When you own a two-wheeler, it provides a great deal of convenience when it comes to saving time and not depending on public transport for travelling. Many individuals opt for a two-wheeler as their preferred mode of transport, especially in the cities where traffic and overcrowding is a huge problem. However, along with the benefits of the two-wheeler, there are also some risks. For instance, the chances of an unexpected accident can leave the rider or the passenger with severe injuries, or the two-wheeler could be damaged. This can lead to an additional financial burden.
You can prepare for these risks by getting an insurance policy for your two-wheeler. As per the law, every two-wheeler on the road must have valid bike insurance. Any vehicle found without the insurance policy will be fined heavily. You can get this motor insurance online by just going to an insurance provider’s website and selecting a plan that meets your needs. Vehicle insurance companies also provide an online two-wheeler insurance premium calculator, which helps buyers pick out a suitable plan for themselves.
Two types of bike insurance in India:
- Third-party insurance:
The third-party insurance covers the injuries, damage or death of a third-party person or property. Under this policy, the insurance coverage is offered to a third-party who has been injured by the policyholder or if their vehicle has been damaged. The policyholder does not get any direct financial aid.
- Comprehensive insurance:
Comprehensive car insurance is an extensive policy that covers the liability policy or third-party cover as well as own damage to the policyholder’s vehicle and also financial aid to the policyholder if they’re injured.
Getting an insurance policy for your two-wheeler can help you protect your vehicle against damage and also satisfy the legal compulsion. However, many of us realize that the plan we have purchased may not be the most optimal one for us and decide to switch to a different insurer. As a policyholder, if you decide to switch your policy in the middle of your initial policy’s tenure, you can easily do so and get a refund on the initial plan. Let’s understand how you can switch to a different policy at two different times.
Changing your Two-Wheeler Plan
- In the middle of the policy tenure:
If you aren’t satisfied with your current insurance plan’s features and advantages, you can switch over to a different insurer. Since bike insurance is non-transferable, you should cancel the existing policy and opt for a new one. However, to do so, you must inform your current insurer of the same in writing at least 7 days prior.
You can sign up with an insurer of your preference for a new policy. Once the new insurance company has issued the cover, you should provide the documented proof to remove the old policy. You cannot cancel the initial insurance policy if there are pending insurance claims made during this period. If all the listed conditions are satisfied, the insurer will refund the premium amount.
- At the time of policy renewal:
You can consider changing your policy and migrating to a different insurer at the time of renewal. Insurance companies provide a smooth renewal process online. After providing a few basic details, you can easily renew the policy after making an online payment without providing too many documents. Apart from this, the policy is also available online for reference.
You can also learn about the different plans your current insurer will offer. For instance, if the current policy covers only third-party liability, you can add a comprehensive cover during the renewal to increase the coverage.
Things to remember if you’re planning to change your two-wheeler insurance policy:
- Analyze and research the different factors like customer service, availability of online tools and resources, claim settlement ratio and other factors which may affect you directly.
- If you intend to change the plan because of a high premium amount, you should compare the benefits of the existing policy with other policies you might want to purchase. While you can reduce the coverage for a lower premium amount, this is not always a feasible option.
- You could consider including add-ons to enhance the existing policy coverage before changing to a new one. These little details are beneficial when it comes to filing a claim.
Benefits of having two-wheeler insurance:
- Provides coverage for partial as well as complete loss of bike in the event of an accident.
- Removes the financial burden of dealing with the costs of damages.
- Bike owners can select a cashless claim settlement facility in the event their car is damaged. This facility is available if your bike is repaired at any of the network garages under your insurer.
- With bad road conditions and people not following traffic rules diligently or resorting to rash driving, getting your bike insured is extremely important.
While being able to change your insurance policy and migrating to another insurer may not be a difficult process, it is better to take some effort and choose a reputed insurer and a suitable plan in the beginning so that you don’t have to find a new insurance plan or provider later on.