Everything you should know about Bike Insurance Renewal

During the lockdown, most of us wanted to move out to meet our friends and relatives, enjoy bike rides, etc. As things are getting back to normal, you must have started traveling again, but have you checked the expiry date of your vehicle's insurance policy? Is your bike insurance renewal due or on track? If you haven't checked it yet, it would be preferable to do it as early as possible to keep up with the laws and be worry-free in case of an untoward event.

You need to keep in mind a few things before applying for bike insurance renewal:

• Check the expiry date of your bike insurance and renew on time to avoid lapsing of your policy
• Research and compare different insurance policies across various service providers to get your insurance renewed. You can even scale up your basic insurance policy at the time of renewal with add-on benefits offered by the insurance provider at an additional cost and enjoy wider coverage
• You can consider the bike insurance renewal within 90 days of the expiration to avail the benefits of no claim bonus. 
• If you are unsatisfied with your current insurance provider, you can change it at the time of renewal

For bike insurance renewal, different sets of documents are required to get it done from the same insurance provider and different insurance provider. Find below the documents required to be submitted along with the verification form in both cases:

Documents required while renewing it from the previous insurance provider:

• Details of the policyholder, such as name, gender, age, occupation
• Driving License information of the policyholder
• Two wheeler's registration number and registration certificate
• Policy number of old bike insurance
• Details for online payment, such as credit card, debit card, or net banking details

Documents required to get bike insurance renewal done from a different provider:

• Documents for Identity Proof (Aadhar card/Passport/PAN Card/driving license)
• Document for address proof (bank or post office passbook/passport/any address proof issued by government/driving license)
• Policyholder's passport size photograph and  basic details such as name, address, occupation, gender, date of birth
• Driving license information of the policyholder
• Old two-wheeler insurance policy's number
• Registration certificate and Registration number of the two-wheeler
• Details of online payment

After these documents are submitted along with the bike insurance renewal form, the insurance provider initiates the verification process. Thereafter, your bike insurance policy is renewed.

Bike Insurance Renewal Online

As we transition to a digitally-driven economy, most people have started shopping and renewing their policies online who were not doing it previously. Similarly, you can renew your bike insurance policy through a hassle-free and straightforward process using the insurance provider's mobile application or website. You can independently research and choose an appropriate insurance provider without an agent/broker's assistance and save cost and time. 

You can even avail of the discounts and offers available online and pay securely via mobile or net banking options. As you can renew the bike insurance from the comfort of your home, it reduces the chances of lapsing of your policy as you can renew it any time before the expiration date.

What Happens if Your Bike Insurance Expires?

A bike insurance policy lapses due to non-payment of the premium even in the grace period. After this, you will have to initiate the process from scratch, and you will not be eligible for the benefits like no claim bonus, etc. Therefore, it is advisable to get it renewed in time to save yourself from all the penalties that may be levied due to the expiration of the policy.

If your policy has lapsed, the insurance provider will inspect your vehicle and then offer you the insurance policy. In this case, you will be deprived of the no-claim bonus discount that you have accumulated over the years. You should contact your insurance provider before taking any action and ask for assistance. 

As bike insurance is an important document and a legal mandate, it is essential to keep your policy updated and avail of the benefits of on-time bike insurance renewal. It is advisable to choose credible insurance providers like TATA AIG for bike insurance renewal. They support their clients considerably during challenging situations and provide maximum benefits possible at a reasonable bike insurance price. 

(Devdiscourse's journalists were not involved in the production of this article. The facts and opinions appearing in the article do not reflect the views of Devdiscourse and Devdiscourse does not claim any responsibility for the same.)