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In India, most bike owners purchase a bike insurance policy only to comply with the law. As per the Motor Vehicles Act, driving without a valid insurance is an offence; it can attract a hefty fine. Consequently, people tend to purchase a random policy they see online and have the most affordable premium, without giving much thought to it.
Over a period, they realise that the insurance they purchased is not great as they believed it would be. There could be two reasons for this –
• They realise that they are paying a high premium for limited coverage.
• They feel that the policy does not suit their specific insurance needs.
If you face a similar situation, what would you do? You must realise that while the two wheeler insurance policy is important, you need not stick with the same policy and change it when required.
• During renewal
Generally, most people switch to a new insurance company or change the plan when they renew two wheeler insurance online. When you renew your policy, you can either switch to a better plan either with the same insurer or with a different one.
However, make sure that you carefully compare the different policies and see the difference in the coverage you get between your existing plan and the one that you want to buy. The process to change the policy is simple. All insurers allow you to upgrade the bike insurance so that you get the preferred coverage immediately.
• Transferring the ownership of the vehicle
If you wish to sell your bike or transfer the ownership to someone else, you must transfer your insurance policy to the new owner. If you fail to do this, you will be legally liable for the accident. So, make sure that you inform the concerned authorities and the insurer about the sale or ownership transfer of the vehicle with all the details of the new owner and get a transfer certificate.
• Buying a new vehicle
If you want to buy a new bike, you may not wait till your policy is due for renewal or expires. So, when you purchase a policy, you can easily get an insurance policy transferred to the new vehicle. However, you must know that the insurer will evaluate the value and condition of the new bike and revise the premium accordingly.
You must have a valid reason to change your two wheeler insurance. Do not switch just because you see an online advertisement that promises better coverage at a lower premium. You must carefully compare the coverage and check if it suits your needs before making the final decision.
If you want to switch to a new insurance company, do your due diligence about the new insurer. Check their reputation, credibility, claim settlement ratio, the quality of customer services offered, customer reviews, etc.
Whether you purchase bike insurance online or offline, don’t forget to compare the features and benefits of the plan. This will help you make an informed purchase decision and get the right coverage at the right price.
Before you sign any policy documents, carefully read the fine print and understand the meaning and implication of the policy wordings. If you have any doubts, call the insurer’s customer support and be sure to have a thorough understanding of what you are signing up for.
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