Having an insurance policy is of prime importance when you own a two-wheeler. The Motor Vehicles Act of 1988 makes it mandatory to have insurance cover. If you are a first-time buyer or not that experienced, it may sometimes happen that you select not the best policy for you. So, can you change the general insurance policy of your bike? Well, the short answer is yes.
While changing your insurance policy is easy, the hard part lies in selecting a suitable policy. This article mentions the various ways how you can change your insurance policy
At the time of renewal
The most convenient way to change your insurance policy is at the renewal date. Since it is advisable to reassess your two-wheeler policy at each renewal date, this time gives you the option to change your insurance company. Further, the contract of your insurance plan is limited only for the specified period after which you can either renew your comprehensive or third party insurance for bike. Changing your insurer at the renewal date is more or less similar to buying two-wheeler insurance online and offline. Thus, you need not worry about any complexities in transferring your policy. The only thing to take care of is transferring the no-claim bonus of your policy to the new insurance company.
During the policy tenure
Although not advisable, a change of insurance plan can also be done during the policy tenure. Buying a new policy is a straightforward process but cancelling your current insurance policy is equally important. Make sure you do not ride your bike while your current insurance policy is deactivated with no new cover.
Change in vehicle
Albeit the insurance policy is for every policyholder, you need to inform your insurance company once the coverage changes to a new bike in case of a change of vehicle. It is yours, i.e. the seller’s responsibility to transfer the insurance policy. Completing this process at the earliest is crucial to avoid any legal consequences by the new owner of your bike.
Lapse of your insurance plan
Having a lapsed policy is not an ideal situation and should be avoided. There are hefty penalties for not having a valid insurance policy and is a punishable offense. Moreover, a lapse of your policy qualifies for a vehicle inspection which can also impact your premium. Further, a gap of more than 90 days from the end of your previous policy coverage will cause a lapse of accumulated no-claim benefits. Simply set a reminder and renew two wheeler insurance online to enjoy continued coverage.
What things should you consider when changing your insurance plan?
- Start with analysing your coverage requirements. Based on it, you can decide your new insurance plan.
- Comparison is the key. Do not skip comparing the available plans with your existing policy so that you can get enhanced coverage after upgrading.
- Make sure to thoroughly go through the fine print of your policy. Any terms and conditions that you need to be aware of can be known beforehand.
- Do not purchase a policy only to avoid penalties. Invest time and do adequate research to utilise your insurance plan to its full potential.
- Lastly, do not base your decision solely on the premium but also consider other factors alongside the premium.
These are some of the instances where you can change your insurance policy and what you must know at the time of making the switch. Be wise and make sure to upgrade to a policy that is the right fit for all your bike insurance needs.