Bike Insurance Policy - When & How Should You Change It?
Published On Jul 15, 2021 11:00 AM By InsuranceDekho
Switching your bike insurance company or the type of policy can be confusing. Read this article to find out when and how you should change your bike insurance policy.
Table of Contents
Your bike is your prized possession. Taking care of your bike comes with a hefty price tag. Purchasing a two-wheeler insurance policy is your best option if you want to avoid these costly expenses. Insurance can now be purchased online from the comfort of your own home, thanks to technological advancements. This article will explain how and when to change your two-wheeler policy without any hassle online.
How And When Should You Change Your Bike Insurance Policy?
It is simple to change your two-wheeler insurance policy. When you choose to change your bike insurance, you must make a decision. The following are some options to consider while planning -
1. During The Term of The Policy
Experts in the insurance industry usually do not recommend changing your insurance policy during the policy term. This is primarily due to the fact that the company may or may not provide you with a refund of your insurance premium if you cancel the policy. Most businesses even charge a cancellation fee. As a result, it is a waste of money and time. However, if you really want to change your insurance policy, make sure you cancel the old one and buy a new one. Do not ride your bike unless you have insurance.
2. When It Comes To Renewal
The best time to change your two-wheeler insurance policy is when your existing policy is about to expire. The insurance policy is a contract that lasts for a set period of time. When the period expires, the contract expires. As a result, you are free to choose a new contract. You can now purchase a new insurance policy from the same or a different company. If applicable, your existing insurance policy's no-claim bonus can be transferred to the new one.
3. When You Sell Your Bike
If you sell your two-wheeler to a new owner, you must either transfer the existing insurance policy to the buyer's name or cancel it. This is done primarily to transfer complete ownership of the bike to the new owner. To avoid legal ramifications, you must complete the procedure as soon as possible. While transferring the policy to the name of the new owner of the two-wheeler, you can modify your policy according to the new owner’s preferences.
You may also like to read:- Purchasing A Used Bike From A Different State? Keep These Things in Mind!
4. When You Purchase A New Bike
Buying a new two-wheeler necessitates the purchase of new bike insurance. Before purchasing insurance, make certain that you have thoroughly reviewed all aspects of it. Because you are purchasing insurance online, you will be able to check various policy details and compare different plans more easily.
5. Switching Your Insurance Type
In some cases, you may want to change your insurance policy from third-party to comprehensive bike insurance. In such cases, you must cancel your current policy and purchase a new one.
Points You Should Consider While Switching Your Bike Insurance
You may have your own reasons to switch your bike insurance policy to a new type or to purchase it with a new insurance company. However, there are certain points that you should keep in mind when you are making this switch. They are -
- If you're thinking about switching because of the high premium, weigh the advantages of the current policy versus the new one. Paying a few hundred dollars less for fewer benefits may be impractical.
- Examine factors such as customer service efficiency, the availability of online tools and resources, the claim settlement ratio, and other factors that directly affect you.
- Before making a change, consider the availability of Rider Options to improve the policy's value and coverage. These minor details come in handy during a major claim.
Also Read:- 3 Easy Ways To Check Bike Insurance Expiry Date Online
Choosing an insurance policy for your two-wheeler is a thought-provoking process just like changing from one insurance provider to a different one. Make sure to buy a policy that provides maximum coverage at a reasonable price, and ride safely.
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.