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If you are a vehicle owner, then you must know that your relocation is going to affect the insurance premium for your vehicle too. Of the many factors that affect the premium of your insurance policy, location happens to be one of the prime ones. Your two-wheeler insurance premium is heavily influenced by where you live and where your vehicle or insurance policy is registered. Here’s why!
The insurance premium is decided on the fact that your vehicle is from which zone of India. Zone including tier 1 and tier 2 cities such as Mumbai, Delhi, Pune, Kolkata, Bangalore, Hyderabad, Ahmedabad, etc. happen to be highly populated cities, and hence they are considered high-risk cities compared to zone including tier 3 cities. Hence, a two-wheeler from tier 1 and tier 2 cities generally has a higher insurance premium.
If you relocate with your vehicle from one zone to another, the premium amount is affected. Not just the comprehensive, but two-wheeler third-party insurance premium amount is also affected. These are the factors that affect your premium amount at the time of relocation.
Let’s say you are moving to any city in Zone A, then naturally your vehicle is going to be exposed to more traffic. This will lead to more wear and tear on your two-wheeler. Besides, you will be more exposed to the risks on the road. Hence, the insurer from your new zone will charge you a higher premium as you are seen as a high-risk candidate.
If you are moving to locations that see frequent climate changes or are prone to natural disasters like floods, earthquakes, landslides, etc, your premium prices may vary from a location that is relatively less prone to such natural hazards.
The weather conditions of the location affect your two-wheeler premium cost. Harsh weather conditions are bound to deteriorate the condition of your vehicle compared to a location with moderate weather. For instance, if you are moving to a region that has extreme winters, you can expect to pay higher premium rates.
If you have moved to an accident-prone area, you are liable to pay higher premium rates because your vehicle is at a relatively higher risk of facing damage. In such a case, you should also consider purchasing personal accident add-on coverage, which will provide you with medical and financial protection in the event of an injury.
This goes without saying that when you are relocating, you should look for places with zero theft fear. But some areas are just more theft-prone than others. If you do happen to move to such a locality, or even nearby, you will have to pay higher premium rates.
When you are relocating, you must keep the following things in mind:
•You have to ensure that you change your address on your insurance policy. When you relocate, you should keep all your important documents in check as you will need them to complete the formalities when buying a new two-wheeler insurance policy.
•When you switch from one insurer to another, don’t forget to transfer your no claim bonus. It is possible to get it transferred at the end of your policy tenure. You should check with your old and new insurers for the same.
•Since you are relocating and there are many new factors that might affect your two-wheeler insurance, be aware of your new cover and premium prices beforehand so it does not affect your budget.
•When you move to a new city, you can choose cashless two-wheeler insurance so that you get access to the new network of garages and save yourself the hassle of finding one on your own.
•When you relocate, you must get your vehicle re-registered at the local RTO to adhere to the laws.
At the time of relocation, you must ensure that there is not much of a gap between you getting new coverage for your two-wheeler. Hence, plan everything in advance so your vehicle's states are protected under the insurance policy at all times. This will help you keep your two-wheeler safe and, at the same time, abide by the law.
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