Bike insurance can provide you with financial protection in the event of vehicle theft or accidental damages. Therefore, it is vital to purchase bike insurance and renew it on time to continue getting coverage.

As per the General Insurance Council of India report, more than 60% of vehicles are uninsured in India, most of which are two-wheelers. 

In fact, this was one of the main reasons why the penalty for riding a bike without a valid insurance policy was ramped up to Rs 2000 and/or imprisonment up to 3 months from the earlier Rs 1000 fine. For the subsequent offence, riding without an insurance policy can attract a penalty of Rs 4000 and/or imprisonment of up to 3 months.

While the hefty fines alone should deter you from riding your bike without a valid insurance cover, there are other disadvantages too, such as-

• No coverage against financial losses
• Loss of No-claim bonus if the lapsed period crosses the grace period
• Time-consuming process to renew the policy

On the other hand, renewing your policy in advance-

• Ensures continuous insurance coverage for your two-wheeler.
• Saves you from going through last-minute hassles on the due date.
• Gives you enough time to shop for the best offers.

This is why it is recommended to renew your bike insurance policy well-before time. 

Should You Renew Bike Insurance on the Due Date?

Many bike owners wait for the due date to renew the policy. They think renewing the policy before the due date will lead to a loss of insured days as the new policy will come into effect on the day of the renewal. However, the policy will come into effect only after the existing policy lapses, irrespective if you renew it well before time.

When Should You Renew the Bike Insurance Policy? 

Depending on your insurer, you can renew your two-wheeler insurance 15-90 days before the date of expiry. For instance, if your insurance expires on July 1, 2022 midnight, you can renew your policy anytime after April 1, 2022. Irrespective of when you renew it, your new bike policy will be effective from July 2, 2022 midnight, as long as you renew it on or before the due date.

A good way to avoid missing insurance renewal is to opt for a multi-year bike insurance policy where you can stay insured for up to three years. Such long-term insurance can save you from the hassles of remembering and renewing your policy every year. However, if you opt for annual renewals, then renew your policy well before the due date.

Grace Period

In case you fail to renew your insurance by the due date, you get a further grace period of up to 30 days to renew your bike insurance. However, your two-wheeler insurance policy will be null and void during the grace period.

This means you won’t be eligible for any claims during this grace period. Thus, it is best to avoid such a situation. Moreover, you risk losing any No Claim Bonus (NCB) on your comprehensive two-wheeler insurance if there is a significant gap between your bike insurance’s expiry and renewal date.

Renewal of Bike Insurance

There are 3 major ways to renew your bike insurance policy. 

• Visit the branch
• Renew bike insurance online
• Visit the insurance company’s app and renew

With facilities like the online renewal of bike insurance, it is as easy as ordering food to your doorstep. Ensure your bike is insured to avoid penalties and get protection against possible financial damages. Most importantly, ride safe and follow all traffic rules.