Thursday , October 28 2021

How to ensure timely renewal of bike insurance policy?

A two-wheeler will be a common mode of transportation in every household in India. Its ease of commute and comparatively lower price makes it a favourite among daily commuters. 

It is equally important to buy a two-wheeler insurance if you own a bike. Without this document, it is illegal to drive on Indian roads. Your insurance would have an expiry period, in most cases a year. It is very important to renew your insurance. Otherwise, you can end up in a lot of difficult situations.

Why the timely renewal of bike insurance policy is important?

It is very important to renew your bike insurance before it expires. Here are the reasons why you must do it:

  • Legal compliance – It is illegal to drive in Indian roads without an insurance. You must at least have third-party insurance while driving your two-wheeler. If you have a Comprehensive insurance policy, the better, since it has both the third-party liability component as well as own damage insurance component. An insurance policy is one among the legal documents that you must have with you at all times while riding a bike.
  • Save you from traffic fines – Without an insurance policy, you will be liable to pay a fine of Rs.2000/- for a first-time offence and Rs.4000/- for the second-time offence. For repeated offence, you can even end up in jail for 3 months. Thus it is important to have an insurance if you don’t want to end up doling out such a hefty amount.
  • Safety from third-party liabilities – Your insurance policy will cover for any third-party liabilities that may occur if you end up in any accidents. If you cause any injury to a third-party or damage the third-party’s vehicle or property, they can hold you responsible for the damages you have caused. But if you have an insurance policy, it will take care of these liabilities and will pay for the damages on your behalf.
  • Security against damages to own vehicle – If you have opted for a comprehensive insurance policy or an own damage insurance cover along with your third-party insurance policy, and if your bike is damaged in an accident, the insurance policy will cover for the expenses incurred. This will give financial security.

How to ensure timely renewal of bike insurance?

There are high chances that you will forget to renew your bike insurance policy when it nears the expiry date. But it is very important that you don’t forget the date and renew it on time. How can we achieve this goal without letting the date slip out of our mind?

  1. Sign up for email or SMS reminder – When you buy your insurance policy, remember to always sign up for an email or SMS reminder with the company. They will then send you reminders when your policy nears the expiry date. This will slim the chances of missing out on the date.
  2. Google reminders – If your insurance company doesn’t have a reminder facility, you can always trust Google with the task of reminding you. Google assistant can put a reminder for you which can also be configured to remind you with alerts and notifications.
  3. Calendar notifications – Another easy way is to schedule a calendar event on your smartphone. You can configure it to remind yearly. This way you will just have to set it once and it will remind you every year when the time is near.
  4. Cross a date in your physical calendar – If all else fails, there is always your physical calendar to the rescue. Cross out a visibly eye-catching reminder on your calendar so that every time you glance at it, you will be reminded about the renewal date.
  5. Buy a long term policy – One of the best ways to escape from the hassle of all these reminder businesses is to buy a long term policy. There are two advantages to this. Firstly if you opt for a long term policy, there will be discounts on the total premium you have to pay. Secondly, you will also don’t have to remind yourself to renew it yearly.
  6. Automatic pay function with the bank – You can also configure your bank account to transfer the premium amount to the insurance company. This will only require a one-time authentication. You will not be prompted every time. This will be helpful even if you forget the date of expiry.

What if you still forget to renew your insurance?

If you are still forgetful despite taking all these measurements, it is time to dash and renew expired bike insurance ASAP. Do not waste another minute and let it skip your mind. Renew your expired bike insurance as soon as possible.


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