How to buy Splendor Pro bike insurance online?

It is beneficial for you to stick with default company unless you have specific reason for not to stick with them. Most of the time the bike seller company having tie ups with insurance company helps in claim process. That being said, here are answers to your questions.

1. If you forget to pay the insurance renewal fee then there is no issue of penalty. Again this clause depends on the company from whom you have got the insurance. In case of ICICI lombard and Bajaj you may not have that issue.

2. You can change the company at any time. Just don't pay the renewal fee (in your case the default company). And move to another company and ask the for procedure of the insurance documentation and other formalities. You have following options available for the bike insurance.

1. ICICI Lombard 2 wheeler insurance (upto 1L property damage).
2. HDFC Ergo Two Wheeler Insurance (upto 1L property damage).
3. United India Insurance comapny (upto 80K property damage or based on bike price).
4. Bajaj Alianz Insurance (upto 1L property damage)
5. Reliance Insurance (upto 1L property damage)

These are some of your options. Note that you can also do the insurance online from the first year itself. However it is better to go to the nearest bank or insurance company branch for the insurance documentation and other formalities. Almost every nationalized and private bank these days have it's own insurance company unit. So you may also want to ask the bank if they have any such policies for the account holder.

3. As for how to buy policy online. You can either go to specific insurance company website. Or you can go to policy bazzar and choose from comparison. And this way you can easily initiate the process to fill out your bike details and other personal details to get the insurance online. In case of ICICI lombard, you can go to their official website. Choose the 2 wheeler insurance sign up tab. You can fill out the details of the 2 wheeler such as chassis number, engine number and few other bike related details. At the end you'll be asked to pay for the insurance and you can get the print out and digital copy of the insurance.

Note: Your default company does not include the additional coverage like personal health cover, losses to insurer or the third party. You also have an added options to include in basic motor insurance policy. Do note that adding any of the above will increase the cost of the insurance. Keep these small things in mind before switching the policies.

You will first need to check your reason for changing the insurance provider. There could be many reasons for the decision. Lower rates, better customer service and better coverage are some of those. If your main concern is the cost of insurance, I would advice you to contact your current provider. You being a longstanding customer with them, they may make some adjustments.
There are many costs associated with the cancellation of insurance with a provider. There could be cancellation charges,
Most of the insurance providers have the online service facility. Before making a decision check out the different companies and the costs involved with each of them. Once you zero in on one of them, make sure to avoid any coverage gaps. Coverage gap refers to the period between the two insurance policies during which you drive the vehicle uninsured. This could have many repercussions. It could be illegal and also incur financial burden if any accident occurs during the period.
Once the provider is chosen, get in touch with them via mail, calls or website and take the further course to avail the online insurance.