If you’re looking to save money on your bike insurance policy, one of the best ways to do so is by changing your policy online. Whether you’re looking to change the duration of your policy or make any other changes, it can be done quickly and easily via the internet, saving you both time and money. Of course, if you’re unsure how to proceed with this task, or whether it’s something you need to do, don’t worry — we have everything you need to know about changing your bike insurance policy online in India right here!
Overview of Bike Insurance Policies
In India, bike insurance is a must if you want to ride your two-wheeler on public roads. There are three types of policies available- third-party liability insurance, standalone own damage insurance and comprehensive insurance. Third-party bike insurance covers damages caused by you to a third party, while comprehensive insurance covers damages caused to your vehicle due to man-made vandalism, natural calamities or theft. A standalone own damage policy covers personal damages only.
Comprehensive bike insurance generally offers higher coverages but charges higher premiums than the other two bike insurance variants. As most people only need third-party liability coverage, it may be a good idea to compare prices and features before deciding which type of policy is best for you.
Prices
The cost of bike insurance varies with the value of your vehicle. If you have a high-value vehicle, chances are that you will have to pay more for an annual premium as compared to someone with a low-value vehicle.
Features
Some companies offer cashless settlements for repairs under their own workshop. Others provide roadside assistance services and accident response vehicles at no extra cost!
So, check the additional benefits of each policy before making your choice!
When Can You Change Your Bike Insurance Policy?
A bike insurance policy may sound when purchasing it. Still, it may lose attraction owing to new products with value-added features, a poor claim settlement experience with the current insurer (if so), etc. Let's check out the time that warrants policy change.
At the Time of Policy Renewal
This is the most convenient time to change your bike insurance policy. All you need to do is talk to the insurer from which you want to buy a policy. He may offer you a comparison between different policies and you can select the one that best suits your needs. The process of policy renewal is almost the same as purchasing a policy which is why this is the most suitable time to do it without any hassles.
During the Policy Tenure
While you could upgrade your bike insurance policy during the policy tenure, it's not recommended for the reason mentioned below. For example, if you want to change from third-party liability (which only covers damage caused to other persons, their vehicles or properties) to comprehensive coverage (which covers everything from own damage to third-party claims), there may be an additional charge for this type of change. This is why it is not very preferable to change your bike insurance policy during the policy period.
When You Change the Vehicle
If you're planning to sell your bike, you can change the name on the motorcycle insurance policy to reflect who will own the bike after it's sold. Remember that this is more difficult if you have already claimed under your current motorcycle policy; once you make a bike insurance claim, you can't change the ownership until after all payments are made under your existing policy.
When Purchasing a New Bike
Buying a new bike requires the buyer to buy the insurance for his vehicle, so if he does not want his old policy anymore, he should inform his old insurer and ask for cancellation. The last date an insurer will entertain a policy cancellation request is 15 days before the due date of payment of the next installment under which coverage was being provided. After this period, no refund will be made. Hence, it's advisable to contact it as soon as possible.
Things to Remember While Changing Your Bike Insurance Policy
1. When changing your bike insurance policy online, be sure to have all the necessary information and documents on hand. This includes your current policy information and the new policy information.
2. Be aware of the different types of coverage available and what each one covers. This way, you can ensure the coverage you want.
3. Make sure to cancel your old policy before starting a new one. Otherwise, you could end up paying for two policies at once. Canceling your old policy is easy and often just requires a mere phone call or an email to customer service. Once it is canceled, you will receive confirmation from the bike insurance company that they have processed your request.
4. Analyze the bike insurance policies and be sure about your decision before making any changes. The best way to do this is by researching beforehand so you know which features matter the most to you and which ones don't matter at all.
5. Always read the fine print on the policies carefully, even if you think you understand them completely. It's always better to be safe than sorry when dealing with your money!
6. Analyze your current financial situation bike condition before purchasing a new policy. You don't want to make a decision you will regret later. You must be able to afford the payments of the premiums otherwise you may have to face some legal trouble due to a possible lapsed policy later.
7. If you're not sure what type of coverage to get, contact customer service and let it help walk you through it! They're usually very helpful and happy to help with whatever questions you might have
8. Compare the new and existing policies. Do not change your policy blindly but keep track of the pros and cons before signing off on anything. There is no perfect bike insurance - they all come with certain flaws, so choose wisely based on your needs.
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