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Bike insurance or two-wheeler insurance is a legal contract between the policyholder (owner-driver) and the insurance company. The provider offers you coverage against financial liabilities arising from damage to the bike, theft of the bike and third-party damages. However, just like every contract, even two-wheeler insurance has a start and end date.

So, to continue the coverage, you need to renew your 2-wheeler insurance policy before expiry. Having an active and optimum two-wheeler insurance policy allows you to rest assured that you are financially safeguarded against the monetary losses. And this can be achieved with an active insurance policy which entails timely bike insurance renewal.

Why should you renew 2-wheeler insurance?

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The number of two-wheelers in India has gone up significantly in recent times. From eCommerce deliveries to food deliveries, the number of two-wheelers on Indian roads has grown exponentially. With this rise in number comes a rise in road accident figures as well.

An accident can cause tremendous damage to the bike, which in turn puts financial pressure on you. This is where a two-wheeler insurance policy comes in. It covers these costs so that you can rest assured. However, a lapsed bike insurance policy cannot cover these expenses.

Thus, it is crucial to renew your 2-wheeler insurance on time to continue the coverage and benefits of the insurance policy.

Additionally, the Motor Vehicles Act of India makes it mandatory for all two-wheelers plying on the roads to have an active bike insurance policy.

So, considering both the legal and financial ramifications, it is vital to renew your 2-wheeler on time.

Documents required to renew 2-wheeler insurance in India

Most insurance companies in India list the two-wheeler insurance renewal documents on their respective websites. The specific documents that you will require at the time of 2-wheeler renewal will depend on the circumstances of your renewal. The three common renewal situations are:

Renewing on time with the same insurer
Renewing on time but with a different insurer
Renewing a lapsed bike insurance policy

The set of documents required for situations 1 & 2 are more or less similar. However, if you fail to renew your policy on time and it lapses, then the insurance company will ask for additional documentation to reinstate your policy.

Let us look at the documents required to renew your 2-wheeler insurance policy.

Renewing on time with the same insurer

With digitization and all leading insurers offering online renewal, renewing 2-wheeler insurance online has come quick and hassle-free. You can compare, calculate the premium, and then renew your policy in a few simple steps. Following is the list of documents required to renew here:

Identity Proof – PAN Card, Aadhar Card, Driving License, Passport, etc.
Address Proof – Aadhar Card, Passport, Voter’s ID, Ration card, etc.
Bike’s Registration Certificate (RC)
Passport size photographs of the policyholder
Existing policy number – optional

Renewing on time but with a different insurer

Sometimes, you may buy a policy from a provider, but over the course of the policy term, you may realize that the features and benefits offered by the policy are either substandard or not as per your exact requirements. In this case, you can transfer your provider at the time of your bike insurance renewal. However, make sure that you conduct enough research and choose the best two-wheeler insurance for your bike. The documents required in case of renewing your 2-wheeler insurance with another provider are:

Identity Proof – PAN Card, Aadhar Card, Driving License, Passport, etc.
Address Proof – Aadhar Card, Passport, Voter’s ID, Ration card, etc.
Bike’s Registration Certificate (RC)
Passport size photographs of the policyholder
Existing policy number – this is compulsory here

Renewing a lapsed bike insurance policy

If you fail to renew your 2-wheeler insurance on time, then the insurance policy lapses. While you still can reinstate a lapsed policy, the accrued benefits, such as No Claim Bonus are lost, and you have to start again from scratch.

All the major insurance providers offer a grace period of up to 30 days to renew a policy after the expiry date. However, once the policy expires, the insurance coverage stops. Any financial liabilities arising in this non-coverage period will not be reimbursed by the insurer, and you will have to bear the expenses from your own pockets.

Therefore, it is essential to renew a lapsed two-wheeler insurance at the earliest. Here is the list of documents you need to renew a lapsed policy:

Identity Proof – PAN Card, Aadhar Card, Driving License, Passport, etc.
Address Proof – Aadhar Card, Passport, Voter’s ID, Ration card, etc.
Bike’s Registration Certificate (RC)
Passport size photographs of the policyholder
Existing policy number – this is compulsory here
Vehicle Inspection Report – You will have to get your vehicle inspected again and submit the Inspection Report to renew a lapsed policy.
Any other documents as may be requested by the insurance company

How to renew your two-wheeler insurance policy?

With the advent of digitization and an increasing number of insurers offering online purchase and renewal of policies, the process of two wheeler insurance renewal has become quick and hassle-free. Simply follow the following steps:

Compare the various policies if you wish to change your provider and find the policy that best suits your needs.
Go to the website of your insurance provider.
Select either “Two-wheeler renewal” or “Other company renewal.”
Input the information as prompted by the screen.
Select the type of policy and coverage you want – third-party or comprehensive.
Select the tenure of the policy.
Provide the necessary information regarding the bike and the policyholder.
Select add-ons, if any.
Avail the NCB discount, if applicable.
Check the final premium amount and pay the premium online.
A soft copy of your Insurance Certificate will be emailed to your registered email ID upon payment confirmation.

rajkumar

Raj Kumar is a qualified business/finance writer expert in investment, debt, credit cards, Passive income, financial updates. He advises in his blog finance clap.