Bike Insurance: How to Change a Bike Insurance Policy?
Published On Jan 28, 2021 11:00 AM By InsuranceDekho
If you are not satisfied with your bike insurance policy, then you may want to change it, for which you must consider a few factors. Read the article to know more.
Bikes are one of the most convenient forms of transport in India. This is because it is inexpensive to maintain as well as lets you travel swiftly within the city. However, there is also some risk associated with riding a bike on the road, such as accident, damage to the bike due to a natural calamity, theft, etc. This makes it imperative to get an adequate bike insurance cover that keeps your dear vehicle safe at all times.
Importance of Bike Insurance
As per the Motor Vehicles Act, 1988, it is mandatory for all vehicles on Indian roads, including bikes, to have at least a third-party insurance cover. People who find the cover under a third-party liability insurance policy insufficient can opt for a comprehensive bike insurance policy too. It provides all-around protection for your bike.
Some of the reasons why you should have an adequate bike insurance cover are as follows:
- Third-party liability insurance covers you for third party claims
- You get financial cover in case of damage caused to your own vehicle during natural or man-made calamity under a comprehensive bike insurance policy.
- Insuring your bike offers you peace of mind and a sense of security
- There are added benefits that come along with a bike insurance policy such as discounts, for instance, No Claim Bonus (NCB)
- Risk of paying penalties due to the absence of an insurance policy reduces when you have insurance.
There are three types of bike insurance plans. Namely third-party bike insurance policy, standalone own damage bike insurance policy and comprehensive bike insurance policy, all of which have different benefits. And just like any other product, if we are dissatisfied with the existing insurance policy, then we contemplate over changing it.
How to Change Bike Insurance Policy?
Changing a bike insurance policy is an easy process. Following are the situations when you can change your bike insurance policy:
- At the time of renewal: This is the most convenient time to change a bike insurance policy. Once the contract of your existing bike insurance policy is over, you are free to select another bike insurance policy of your own choice. You can not switch to a different policy, but also a different Bike insurance company. Note that you will not lose any accumulated benefits on your bike insurance renewal policy.
- Within the policy term: It is not highly recommended to change your bike insurance policy during the policy term. But if you plan to do so, then make sure that your existing policy is cancelled. Also, do not ride the bike if the policy has not been activated.
- New ownership of bike: The bike insurance policy is for a particular bike. And if you change the ownership of your bike, or sell your bike, then you must transfer that policy in the name of the new insurer. It is the responsibility of the buyer as well as the seller to get the policy transferred and you must complete the process as soon as possible.
- New insurance for new bikes: Instead of blindly relying on your bike dealer for your insurance needs, you must do online research on your own and buy a policy as per your own requirements.
- Lapsed bike insurance policy: You will be required to buy a new bike insurance policy if the existing one has lapsed. So, if your policy has lapsed, you can search for a new one online and buy one as per your needs. Make sure that you don’t ride the bike without having the mandatory cover.
Points to Consider Before Changing Bike Insurance Policy
When changing your bike insurance policy, you should consider the following things:
- If you are thinking of changing your bike insurance policy due to the high premium, you must compare the coverage benefits of the existing bike insurance policy with the new one. Paying a lesser premium for lesser benefits may not be feasible.
- Analyze factors like availability of online tools and resources, claim settlement ratio, etc. before finalising a bike insurance policy.
- Check for rider options as they enhance the policy value. These benefits come in handy during a major claim.
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If you are not satisfied with your current bike insurance policy, then you can change it anytime without any hassle. But don’t forget to do enough research before finalising a policy. You can also take help from the customer care executives at InsuranceDekho for the same.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.