Home / Articles / Two-wheeler Insurance / When is the Best Time to Renew your Bike Insurance?
Team AckoMay 16, 2022
Be it a motorcycle, scooter or electric two-wheeler; your vehicle is a vital part of your life. And, you must ensure that your bike is insured at all times. Bike insurance is the most compelling method of financial protection caused by accidental damages or even vehicle theft. So, you may think when is the best time to renew your bike insurance for continuity in the coverage. In this article, we shed some light on the best time to renew your bike insurance so that your bike stays insured at all times.
Contents
Whether you purchase bike insurance online or offline, the policy has commencement and expiry dates. The period is usually for one year or it could be up to 3 years if you have opted for the long-term or multi-year policy. Bike insurance renewal must be completed by the due date to avoid loss of coverage. Here are some ways to understand when to renew your bike insurance.
If you don’t want the insurance to lapse or the hassle of renewing the policy every year, you can opt for the multi-year plan. It helps you stay insured for a minimum of 3 years.
If you have bought a short-term or annual plan, it is ideal for renewing bike insurance within 15 to 30 days of the expiry date. For example, if your two-wheeler insurance expires on 1 June 2022, it is best to renew the plan from 1 May 2022.
However, if you have missed the due date, you may check with your insurance company if there is a grace period by which you can renew your plan. Note that your bike insurance policy is considered null and void during the grace period. Hence, your insurer will not accept any claims against your policy.
Moreover, if there is a considerable gap between the expiry and the renewal date, the cost of insuring your bike could increase and reset any unclaimed No Claim Bonus (NCB). Fortunately, at ACKO, you can renew bike insurance instantly through an efficient purchase journey on our website or mobile app. Ensure your bike is insured at all times by renewing the plan within the expiry date.
A bike insurance policy expires when passes the renewal due date. If your two-wheeler insurance is approaching the expiry date, here are the options for you.
Renew from your current insurance company.
Or switch to a new digital insurer to renew the plan.
You can also customise your plan as per your requirements (such as buying a multi-year policy, including add-ons, etc.).
If your policy expires, you don’t receive financial and legal protection against third party liabilities and also against damages to your bike or even theft of the vehicle. Here are some of the disadvantages of not renewing your bike insurance policy on time.
Your insurer does not accept claims against your policy.
Your policy is considered null and void.
By not renewing the plan within the stipulated time, you may lose any accumulated NCB.
Local authorities have the right to levy a penalty of up to Rs. 2000 for riding the vehicle without valid documents.
Financial losses in case of damages to your bike or theft.
If there is a long gap between the expiry and the renewal date, your insurer may consider increasing the cost of the insurance policy.
And an inspection may be required to issue the policy.
If your vehicle insurance plan is approaching its renewal date, you have the opportunity to reevaluate the coverage and modify it as per your requirements. Here are some vital questions you must ask yourself before renewing the policy to get the most from your insurance plan.
Do you need to buy a Comprehensive Bike Insurance Policy if your bike is currently insured with the basic third-party bike insurance?
Have there been any updates to your bike, such as the installation of the anti-theft device?
Do you need to change your personal information such as an address, phone number, error on the name, etc.?
Have you informed your insurer about any modifications to our bike?
Do you need add-on covers to extend the basic plan’s coverage?
Are there any discounts that you can take advantage of?
There is enough scope to save your money by moving to a new plan or insurance company, especially if you switch to a digital insurance provider like ACKO. We offer insurance directly through our online environment, making it easier for you to buy or renew and even register claims without physical paperwork. The entire process is hassle-free since you can perform all these activities from the comfort of your home.
The online platform lets you compare bike insurance quotes and evaluate the features and benefits of the new two-wheeler insurance plan. It means you have the opportunity to save your money without compromising on the extent of the coverage.
Vehicle insurance is an excellent financial shield against adversities such as accidental damages, vehicle theft, and third-party liabilities. You must understand the important benefits of bike insurance renewal for the continuity of the insurance coverage for your bike. Ensuring to renew your bike insurance policy on time allows you to access the following benefits.
Save money from repair expenses
Leverage the benefits of the bike insurance plan
Safeguard against accident-related legal issues
Avoid penalties
Ride stress-free
Renewal of bike insurance at ACKO is instant and, more importantly, it's a hassle-free experience. Traditionally, you had to depend on middlemen or visit the office to renew your bike insurance policy. However, that has now changed with the advent of the internet. The best way to renew two-wheeler insurance is through the online platform. Here is how you can renew your bike insurance at ACKO instantly.
Step 1: Download our mobile app or visit our website from your smartphone or computer.
Step 2: Enter details of your bike and select the plan as per your needs.
Step 3: Pay the insurance premium and download the policy document. We also email the policy document to your registered email address.
Apart from choosing a digital insurance company, there are other ways to save money while renewing your bike insurance policy. Your motorcycle or scooter requires a well-balanced insurance plan that covers you against accidental damages and theft along with coverage against third-party liabilities. Make sure to read the terms and conditions before you buy and ensure you renew the plan on time.
Here are some commonly asked questions about bike insurance renewal.
It is best to renew the plan before 15 to 30 days of the expiry date. Failure to renew the plan by the due date may result in the rejection of your claims and the possibility of an increase in the insurance rate.
What are the main factors I should assess before renewing my bike insurance policy?As mentioned in this article, it is best to revisit the insurance coverage during the renewal. You can review the inclusions and exclusions and change the existing coverage if required. You can consider switching to a new and better insurance provider, or you could include add-ons to enhance the basic plan.
Can I renew my bike insurance policy after it expires?Yes, you can renew your bike insurance plan after it expires. But, you do not receive coverage until you renew the expired plan. Also, your NCB could be reset if you do not renew your policy within the stipulated time. Ensure you renew your two-wheeler insurance plan by the due date for the insurance coverage continuity.
Explore More:
Want to post any comments?
Get your bike insured in a simple and hassle-free way!
Bike insurance starting at ₹499*
Enter your bike number
Brand new bike?
Get Insured
Recent
Articles
Is a PUC certificate mandatory for vehicle insurance?
Team Acko May 13, 2022
Importance of cooling-off period in health insurance
Team Acko May 10, 2022
Understanding dental insurance in India: Cover, benefits, and claims
Team Acko May 6, 2022
Does health insurance cover brain surgery?
Team Acko May 6, 2022
10 tips to save on health insurance premium
Team Acko Apr 29, 2022
All Articles
ACKO General Insurance Limited
2nd Floor, #36/5, Hustlehub One East, Somasandrapalya, 27th Main road, Sector 2, HSR Layout, Bengaluru, Karnataka - 560102
We’re socially active!
Download our app
Company
Support
CIN: U66000KA2016PLC138288
IRDAI Registration No: 157
Category: Non-Life Insurance
The use of images and brands are only for the purpose of indication and illustration. ACKO claims no rights on the IP rights of any third parties. The ratings are derived from reviews and feedback received from Google and Facebook users on their respective platforms. | *Savings of upto Rs. 50,000 have been calculated on the IDV of Rs. 18,00,000 and 0% NCB. Amount saved is in comparison to tariff rates. Product name: Private Car Policy - Bundled | UIN: IRDAN157RP0014V01201819 |
Trade logo displayed above belongs to ACKO Technology & Services Pvt Ltd and used by ACKO General insurance Limited under License. For more details on risk factors, terms, conditions and exclusions, please read the policy wordings carefully before concluding a sale.