How to Change Two Wheeler Insurance Policy?

by Gaurav Kadam Insurance Adviser

Keeping your two wheeler insured at all times helps in not only fulfilling the legal obligation but also secures your financial interests against liability arising out of involvement of your vehicle in an accident that caused damage to a third party person/property. A comprehensive insurance policy also covers the insured vehicle for damages and pays for the repairs and replacements.

 

More often than not, just like with any other product or service, we contemplate on switching over to different insurer or get an enhanced coverage with the existing one. This article will throw light on the nitty grit ties involved in the process of changing the two wheeler insurance. Not many of us are aware of the fact that we can switch over to a different insurer during the policy period and seek a refund from the existing one. Let us take up different scenarios, one by one, to understand how you can seek a policy change.

 

At the Time of Renewal

You can consider changing the two wheeler policy to a different insurer at the time of renewal. Insurance companies extend hassle free renewal process online. By simply providing the basic policy details, you can renew the policy by making an online payment without actually providing elaborate documents. Plus, the policy is available instantly online for reference.

 

One can also consider existing insurer for enhanced plans. For example, if the current policy covers only third party liability, comprehensive cover can be added during renewal to make the coverage all round. Rider options such as sum assured for injury/death during accidents can also be considered to up the coverage value.

 

During Policy Period

If you’re not happy with the features and benefits of the current two wheeler policy that you hold, switching over to a different insurer is possible. However, this comes with a rider. Since the bike insurance is nontransferable, you must cancel the existing policy and avail a new one. To do so, a notice of at least 7 days should be provided in writing to the existing insurer.

 

In the interim, you can sign with the desired insurer for a new policy. Once the cover is issued by the new insurance company, you must provide documentary evidence to cancel out the old one. The existing insurance cannot be cancelled if there were claims made during this period. If all conditions are satisfied, the premium amount will be refunded after deductions made on a prorated basis.

 

Points to Consider before Changing Two Wheeler Insurance Policy

If you’re contemplating changing due to the high premium amount, compare the benefits of the existing cover versus the new one. Paying a few hundred less for lesser benefits may not be feasible.

Analyze factors such as the efficiency of customer service, availability of online tools and resources, claim settlement ratio and other factors that affect you directly.

Availability of Rider Options to enhance the policy value and coverage should also be considered before changing. These little facets come handy during a major claim.

[Source: https://www.bankbazaar.com/two-wheeler-insurance/guide/how-to-change-two-wheeler-insurance-policy.html]

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Created on Dec 31st 1969 18:00. Viewed 0 times.

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