What are the Steps to Update a Two Wheeler Insurance Policy?
Keeping your two wheeler insured is important. It’s not only fulfilling the legal obligation but also protecting yourself financially if your bike is involved in an accident. Insurance covers damages to others and your own bike, so you won’t have to worry about costly repairs or replacements.
Frequently, as with any product or service, we consider switching to a new insurer or upgrading our coverage with the current one. This article will delve into the details of changing two wheeler insurance, a process that many are unaware can be done mid-policy term, allowing for a refund from the current insurer. We’ll explore various scenarios step by step to clarify how you can initiate a policy change.
During the Time of Renewal
During the renewal period, you have the option to switch to a different insurer. Insurance companies offer a convenient online renewal process, requiring only basic policy information and online payment for renewal without extensive documentation. Moreover, the renewed policy is instantly accessible online for your reference.
You can also investigate improved plans with your existing insurer. For example, if your current policy offers solely third-party liability coverage, you have the option to upgrade to comprehensive coverage during renewal for broader protection. Furthermore, you can contemplate including rider options like coverage for injuries or fatalities resulting from accidents to enhance the overall value of your coverage.
During Policy Period
If you’re dissatisfied with the features and benefits of your current two wheeler policy, you can switch to a different insurer. However, there’s a caveat: because bike insurance isn’t transferable, you must cancel your existing policy and obtain a new one. To accomplish this, you need to provide a written notice of at least 7 days to your current insurer.
During this time, you can finalize a new policy with the preferred insurer. Once the new insurance company issues the coverage, you must furnish documentary evidence to cancel the old policy. The existing insurance cannot be terminated if any claims were made during this period. Assuming all conditions are met, the premium amount will be refunded after applying prorated deductions.
Considerations Before Switching Two Wheeler Insurance Policy
- If you’re considering a change because of the high premium amount, compare the benefits of your current coverage with those of the new one. Opting for a lower premium with reduced benefits may not be advisable.
- Examine factors like the effectiveness of customer service, accessibility of online tools and resources, claim settlement ratio, and other elements that directly impact you.
- Before making any changes, consider the availability of rider options to enhance the value and coverage of the policy. These small details can prove useful during significant claims.