Want to know the process of changing your bike insurance policy? Well, the process revolves mainly around documentation, which most of us are not aware of and hence the execution goes off. When buying two-wheeler insurance online, it's important to consider the risk and ensure that you're taking enough steps to protect yourself if an unfortunate incident occurs.
Choosing a bike insurance policy with inept coverage can be anyone's case. But sometimes, it's not easy to decide about changing bike insurance plans to ensure maximum coverage either. Now, the change could be of various types, like adding upgrades to the existing policy or switching to another insurer. The process will differ based on the change you want to make regarding your bike insurance policy. Below is the process you need to follow to make changes to your bike insurance policy at different stages.
During Bike Insurance Renewal
Bike insurance plans come with a policy period beyond which one needs to renew and stay protected against unforeseen incidents. They typically get renewed to protect bikers who ride in new parts of the country or those with an increasing number of accessories for their two-wheelers.
If riders want extra coverage on top of existing policies, it should be selected when renewing.
During the Policy Period
To make a change, you must cancel your old policy. In other words, you'll need to inform the company that has issued you the plan that you're cancelling it before taking out a new one. It's necessary to keep in mind here that for critical plans like this one, it is mandatory to have coverage, and if you cancel your current plan before obtaining a new one, your ORV will be at risk!
However, once having made a claim on an older policy and after having subscribed to a new one, there is no option to switch or complain - even if an incident occurs during the interim period between them (if the previous plan isn't active anyway). If there's not enough time left in your current policy limit, then make sure you take out another cover immediately without any delays!
Read more - Bike Insurance - Meaning, Types, Coverage
During the Change of Vehicle
If you're changing vehicles, you can report a change in your insurance coverage. Since the price of your new vehicle will be different than the one you traded in, an adjuster will re-evaluate your risk and factor in the amount of money they currently have to help determine what types of discounts you may or may not qualify for. Based on these factors, the premium may increase or decrease somewhat.
Change of Ownership
If you choose to sell your two-wheeler vehicle, you can transfer your bike insurance policy in your name. Articulating this change, however, would require you to contact your insurance company and the carrier of the vehicle's new owner to attain a certificate of transfer for your policy.
Lapsed Bike Insurance Policy
A lapse in an insurance policy usually means that you don't have any coverage because you failed to renew your insurance premium, even within 90 days of the policy expiration date. Before contacting your insurance provider, double-check that your policy is up-to-date.
In some cases, policies will continue without interruption simply because their billing cycle only renews every six months. If your plan lapsed for a reason other than non-payment of the premium, contact your company & let it know what happened so it can attempt a reinstatement.
Read more - Top 5 Benefits of Purchasing a Long-Term Bike Insurance Policy
During Takeaway
Bike insurance plans can be changed anytime during the policy term or after completion. The above points will give you a better idea of the motorcycle insurance plan changes.
But of course, before selecting an insurer, it's vital to research all the options on offer to find the best coverage for your needs and budget.
Documents Required for Bike Insurance Renewal
Renewing your insurance policy is now much easier using the internet. You will need the following documents to get your insurance renewed.
- Valid proof of address
- Valid proof of identity
- Recent passport size photograph
- Vehicle registration certificate
- Your old insurance policy number
Documents Required to Change Your Two-wheeler Insurance Company
If you want to change your current bike insurance provider, you will need the following documents.
- Valid proof of address
- Valid proof of identity
- Recent passport size photograph
- Vehicle registration certificate
- Current insurance copy
If you need to change your bike insurance policy, you will need to go through the same process. This process includes several documents. Some of these include your policy number and the name of the insurance provider, a copy of your new insurance policy, your driver's license, and a copy of your bike's registration. You can also include any other documents you feel are pertinent to the situation.
Read more - A Guide to Change Your Bike Insurance Policy
