Planning to renew your bike insurance? Know the factors you should consider


12 Jun 2023

Essential Factors to Keep in Mind While Renewing Your Bike Insurance Policy

Bike insurance is a compulsory legal requirement as per the Motor Vehicles Act under the directions of the Government of India. The likelihood of an accident is increased by poor road conditions and reckless driving. Such unexpected accidents can result in severe injury, vehicle damage, and occasionally even fatalities.

Making bike insurance mandatory for all bike owners is, thus, the government’s way of preventing as much damage as possible. Insurance for your two-wheeler shall protect you, your income, and your vehicle against accident cover, physical damage, theft, third-party bike liability​, etc.

Since you are reading this article, chances are that you need to get your bike insurance renewed. Bike insurance renewal is equally important as having a bike insurance policy. And one should always try their best to avoid the lapse/expiry of their vehicle insurance.

The renewal should be done as soon as possible if yours has lapsed or is going to in some days. Also, you can do your bike insurance renewal online as well as offline. In case of online renewal, you will be required to fill in your details and answer some questions at the convenience of your home.

However, there are certain essential factors you should keep in mind while doing your bike insurance renewal online.

Things to remember while getting your bike insurance renewal

  1. Ask for No Claim Bonus

Bike insurance holders could ask for an NCB if no claims were made by them during their policy’s coverage period. This works as a discount on your premium bills once you get your bike insurance renewal done. The amount of your no-claim bonus may also increase with each claim-free year.

  1. Consider add-ons

If you plan to continue with the same insurance provider, you can consider making changes to your initial coverage. You could remove the features that you don’t feel the requirement for. You can also discuss and get certain add-on features to increase your coverage benefits.

  1. Ask about a cashless claim.

Many insurance providers offer the facility of accepting cashless claims for your bike insurance. While going for a bike insurance renewal, check with your provider for this facility. It will save you time as well as prevent any hassles.

  1. Rectify your details

When going for a bike insurance renewal online or offline, this is a factor you can take advantage of in case there are any errors in your personal details required for bike insurance. For example, you can make changes in your address if you have shifted from the one mentioned in your forms. These changes can be made easily during bike insurance renewal.

As mentioned before, you must not let your bike insurance policy expire or lapse. But do not panic if it does lapse. A grace period of 30-45 days after the expiration of your policy is usually offered by most insurance providers to allow bike insurance renewal.

Know about the benefits of bike insurance renewal. Click here

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Team Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.