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Two Wheeler Insurance Renewal

A two-wheeler insurance policy is a contract between the insurance company and the policyholder in which the insurer covers the cost of damage to the vehicle, third party, or the owner of the vehicle. In India, two-wheeler third-party insurance is mandatory for those with a two-wheeler such as a bike, scooty, or scooter. But every insurance policy has a predefined policy term, which means you need to renew it within a specific time frame once the policy expires.

Bike insurance renewal is a process to recharge your bike insurance policy to avail of continuous benefits.

Let’s discuss the bike insurance renewal in detail.

Should I Renew My Bike Insurance Policy or Not?

You must be wondering whether you should renew your two-wheeler insurance plan or not. You may be doing well now and do not see the need to renew your policy. But, life is unpredictable, and emergencies can knock on your door without warning.

Your vehicle can get damaged and renewal of bike insurance can prove beneficial at any point in time. Hence, we suggest you renew your two-wheeler insurance policy on time and enjoy the coverage benefits and protection at any stage of life.

Should I Renew my Bike Insurance Plan with my Existing Insurer or Choose a New Insurer?

IRDAI gives you the right to port your two-wheeler insurance from your existing insurance company to any other insurance company. Hence, you can renew your bike insurance policy with your existing insurer or you can choose a new one.

You have the option of looking at various other bike insurance plans and insurance companies that may be able to meet your current needs while renewing your two-wheeler policy. You can also compare the premiums and coverage benefits of the plans. Hence, renewing your policy with an existing insurer or with a new one depends on the current need and requirements of the vehicle.

Things to remember while renewing Two Wheeler Insurance Policy

A Two-wheeler insurance policy is a necessity as it is mandatory to have bike insurance for your vehicle. Renewing your bike insurance policy offers you the following benefits:


Uninterrupted Protection

Renewal of your bike insurance policy gives you uninterrupted protection for your vehicle. It is always advisable to renew your two-wheeler insurance plan on time.


No Claim Bonus

If you have not made any claim during the policy term, you can get a discount on your premium at the time of renewal. Hence, the no-claim bonus reduces the premium you need to pay for the next policy term.


Peace of Mind

Peace of mind is the most important benefit of the timely renewal of your two-wheeler insurance. Renewing two-wheeler insurance for your vehicle can provide you with a sense of security while riding on the road. Apart from this, it will also help you avoid traffic charges and driving without valid insurance which can result in hefty fines.

Benefits of Renewing Bike Insurance Policy on Time

Below mentioned are the points that every policyholder needs to remember while renewing their bike insurance policy:


Renew your two wheeler policy before the expiry date

You should renew your bike insurance policy before it expires. Your insurance company will send you a renewal notification on your registered mobile number, and you will have 15 days from the policy expiration date to renew it. However, once the policy has lapsed, you will not be able to avail yourself of the No Claim Bonus benefits.


Check changes in Terms and Conditions

As per IRDAI, the policy terms and conditions will remain unchanged during the policy renewal. Benefits and premiums can be changed only with the approval of IRDAI.


IDV of the Vehicle

The IDV (Insured Declared Value) has a significant impact on the cost of your two wheeler insurance policy. This is the current market value of your two-wheeler and the amount you will get if the vehicle is stolen or lost.


Voluntary Deductible

The higher deductible lowers your policy premium amount while still providing substantial coverage benefits. Compulsory and voluntary deductibles are two types of deductibles. A voluntary deductible is placed on top of the compulsory deductible, which means you have to pay some percentage of the amount at the time of claim settlement. So, when it comes to renewing your two wheeler insurance, make sure to look at the deductibles.

What Happens If I Do Not Renew My Two Wheeler Insurance Policy?

If you do not renew your bike insurance policy on time, the following are the problems that you might face:

  • You will not get any benefits such as no claim bonus, etc.
  • Your vehicle coverage will be disrupted and you may have to pay some fine if you do not renew your two wheeler insurance policy.
  • The premium amount of the policy will be reduced after every renewal. So, If you do not renew your bike insurance policy, you might have to pay a higher premium amount.

What To Do When Your Bike Insurance Policy Gets Lapsed?

If your bike insurance policy has expired, you can renew it within 90 days to keep certain benefits like No Claim Bonus (NCB). The bike insurance policy cannot be renewed once the specified period i.e. the grace period has passed, and you must buy a new two wheeler insurance policy by submitting the required documents and verification procedures. This means, if you do not renew your insurance policy within the period of 90 days, you'll have to go through the entire insurance policy buying process again.

How to Avoid Lapses in Bike Insurance Renewal?

The best way to avoid your two-wheeler insurance policy from lapsing is to renew it on time. Signing up for an email or SMS alert service is an easy way to keep track of due dates. The easiest way to avoid such problems is to buy a long-term two-wheeler insurance plan. Some insurance companies offer long-term two-wheeler insurance policies that provide coverage for up to 3 years. Hence, buying a long-term bike insurance policy saves your time and money by avoiding the hassles of annual policy renewals.

Two Wheeler Insurance Policy Renewal Process

You can renew your two wheeler insurance policy from the official website of the insurance company or through D2C Insurance Broking Private Limited (“”).

Through the official website

you can renew your lapsed two-wheeler insurance policy using the online services provided by your insurance company. To renew your lapsed policy, follow the below mentioned steps:

  • Step 1. Visit the official website of the insurance company.
  • Step 2. Go to the “Bike Insurance Renewal” section.
  • Step 3. Log in with your login credentials.
  • Step 4. Enter your policy number
  • Step 5. Make payment using your credit card, debit card, UPI, etc
  • Step 6. Once the payment is done, the insurance company will send you a soft copy of your policy document at your
  • registered email address.

Through RenewBuy

  • Step 1. Visit the official website of RenewBuy.
  • Step 2. Click on “Motor Insurance”.
  • Step 3. Then, click on “Two wheeler Insurance”.
  • Step 4. Go to the “Two wheeler Insurance Renewal” section.
  • Step 5. Enter your policy number
  • Step 6. Make payment using your credit card, debit card, UPI, etc

Benefits of Bike Insurance Renewal Online

You can renew your two wheeler Insurance policy online or offline at your convenience. Most insurance companies offer an online mode for your two wheeler insurance renewal online as it offers various benefits such as:

  • Online medium saves your time as you can renew your two wheeler policy from any place and anytime.
  • It offers you various payment options such as Net Banking, UPI, Debit/Credit cards, etc.
  • The chances of error are less in online mode as the whole information is filled by the policyholder himself/herself.

Disclaimer: The information published in this article is for reader′s reference only. Content of this information is to provide an overview of your motor insurance needs and should not be relied upon for personal, medical, legal or financial decisions and you should consult an appropriate professional for specific advice The makes no representations about the suitability, reliability, timeliness, and accuracy of the information, services, or any other items mentioned on this subject for any purpose whatsoever.