Explicit Guide To Follow While Renewing Bike Insurance | Bharti AXA GI

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Explicit Guide To Follow While Renewing Bike Insurance

Two Wheelers are like a lifeline in India. Not only do they carry an affordable price tag, but are fuel efficient and can take on difficult and diverse terrain ranging from dirt tracks to narrow lanes. It can be a saviour by helping one to beat the traffic too. In India, a substantial proportion of two wheeler vehicles are not insured. The Supreme Court has made long term third party insurance cover mandatory for all new two wheelers from September 1, 2019. If a vehicle is uninsured - Section 197 of the Motor Vehicle Act 1988 will apply which imposes a fine of up to Rs.1,000 (The proposed Motor Vehicle Bill 2019, has doubled the penalty to Rs 2000).

Benefits of Insurance:

There are many benefits to insuring your Bike. The resulting claim in the case of an accident makes it convenient to pay for repairs. Death and disability covers are also provided to the insured. Third party losses are also accounted for. Two wheeler insurance also covers losses due to calamities, fire or theft.


Insurance may be taken for a single year or Long Term two wheeler insurance may be taken – spanning 3 years.

Points to keep in mind during Renewal:

  • Correct IDV (Insured Declared Value) is calculated and insurance is taken on this value
  • No Claim Bonus is transferred
  • Time Period & Documents Needed
  • IRDAI certified Insurer


Correct IDV (Insured Declared Value) is calculated and insurance is taken on this value:

The IDV is the bike’s value calculated by the Insurance Company. It is on this value that the vehicle is insured. The IDV is comparable to the market value of the bike for the owner. Therefore it takes into account the cost of the vehicle minus depreciation on it. The cost of add-ons, accessories, and side parts are also added to the value of the bike. Even the depreciation rate is specified by the IRDAI as 5% for vehicles less than 6 months old, 15% for vehicles older than 6 months and 20% and above for vehicles older than a year. As a bike owner – you can check the IDV calculated by the Insurance Company once know all these points.

The payout of the Insurance will be based on the IDV and correspondingly even the premium amount may be higher for a higher IDV and lower for a lower IDV.

No Claim Bonus:

For the benefit of the vehicle owner – the IRDAI has mandated that the No Claim Bonus accrued on the vehicle by the bike owner will be portable or transferable in case of Transfer of policy from one Insurance Company to another. And even in case of the bike being sold – the no claim bonus is available as a benefit transferred to the seller. Keep this in mind and always check you have received the benefit of the accrued no claim bonus on the bike.

Time Period & Documents Needed:

In case of renewal done Online before the expiry of Insurance Period – and Insurance done Online within 90 days from the end of the Insurance period – the bike owner need not get his vehicle inspected and will also not lose his no claim bonus. Offline renewals after the lapse of 90 days after Insurance has lapsed will necessitate a physical inspection of the bike. Always try and renew the Insurance within the time provided.

 The documents needed for renewal are simple and easily available. These are the Policy holder’s details, Driving license information, Vehicle registration number, Old policy number, and Payment information. In case of change of policy provider – you will also need Proof of Identity and address as well as passport-sized photos.

IRDAI certified Insurer:

The IRDAI has made policies protecting the insured – be sure to choose an Insurer that is IRDAI certified only.