"Spending a whole day looking for insurance is fun," said nobody, EVER!
"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • How to Change Two Wheeler Insurance Policy?

    Two Wheeler Insurance
    • Get quotes from multiple insurers
    • Cashless garages available
    • Buy/renew your policy online without hassles
    By Prarthana | 24 Apr 2019

    It is mandatory under the law of Motor Vehicles Act 1988 to keep your vehicle insured all the time. Two wheelers are popular and highly utilized in India because of their convenience and the ease of driving on Indian roads. But at the same time, the probability of a mishap or an accident is also high as the roads are always crowded with vehicles and everyone is in a hurry to reach their destination, which leaves the riders anxious in their drive. Two wheeler Insurance gives you security at all uncertain situations that you may face while riding a motorcycle.

    Having an insurance is necessary, but at the same time if you are not satisfied with the services of the insurer or you wish to change to another insurer, it is viable and the policy can be transferred to the new insurance provider very easily. If you are switching to a different insurance service provider because of high premium amount, low coverage, etc. then negotiate with the new insurer for enhanced coverage option against the existing policy. It is important to know how and when you can change the insurance provider, so here are the details of changing bike insurance policy:

    Renewal of policy:

    After the completion of the policy period, the vehicle insurance has to be renewed to continue enjoying its benefits. Policyholders today have the facility of changing the policy at the time of renewal online, with a hassle free process that requires minimum documents. Online changing or transfer will also allow you to choose the add-on packs required for your policy to enhance the coverage on current policy with necessary changes.

    During the policy period:

    If the policyholder wants to change the insurance by canceling the current policy during the policy period, he/she can do so by notifying the insurer in advance. Insurance providers usually prefer being informed a week earlier with a written notice for cancellation of the policy. By canceling the existing policy, you can purchase a new policy that has the required coverage, features and benefits for a much competitive price that fits your need. The policy cancellation and exit process would take a few days to process (depends on the insurer) and in the meantime, you can compare quotes by various insurers and choose the best insurance provider that suits your requirements. On issuing of the new policy, you must provide the cancellation document of the old policy to enjoy the benefits of the new insurance. Please note that if you have made any claims during that policy year, you cannot cancel or change the insurance provider. If you have not made any claims, then the premium amount will be refunded to you after the mandatory deductions on prorata basis.

    Purchase of new vehicle:

    If you have purchased a new bike and are using your old bike or selling the old bike, transfer of the insurance policy from the old two wheeler to the new is viable through a few simple steps. You can continue with the same insurer or you can change the insurer by canceling the old policy to purchase a new one. However, if you wish to only transfer the old policy for the new bike, it will be done subject to few changes in premium amount and after the calculation of Insured Declared Value of the new two wheeler as per government standards.

    Annual to Long-term:

    It is a myth that long-term bike insurance is less efficient than the annual standard policy. Long-term two-wheeler insurance policy has better perks than annual policy and it is cost-efficient. If you wish to change your current annual policy to long-term you can switch the plan with the same insurer but you cannot change the insurer. You can switch to long-term policy by paying a the difference amount between both the plans and continue enjoying its benefits.

    Lapsed policy:

    A lapsed policy is nothing but an expired policy where the policyholder has failed to renew it on time. In case of lapsed policy, the policyholder should get the vehicle surveyed which will decide whether the policyholder is eligible for renewal or not. You should get your vehicle surveyed by a surveying inspector to inspect if there are any pre-existing damages. One can continue with the same insurer by renewing it after the survey, switching insurers in this case is not beneficial to the policy holder.

    Process to Purchase or Renew your 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. Upon doing this, you will be redirected to another webpage, where you will be able to view the details of the policy. On this page, you will need to select if you want to purchase the policy or renew the policy.
    • To renew the policy, you will simply need to furnish the policy number of your current policy, select any add-ons that you wish to purchase to increase the coverage of your two-wheeler insurance plan, and fill-up the necessary details in order to generate the renewal premium. If you are satisfied with the renewal premium quote, you can make the due premium payment online and renew your policy.
    • To purchase a new two-wheeler insurance plan, you will need to navigate to the respective webpage and 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 proceed to the next step, where you may be required to key-in a few more details. Post this, you will be able to pay the due premium amount through your preferred premium payment mode.
    • 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 purchasing/renewing their policies through online websites can visit the nearest branch of the insurer for the same.

    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.

    The premium rates for third-party liability insurance covers are revised by the Insurance Regulatory and Development Authority of India (IRDAI) from time to time. Thus, these rates will be the same for all customers and will vary only on the basis of the cubic capacity of the two-wheeler’s engine.

    Engine Capacity Premium Payable for Third-Party Liability Cover (FY 17 -18) Premium Payable for Third-Party Liability Cover (FY 18 -19)
    Up to 75 cc Rs.569 Rs.427
    75-150 cc Rs.720 Rs.720
    150-350 cc Rs.887 Rs.985
    350 cc and above Rs.1,019 Rs.2,323

    In this digital era, you have every information accessible at your fingertips. With few clicks and scans you can renew, purchase or transfer your insurance policy online eliminating the middleman and all unwanted processing fee. Opting for long-term bike insurance policy is beneficial as it is money saving and will you do not have to renew it annually. It provides coverage for 3 years and the insurance company gives great discounts and offers on premium amount.

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