How to change two-wheeler insurance policy details?
How to change two-wheeler insurance policy details?
Importance of two-wheeler insurance
The Motor Vehicles Act, 1988 makes it mandatory for all the vehicles on Indian roads to have a valid third party bike insurance cover. This third-party liability insurance cover might seem adequate for your vehicle but a comprehensive bike insurance will help provide all-round protection for your two-wheeler.
Some of the major causes, which make obtaining a two-wheeler insurance policy essential,are mentioned below.
Third-party liability cover which is mandatory covers third party claims.
Financial cover against damage caused to own vehicle during any natural or manmade calamity is covered under a comprehensive two-wheeler insurance policy.
Peace of mind and a sense of security can be obtained by insuring your two-wheeler.
Discounts like No Claim Bonus (NCB) can be availed by purchasing a two-wheeler insurance policy.
Avoid paying penalties due to the absence of insurance as traffic rules have become stringent.
Change in two-wheeler insurance policy details
If you are not satisfied with your current two-wheeler insurance policy, then there are provisions by which you can change your insurance provider in the middle of the policy term and also obtain a refund from the past insurance provider. Change in a two-wheeler insurance policy can be done during the below-mentioned stages.
During the renewal period
You can change your policy when your existing bike insurance policy has expired and you are opting for a bike insurance renewal. Online renewal of the two-wheeler insurance policy is quite easy and convenient along with provision for alteration of the plan according to your requirement.
During the policy term
You can also change your policy during the term of the policy. There is a free-look period of around 7 days available with all insurance policies. If you are not satisfied, you can cancel the current policy and look for a new insurance provider during these 7 days. Your premium amount will also be refunded in this case.
During the purchase of a different vehicle
When you are purchasing a new bike and want to change the insurance policy to the new bike, you can avail the provision of policy transfer.
While the change of the type of two-wheeler insurance
Suppose you are planning to change your type of two-wheeler insurance policy such as changing from an annual insurance plan to a long-term two-wheeler insurance plan, you can do that conveniently.
Points to consider while changing two-wheeler insurance policy
Before you change your insurance policy, you should analyse factors like customer service, claim settlement ratio, online services available,etc. of your current policy.
If the main reason for the change in policy is the high premium of your current insurance policy, you should even analyse the benefits you can avail through your current policy.
You must think about rider options that add more value to your policy before finalizing the change of policy.
Conclusion
Hence, if you are not satisfied with your current two-wheeler insurance policy, you can change it any time without much hassle. You should perform thorough research about the other options available and select the best one for your vehicle.
This blog has been written by
S. Gopalakrishnan | Motor Insurance Expert | 40+ years of experience in insurance industry
A veteran in insurance industry. S. Gopalakrishnan is a name to reckon with in the field of reinsurance, he has headed the Reinsurance department and has rich experience in other fields of motor insurance. He loves to share his opinion on latest topics in the insurance industry and how he can help people in safeguarding their assets using insurance products.
Mr.S. Gopalakrishnan recommends "HDFC ERGO for your vehicle insurance needs, it has always put customer’s interest at the forefront, with round the clock assistance to deal with emergency breakdown issues and hassle free claims process. You can be assured of complete and reliable guidance through the whole process."
Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.
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