Best Time to Renew Bike Insurance

In bike insurance, the policy term is the period for which the policy is in force and offers coverage. Insurance companies offer short-term and long-term plans to help bike owners get the protection they need. However, before the end of the term, policyholders are required to renew their policies to keep them active.

The standard term of a bike insurance policy is one year. You can also purchase multi-year policies with terms up to five years. If you are purchasing a new bike, you are obligated to purchase a third-party insurance policy for five years. However, it is important to remember to renew it before the due date to avoid loss of coverage. If you are wondering what the best time to renew your bike insurance online is, keep the following things in mind:

• If you have a bike insurance policy with a one-year term, then you will have to ensure that you renew it annually. If you don’t want the hassle of annual renewals, then you can opt for a long-term or multi-term two-wheeler insurance policy.

• If you have opted for an annual plan or a short-term plan, then it is ideal to renew it around 15 days before the due date. So, if the policy expires on December 1st, you can renew it by November 15th. This can ensure that you have enough buffer days to renew the insurance for your bike in time and avoid losing the coverage.

If for any reason you miss the due date, then the first thing you do is talk to the insurance company and check about the grace period. Most insurers allow policyholders to renew their policies within a grace period after the expiry date and retain the benefits and discounts of their existing policies. Even if the insurer offers renewal within the grace period, until you don’t renew the bike insurance policy, you will not get coverage.

Essentially, you cannot renew expired bike insurance. You will have to purchase a new policy to get coverage. This could mean an inspection of your bike and a spike in the premium rate, resulting in an increased bike insurance renewal cost. Also, if you have accumulated a No Claim Bonus, your policy lapsing could reset it.

At Tata AIG, we understand that sometimes people get busy and forget to renew the policies in time. Hence, we send regular reminders, offer the maximum possible grace period, and a seamless bike insurance renewal online process. You can also compare two wheeler insurance plans on our website to find the best one as per your needs.

If you forget to renew your bike insurance policy by the due date and it lapses, you will have no legal or financial protection against third-party liabilities or damages to your vehicle. Some of the challenges you can face with a lapsed bike insurance policy are:

• Penalty and legal implications if you are caught riding your bike without valid insurance for bike
• No compensation from the insurer if your bike is stolen
• No coverage for any damage to your bike
• No third-party liability cover
• Loss of accumulated No Claim Bonus
• You might have to pay more to buy new insurance for your bike
• Insurers might insist on bike inspection to issue a new policy

• If you are currently using a third-party bike insurance plan before renewing it, think if you want to shift to a Comprehensive Two-Wheeler policy or stick with the third-party plan.

• If you have made new installations to your bike, you need to inform the insurer about the same so that they can be included in the bike insurance policy. Also, if these installations boost the security of your two-wheeler, then you might receive a discount on the premium at renewal.

• If you have a comprehensive policy, think about any specific coverage that you need that can be included by opting for an add-on cover. Shop around and look at the different types of add-on covers available.

• Bike insurance renewal can be a good time to look at different providers and plans and compare two wheeler insurance policies. Make sure that you find the perfect plan for your needs at the most affordable rates.

Bike insurance policy renewal is important to continue receiving coverage and retain the benefits and discounts from your existing policy. Also, renewal is a good time to review your existing policy or look for better and more efficient providers or plans. Make sure you set reminders to avoid a policy lapse.

Q1. What factors should I keep in mind while renewing my bike insurance policy?

While renewing your two-wheeler insurance policy, make sure you review the coverage and assess if that suits your needs or if you would want a change. You can also look at the premium charged by other providers and compare two wheeler insurance plans to find the most cost-efficient policy for your needs.

Q2. Is it possible to renew my bike insurance policy after its expiry?

Most insurance companies offer a grace period to allow policyholders to renew their policies even after the expiry date. However, if you fail to renew it within the grace period, then your policy will lapse. Also, you must remember that during the grace period, your bike is not covered by the insurer.