The blank requires a noun that is relatable to bike insurance. 'Concession' (a thing that is granted, especially in response to demands), 'discount' (a deduction from the usual cost of something), 'appraisal' (an act of assessing something or someone) and 'hike' (a sharp increase, especially in price) are contextually irrelevant words and thus they are negated. Option (c) 'renewal' (the action of extending the period of validity of a licence, subscription, or contract) is the most appropriate word that matches the context of the sentence and is related to 'insurance' too.
Hence, the correct answer is option (c).
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