• How to Change Two Wheeler Insurance Policy?

    Two Wheeler Insurance
    • Protect yourself with long-term third party cover
    • Enhance you cover with add-on covers
    • Buy/renew your policy online without hassles from the insurers website
    By Prarthana | 25 Jun 2019

    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.

    Types of two wheeler insurance Policies

    two wheeler insurance policies can be broadly categorised as follows:

    • Third-Party Liability Insurance Policy: As the name suggests, third-party liability insurance policies provide coverage against third-party legal liability. In addition, a personal accident cover may be offered as a part of the policy.
    • Comprehensive/Bundled/Package two wheeler insurance Policy: Under this policy, policyholders are offered an own damage cover, in addition to the third-party liability cover and personal accident cover. The own damage cover provides coverage against damages sustained by one’s own vehicle due to natural/man-made events. This policy, thus, offers a higher level of coverage, in comparison to the third-party liability-only insurance cover.

    How to Change Your two wheeler insurance Policy

    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:

    During Policy Renewal

    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.

    During the Policy Period

    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.

    While Purchasing a New Vehicle

    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.

    Change of Ownership

    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.

    Lapsed Policy

    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.

    Things to Keep in Mind

    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:

    • If you are looking to change your two wheeler insurance policy, it is necessary to keep the coverage offered by the policy in mind, and not just the premium quoted for the policy.
    • If you are considering changing your insurance provider, it is necessary to take a number of factors into account such as the customer service channels offered by the insurer, incurred claim ratio for the past few financial years, online services available, reputation of the company, etc., before making the switch.
    • To purchase a two wheeler insurance policy that is well suited to your needs, it is important to compare insurance covers offered by different two wheeler insurance providers. Make sure to study the features and benefits of the policy, terms and conditions, and premiums quotes before making your choice.

    Process to Purchase/Renew a two wheeler insurance Policy Online

    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:

    • You will first need to navigate to the insurer’s official website and select the two wheeler insurance policy that you wish to purchase or renew.
    • To renew the policy, you will simply need to furnish certain details such as the policy number of your current insurance policy, vehicle registration number, etc., after which you can proceed to renew the policy online in a hassle-free manner.
    • To purchase a new two wheeler insurance plan, you will need to navigate to the respective webpage and click on the policy that you wish to purchase. Next, you will have to key in certain basic details such as your registration city, the manufacturer’s name, vehicle model, preferred sum insured, etc. After inputting these details, you will be able to view the premium quote. If you are satisfied with the premium quote, you can purchase the policy.
    • Alternatively, you can also choose to purchase or renew your two wheeler insurance policy through trusted third-party insurance websites. For this, you will need to navigate to the respective webpage and enter certain basic details of your two-wheeler. You will then be able to view a few different insurance policies with the applicable premium quote for each policy. You can, thus, compare policies side-by-side and purchase one that is best suited to your needs.

    Process to Purchase or Renew your two wheeler insurance Policy Through Offline Channels

    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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