These Are a Few Nifty Tricks That Make Changing Your Bike Insurance Company a Breeze

Bike insurance is mandatory, but the good thing about it is you are not bound to one particular insurance company forever. You, as a policyholder, have the freedom to change your insurance company. Inadequate coverage, complicated claim process, other affordable alternatives are some of the reasons that can be instrumental in desiring a change of insurance company.

You can buy two types of two wheeler insurance third party or comprehensive cover. While the Motor Vehicles Act mandates a third-party plan to be the bare minimum requirement, a comprehensive plan is an optional upgrade from the base coverage. Thus, either policies you have, switching your insurance company is possible.

Bike Insurance Company

Akin to buying a policy for the first time, changing your insurer also requires well-crafted research and careful planning. This article sheds some light on how to make this switch a seamless transition without much hiccups.

Go beyond just the premium

Buyers of bike insurance policies often benchmark most plans simply based on the two wheeler insurance price. However, it isn’t a smart approach to selecting a suitable insurance policy. Two-wheeler insurance plans are comprised of various features that need to be carefully selected. Different policies offer coverage for different perils. So, selecting a plan based solely on the price may not be wise. Here’s when you must carefully look at the policy scope that checks all the right boxes. An example of it can be purchasing a policy that has a broad network coverage offering cashless repair facility.

Look for the right policy

While the law requires you to buy third-party bike insurance policy as minimum, you can choose to upgrade this coverage to a comprehensive plan. Third-party plans are effective only when the damages or injuries are sustained by a third person but lack coverage for the damages to your own vehicle. Hence, when you make the switch to a different insurance company, you can reassess the type of policy that you are buying to opt for a 360-degree protection.

Check for Claim Settlement procedure

Policy features and the price tag it carries are crucial when you select an insurance plan but checking for the claim settlement process can be helpful. Knowing of the exact steps to be followed can help to quickly raise a claim and reimburse the necessary repair costs. In addition, the hassles at the time of claim are reduced since you are well informed of the steps that need to be followed. Hence, make sure to check the claim process even at the time of changing your insurance company.

Time the switch

You might be disappointed with your current bike insurance policy but continuing the same insurance policy for a while can be fruitful if its expiry date is approaching. This way a switch can be immediately made at the end of your policy period. When no claims are made, you can take advantage of the no-claim bonus too. Hence, it is advisable to time the switch right. You can visit the official website of IRDAI for further details.

These are some of the nifty tips that can help you in changing the insurance company. These tips can be handy whether you buy bike insurance online or offline. Also note that insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.