At some places, you must have seen the tag of “Be aware of fraud”. Now it’s time for you to consider that before making online transactions. First, check whether the insurance company is registered or not. Generally, all insurance companies need to be registered with the Insurance Regulatory and Development Authority of India (IRDAI). Also, do not forget to check for the reviews and ratings of the insurance company to clarify the company’s reputation.

2. Check the Signature of the Policy

When you buy/renew a two-wheeler insurance policy, ensure your insurer's authorized signature is there in the policy documents. A signature is the identity of a person. It gives a sense of trust for a company. After purchasing/renewal of online bike insurance, make sure the insurer's signature is there.

3. Cross-check with the Insurer

It is wiser for you to cross-check with the insurer before buying/renewing insurance for your vehicle. Contacting them via phone call or SMS is a good idea. After having a thorough conversation with the insurer, you can get a clear picture of the policy norms, premium, and doubts about your insurance policy.

4. Ask for the Payment Receipt

A receipt is proof of your transaction. As a good practice, never forget to ask for the payment receipt or bill to your insurer. Always keep a record of your transactions to know about the premium, deductibles and other charges.

5. Mindful about Inaccurate Information

Another aspect before buying online insurance is that you should be very cautious about whether the information and details on the website are accurate or not. Sometimes people face trouble if they follow inaccurate information. So it is better to get in touch with your insurer and understand the terms and conditions. In that way, you can get clarification about the authenticity of the insurance policy.

Also, read: Bike Insurance Online Vs Offline: Which One to Choose?

The Final Word:

The digital world has made our life easier and simpler. Same goes for insurance as well. With the advantages, disadvantages also come into consideration. But it is your responsibility to verify the originality of the insurance company. Before buying/renewing insurance, check the information and make sure there is no fraud. Be alert and do not disclose your personal data, bank account details without any relevance. For the safe side, always get in touch with your insurer to make a secure payment.

Frequently Asked Questions:

Here are a few frequently asked questions about online two-wheeler insurance:

1) How can I check my bike insurance status online?

Follow the steps to check your bike insurance status online on VAHAN e-service:

  • Step 1: Visit the official website of VAHAN e-service.

  • Step 2: Click on the “Know your vehicle” option.

  • Step 3: Enter your two-wheeler number and verification code.

  • Step 4: Click on the “Search Vehicle” option to get the insurance status.

2) Can I change my insurer at the time of my bike insurance renewal?

Yes, you can change your insurer at the time of bike insurance renewal. For that, you have to submit a few details such as your insurance policy number, vehicle number, etc., to your new insurer.

3) Is online two-wheeler insurance cheaper than offline insurance?

The answer is yes, online two-wheeler insurance is much cheaper than offline mode. Online insurance plan excludes middlemen and agents so commission amount will be deducted from the insurance premium. Undoubtedly, you can avail more coverage at a lower premium amount.

4) How to renew my bike insurance policy online at ACKO?

To renew your bike insurance policy check for the following steps:

  • Step 1: Visit the official website www.acko.com.

  • Step 2: Go to the two-wheeler policy renewal section and enter the vehicle and policyholder’s details.

  • Step 3: Choose for the insurance plan along with the add-ons.

  • Step 4: Complete the transaction and your bike insurance policy is renewed.

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