Bike insurance is far from just a legal obligation required by law, it is an important financial contract that helps safeguard individuals and property from adverse financial claims arising out of accidents and mishaps. A comprehensive bike insurance policy provides a wide cover, ranging from third-party bike insurance to pillion riders and ambulance cover.
Given the wide range of insurance options available for two-wheeler owners of late, most consumers are likely to change their policies each year, in pursuit of deals, discounts and offers to get the highest value for their buck.
As long as buyers know the changing policy terms and inherent nuances of different insurance companies, such changes are welcome and encouraged. However, there are a few things to keep in mind to ensure a hassle-free experience. In this article, we provide an in-depth primer on changing a bike insurance policy effortlessly.
How to Change the Bike Insurance Policy?
Changing your bike insurance policy is overall a simple process. The only thing that makes it challenging is when you do it. Let us look at some common scenarios associated with changing insurance policies.
At the Policy Renewal Time
The most common and hassle-free way to change the insurance policy is to do it at the time of renewal. Once your existing policy expires, you can pick a better insurance plan, either with the current insurer or a new bike insurance company, to keep your bike covered.
The renewal process for a bike insurance policy resembles that of buying a new one. There is no need to worry about dealing with the complexities of a new process. You can compare different options available to see insurance policy coverage and other aspects.
Most insurance providers offer a facility to upgrade the coverage online to let you enjoy the benefits immediately.
Within Policy Period
Though not recommended, you can change your policy during the insurance period if you are unsatisfied with it. You can choose to switch your insurer during the policy period, but it is important to note that this involves additional steps. You can switch to the new insurer by getting a no-objection certificate from the existing insurer for better offers. And if you have accumulated NCB benefits with the existing insurer, that can be retained too. Or you can straightaway cancel your existing coverage by giving the current insurer a minimum of 7 days of written notice.
You can buy a new bike insurance policy once the existing one is cancelled. Make sure you have no outstanding claims with the old insurer. If all the conditions are met, you get your premium amount refunded after all the deductions are made. Ensure you don't ride the vehicle if the previous policy is terminated and the new one is not yet in action.
Buying a New Vehicle
If you sell your bike, you can choose to transfer your insurance policy to the new owner. All the bike-related documents, including the insurance papers need to be transferred to the new owner. You can do so by keeping both the new owner and the insurer in the loop.
Change of Vehicle
You certainly don't want to wait for your insurance policy to expire before buying a new bike. If you purchase a new two-wheeler, your insurance policy can be easily transferred from your old bike to the new one. However, the insurer analyses the vehicle's condition and values the new bike to revise the premium in this condition.
Renewing a Bike Insurance Policy
When you decide to change your bike insurance policy at the time of renewal, you have two options available.
The online renewal process for your bike insurance is quite simple. If you want to renew the existing policy with the current company, you need to visit its website and log in to the account to complete the renewal of the policy and the payment.
If you are looking to change the policy or company, you can take the time to do your research and find out the best bike insurance company according to your needs. You can compare different insurance plans online and get free quotes to buy the most appropriate plan for your bike.
To go with the offline renewal, you need to visit the insurance company's office or contact a certified agent. The process generally involves filling out some forms and submitting documents, which can sometimes be cumbersome. Renewing bike insurance online thus ensures a user-friendly, convenient experience.
Things to Consider Before Changing the Bike Insurance Policy
Whatever is the reason or method for changing your bike insurance policy plan or company, there are a few things you should keep in mind while doing it.
- See that there is a valid reason behind changing the insurance policy. It is not advisable to make the change only to lower the premium. There is no wisdom in saving money to get a policy with lower coverage.
- Make sure you analyze your needs for bike insurance and review your current cover to decide whether you want to reduce or improve your coverage.
- Another important consideration is whether you want to continue with the same insurer or go with a new company based on the latter's offers. Make sure you review the company and study its reputation, past performance and bike insurance claim settlement process before making a choice. You can easily find several reviews and real-life experiences shared on the internet that may help you understand what to expect. Apart from online research, you can ask friends, family, and experts in the area to ensure you make a wise decision.
- Compare different coverage plans available in the market across various aspects and see which one excels over others.
Bike insurance policies should not be viewed only as a legal requirement. These covers are a way to minimize losses from any damage or accident with your vehicle. While you can change your policy or switch your insurer anytime, choosing an extensive cover and a reputed company for your bike insurance is essential.
These days, many insurers offer affordable, value-for-money online policies with superior customer service and good coverage. Do some research, consult experts and compare options to make the right decision.