Team AckoOct 14, 2022
Motor insurance policy for your bike acts like a financial protective layer in case of accidents. In case of damages or even to the extent of a total loss, the insurance policy pays the sum insured amount as specified in the policy document. Having a valid and active bike insurance policy lets you be in peace that you are financially covered. This can be achieved if you have an active policy which means you renew your bike insurance policy in time and do not postpone it.
A lapsed or inactive two-wheeler insurance will not cover damages or loss due to an accident and you will have to pay from your pocket. It is essential you renew insurance policy ahead of its expiry date. Read on to learn about the renewal of bike insurance and documents required for bike insurance renewal.
Documents required for bike insurance renewal are listed by insurance companies. This list of documents depends if you are renewing the policy with the same insurer or if you are changing the insurance company. Both approaches require the same list of documents with additional documents if you are transferring the insurance to another provider. Also, if your policy lapses or expires, then the insurer may ask for a different set of documents. It is important to understand the documents that are needed to renew the bike insurance policy.
Renewing vehicle insurance policy in recent times has become a lot faster, easier and hassle-free with the advent of the internet. Online bike insurance lets you compare, understand the components of the renewal premium and then decide to renew two-wheeler insurance. Below is the list of documents required for two-wheeler insurance renewal:
Proof of identity (Passport/Ration Card/Driving Licence/Aadhaar/Voter’s ID, etc.).
Proof of address (Voter’s ID Card/Passport/Aadhaar, etc.)
Registration Certificate (RC) of the bike.
Recent passport size photographs.
Old policy number, if required.
There might be situations that you may want to switch to a new insurance provider. This could be because of the coverage, premium or services provided by the new insurer. If you want to transfer from one insurance company to another while renewing your bike insurance policy, the list of documents is slightly different. Below is the list of documents required for changing two-wheeler insurance policy providers:
Proof of identity (Passport/Driving Licence/Voter’s ID/Ration Card/Aadhaar).
Proof of address (Voter’s ID/Aadhaar/Ration Card/Passport/Driving Licence).
Registration Certificate of the two-wheeler.
Previous (existing) insurance policy document copy.
Recent passport size photographs.
A lapsed bike insurance policy can take away crucial benefits that you may have accrued during the policy period. This can be the No Claim Bonus (NCB) for not raising claims during the policy period or other offers provided by the insurer. The insurance company does provide a grace period, which is generally between 15 to 30 days, to renew the policy. However, the moment your policy expires, your insurance coverage stops. So, ensure you renew the policy in time to continue enjoying the benefits. Read the terms and conditions to understand the grace period and exclusions.
Here is how to renew lapsed bike insurance:
Online: Visit the insurance company’s website to get the bike insurance reactivated. You have to provide certain details in order to retrieve your account details. Once you login to your account, you can renew the lapsed bike insurance policy after paying the required premium and fees.
Offline: You can talk to an insurance agent or call the insurance company to know more about the process to reactivate the lapsed policy. They will guide you through the steps to restore the policy.
Access to a bike insurance policy protects your financial interests in case of an unforeseen accident and therefore, it is important to renew it in time. Here are a few tips to consider before renewing your bike insurance:
There are several bike insurance policies that you can compare online. By comparing various plans, you learn about the components which influence the premium and then decide based on your requirements. Online two-wheeler insurance is quick and hassle-free with insurers utilising technology to its best. You can buy, renew or claim practically from anywhere by using the mobile app or their website.
Renew the policy before it expires. It is advisable to avoid riding an uninsured bike. You can find several suitable two-wheeler insurance policies available in the market. You may find a policy which offers wide coverage at a lower premium.
Make sure you claim the No Claim Bonus (NCB) if you have not raised any claims during the policy period. The NCB is like a discount on the renewal premium. This way you can get a policy at a lower rate compared to a new policy which does not have the benefit of NCB.
You can transfer the policy to another insurance provider through the portability method. This way you continue to enjoy the benefits of the existing policy such as NCB while switching to a new insurer will probably offer you a policy at a lower premium.
Ensure you renew the policy before it expires. This way you abide by the legal requirement of riding a bike with valid insurance. Also, you get financial protection in case of damages or losses incurred to your bike.
Below are some of the queries about documents related to bike insurance renewal:
Third-party insurance is compulsory for two-wheelers, while the comprehensive policy offers better coverage since it covers both third-party and own damage. If you are riding a bike without valid insurance, it will lead to penalties by the law enforcement agencies.
Generally, insurers offer grace periods anywhere between 24 hours to 15 days. However, this can differ as each insurance company has their respective terms and conditions. It is also important to renew bike insurance before the due date or the expiry date to avoid losing benefits.
Renewing your bike insurance online is safe and valid. Once you buy the policy, the document will be sent almost instantly to your email address. Also, you can review, compare and transact online offering a hassle-free and easier experience compared to the traditional offline method.
Compare various online quotes to learn about the premium for an expired two-wheeler insurance policy, then select the plan which offers wide coverage at a lower premium. Also, you can follow the offline method of approaching your insurance agent or contact the insurance company through a call or email to know the process to renew the lapsed insurance policy.
Yes, you can renew two-wheelers online after expiry. Visit the insurance company’s website or install their mobile app to log in to your account and process the renewal.
No, you cannot raise a claim once the policy expires. Although you can renew the policy within the stipulated grace period and retain benefits such as NCB, the insurer will reject any claim until the policy is renewed. Also, once the grace period expires, you may lose all the benefits of the existing policy.
While third-party insurance is mandatory to insure your bike, an ideal insurance plan for your bike is one which offers protection against third-party damages or losses as well as coverage for damages to the insured bike as well. For this, you need to buy the comprehensive policy, which covers both damages/losses to third-party as well as own damages to the insured bike.
The expiry date is mentioned in the policy document. If you do not have the document, you can log in to your account on the insurance company’s website or mobile app to access the policy. Also, you can call or write to the insurance company to get details about the policy number. If you have purchased the policy online, the policy document would have been sent to the registered email address. You can access your email inbox to search for the policy document and the expiry date of the same.
You may have received the two-wheeler insurance policy to your registered email address from where you can download it. Also, you can log in to your account through the insurer’s website or their mobile app to access the document and to download the same. Alternatively, you can call or write to your insurance company to get the policy document.
Yes. As per the Motor Vehicles Act, 1988, it is mandatory to insure your bike at least with the 3rd party bike insurance. However, this insurance will not cover any damages or losses incurred by your bike. For this, you will have to purchase the comprehensive two-wheeler insurance to cover both third-party and own damage. Also, you can consider a few add-on covers which will increase the coverage of the policy.
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet; and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content and before making any insurance-related decisions.
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