Keeping your bike
covered with a suitable insurance policy will help you battle the legal
formalities as well as secure your financial interests against liability
arising due to accidents. It might cause damage to third party person/property.
A comprehensive insurance policy will cover the insured vehicle for damages and
pay for the repairs or part replacements.
However, markets have
expanded a lot in recent times and hundreds of policies are available for two
wheeler insurance products. Often customers are confused on which would be the
best policy product their vehicle. At times, there are not happy with the
services and plan to switch to other insurer or get an enhanced cover with
existing one. Thus, the articles will throw some light on the nitty-gritty of
changing your two wheeler insurance products. Many people are not aware that we
can switch to the different insurer during the policy period and also ask for
the refund from the existing one. These small pointers can help you save in a
big way on your bike insurance product.
During insurance
renewals, you may consider changing the two wheeler policy to a different
insurer. These companies extend simple renewal process online. By giving the
basic policy details such as bike make and model, cc, engine details, driving
details, etc. you can get policy renewal within minutes through online
features. The advantage is to get the policy available instantly online for
your reference.
In case you feel you
need extra protection apart from third party liability, you can also buy a
comprehensive cover to make the coverage all around. Rider options like
critical illness, injury/death during an accident, can also consider enhancing
the protection value.
Bike insurance policies
are nontransferable, hence you will have to cancel the existing policy and
avail a new one. To do so, a notice of at least a week’s time should be
provided in writing to the existing insurer.
During the interim
period, you can sign off for your new two-wheeler insurance policy. Once the
cover is issued by a new company, you can provide documentary evidence to
cancel out the old one.
In case there are
claims during this period the existing insurance can’t be canceled. If the
conditions are satisfied, the premium amount shall be refunded after deductions
made on a prorated basis.
Some
point to consider before changing your two wheeler insurance policy provider.
If the reason for you
insurance change is a high premium amount, compare your existing cover well
against the new one. Paying extra bucks for lesser benefits may not be a good
option.
Analyze factors such as
the company reputation, problem-solving ability, customer service, availability
of online tools and resources, claim settlements and the ones that will
directly impact your two
wheeler insurance policy.
Rider options – These
are very good options to enhance the value of your policy and your cover should
also be considered before changing it
No Claim Bonus – these
are like rewards that you earn when you driving safely and try to avoid accidents
on road or third party damage. You can trade them to cut down your premium
costs or claim higher damages. You should consider it carefully before porting
your policy to other insurance providers.
The Wall