As per the Motor Vehicles Act, 1988, all two-wheeler owners are mandatorily required to have a two wheeler insurance policy. A two wheeler insurance policy provides coverage against financial expenses that a vehicle owner might have to incur in the event of an accident, unforeseen event that causes vehicular damage, etc. The coverage offered to a policyholder will vary based on the type of policy that is purchased.
two wheeler insurance policies can be broadly categorised as follows:
Many first-time motor insurance buyers usually opt for a policy that is recommended to them by an automobile dealer or select a policy with a low premium, without assessing their coverage needs and checking whether the policy is suited to their needs. In such a case, over the course of the policy term, the policyholder might come to realise that they need a different insurance policy. Listed below are the various ways through which you can change your two wheeler insurance policy:
After completion of the policy period, policyholders will have to renew the policy to continue receiving coverage. Most motor insurance companies give policyholders the option of renewing their two wheeler insurance covers online, either through their official website or through a trusted third-party insurance website. Renewing your two wheeler insurance policy online is a hassle-free process that requires minimum documentation, in most cases.
Thus, at the time of renewing the policy, you can opt to either purchase a different two wheeler insurance policy offered by the same insurance company or switch your insurance provider. Further, if you already have a comprehensive/bundled/package two wheeler insurance policy and require more enhanced coverage, you can opt for the required add-ons at the time of renewing the policy.
If you want to change your two wheeler insurance policy during the policy period, you can do so by notifying the insurer about the same. After you purchase a new policy, you will need to cancel your previous two wheeler insurance policy. Given that it is mandatory to have a two wheeler insurance policy at all times, you should ensure that you don’t cancel your current two wheeler insurance policy before the coverage of the new policy begins. Make sure to do your due research and opt for a policy that meets your coverage needs, regardless of whether you are switching to a different type of policy offered by your current motor insurance provider or opting for a two wheeler insurance cover offered by a different insurance provider. Please note that you cannot cancel your existing policy or change your insurance provider if you have made any claims.
If you have purchased a new two-wheeler, you can transfer the insurance policy from your old two-wheeler to the new vehicle. Since the value of the new vehicle is likely to be different from that of the old vehicle, the insurer will recalculate the Insured Declared Value and reassess the risk that will be undertaken by providing you insurance coverage. Accordingly, there might also be changes to the premium payable.
If you are selling your two-wheeler, you can transfer the insurance cover from your name to the new owner. In such a case, you will need to provide the required details to your insurance provider and obtain a certificate from the insurer for the same.
A lapsed policy is nothing but an expired policy, wherein the policyholder has failed to renew the policy within the specified due date. Individuals who wish to renew a lapsed policy will have to contact the insurance provider and notify them of the same. In most cases, the insurer will arrange for a surveyor to survey the vehicle that is to be reinsured. At the time of renewing a lapsed two wheeler insurance policy, the concerned individual can opt to change the type of policy or purchase a two wheeler insurance policy from a different insurance company.
If you are considering purchasing a new two wheeler insurance policy or are looking to change your insurance provider, here are a few points to keep in mind:
Many motor insurance providers allow prospective customers to purchase and renew two wheeler insurance policies through their official websites. Further, prospective policy buyers can also purchase/renew insurance policies through certain trusted third-party insurance websites. The general process that you will need to follow to purchase/renew a two wheeler insurance policy through online channels is as follows:
While purchasing/renewing two wheeler insurance plans through digital channels have several advantages, individuals who are not comfortable doing the same can visit the nearest branch of the insurer to purchase/renew their policy.
When you visit the insurer’s office, you will need to carry the required documents with yourself. After completing the paperwork and submitting the required documents, you will know what your premium quote is. If you find the premium quote satisfactory, you can purchase/renew the two wheeler insurance policy from the insurer.
In conclusion, you can change your two wheeler insurance policy at any time during the policy term or even after the policy term. Make sure to check the various options that are available and opt for a policy that is best matched to your needs.
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