How to Change, Upgrade, or Port Your Bike Insurance Policy: A Detailed Guide

Understanding Types of Bike Insurance Policies in India

Before understanding how bike insurance works when you switch or upgrade, let's briefly recap what a bike insurance policy includes.

Bike insurance policy is a legal document offered by the bike insurance company to the policyholder in exchange of a premium. Usually, there are four types of bike insurance policies offered by insurance companies in India:

• Third-Party Bike Insurance: The 3rd party bike insurance is mandatory policy, which covers your legal liability for damages or injuries caused to a third party in an accident involving your bike.
• Comprehensive Bike Insurance: The comprehensive bike insurance provides broader coverage, including third-party liabilities and damages to your own bike from accidents, theft, fire, natural disasters, and more.
• Own-Damage Bike Insurance: The own damage bike insurance policy specifically covers damages to your own bike. This policy is often combined with third-party cover to create a comprehensive package.
• Long-Term Two-Wheeler Insurance: In India, for new bikes, a 5+1 year policy is mandatory. This includes 5 years of third-party bike insurance coverage and 1 year of own-damage bike insurance cover. You can renew the own-damage coverage after 1st year.

Now, let's explore the reasons to change, upgrade or transfer your bike insurance policy.

Reasons to Change Your Bike Insurance Policy

Many reasons are associated with upgrading or changing your existing bike insurance policy. We have seen many new bikers seeking insurance policies with the lowest premiums. After purchasing the plan, they realize that it is not enough for them and need to upgrade it. Below, we have enlisted a few common reasons for the change, customization, or upgradation of the plan:

• Inadequate Coverage: You might find that your current coverage doesn't meet your needs. For example, third-party insurance only covers damages to others, not your own bike.
• Unsatisfactory Add-ons: The add-on covers you initially chose might not be sufficient, or you might want to add new ones.
• High Premium: You might be paying a high premium for minimal coverage.
• Lack of Peace of Mind: Your current policy might not provide the level of security and peace of mind you desire.
• Poor Service: You might be unhappy with your insurer's customer service or claims process.

If you're wondering, “can we change bike insurance company?”, yes, you absolutely can.

Case I: How to Change Your Bike Insurance Policy? (Switching Insurer)

Switching to a new bike insurance provider can be beneficial if you find a better deal or are unhappy with your current insurer's service. Here's how to change your bike insurance policy:

• Compare Policies: Research and compare bike insurance policies online from different insurers at Policybazaar.com. Consider factors like coverage, premium, claim settlement process, and customer reviews.
• Choose a New Insurer: Select an insurer that best meets your needs and budget.
• Apply for the New Policy: Contact the provider and apply for the policy. You will need to provide your bike details and personal information.
• Switch Insurer: Ideally, switch insurers at the time of your policy renewal. This avoids any overlap or gap in coverage.
• Cancel Your Old Policy: Once your new policy is active, inform your previous insurer about the cancellation. You might be eligible for a refund of the remaining premium.

Case II: How to Upgrade Your Bike Insurance Policy?

Upgrading your bike insurance policy means enhancing your existing coverage. This might involve increasing the Insured Declared Value (IDV), adding optional covers (add-ons), or switching from a third-party policy to a comprehensive one.

• Contact Your Insurer: Reach out to your current insurer and discuss your upgrade requirements.
• Explore Options: Understand the available upgrade options, including add-ons like zero depreciation cover, roadside assistance cover, engine protection cover, etc.
• Assess Costs: Evaluate the additional premium you will need to pay for the upgraded coverage.
• Finalize the Upgrade: Once you've chosen the desired upgrades, complete the necessary paperwork and pay the revised premium.

Upgrading During Bike Insurance Renewal (Recommended)

Simply choose a comprehensive bike insurance plan instead of renewing only third-party cover.

Upgrading During Policy Term

You may need to go for a vehicle inspection, premium recalculation, and revise IDV assessment. The insurer may require inspection before activating own-damage bike insurance coverage.

Case III: How to Port Your Bike Insurance Policy? (Transferring Your Existing Policy to New Bike)

Porting your bike insurance policy means transferring your existing policy to a new bike. This is useful when you sell your old bike and buy a new one.

• Inform Your Insurer: Notify your insurer about the sale of your old bike and your intention to port the policy to the new one.
• Provide Details: Submit the necessary documents, including the new bike's registration certificate and details of the sale of the old bike.
• Pay the Difference: If there's a difference in premium between the old and new bike's insurance, you'll need to pay the difference.
• Receive the Updated Policy: The insurer will issue an updated policy document reflecting the changes.

How to Edit Bike Insurance Online?

If you are wondering how to edit bike insurance online, minor changes can be made through bike insurance endorsement.

Here are a few details that can be edited through two-wheeler insurance policy endorsement:

• Address correction
• Nominee update
• Engine number correction
• Add-ons addition
• Contact details update

For, this you have to visit your insurer’s website, log in, raise an endorsement request, upload documents if required, and pay any fee (if required).

Key Considerations When Changing, Upgrading, or Porting Bike Insurance Policy

• No Claim Bonus (NCB): When switching insurers or porting your policy, ensure your accumulated NCB is transferred to the new policy to retain the discount on your premium.
• Policy Terms and Conditions: Carefully review the terms and conditions of the new policy or any upgrades before finalizing the changes.
• Timely Action: Initiate the process of changing, upgrading, or porting your policy well in advance to avoid any gaps in coverage.

When Can You Change or Upgrade Your Bike Insurance Plan?

If you are not satisfied with your existing bike insurance policy, then there is a provision made by law to change your insurer in the middle of the policy term. Also, you can obtain a refund from them.

There is no rule that you must stick to the existing insurer for the upgrade or even the bike insurance renewal. Hence, you can look for better policies or upgrades from other insurers online.

Below, we have discussed the stages when you can think of changing your policy or even insurer:

1. At the time of Policy Renewal

   Once the policy term ends, you can choose a different plan from any insurer. If your third-party insurance is insufficient to make you feel protected when riding on the road, you can upgrade to a comprehensive insurance policy. Moreover, if you already have a comprehensive plan, you can seek extended coverage by purchasing add-on covers.

   You must look for different options for a hassle-free process because the bike insurance renewal process is similar to buying the insurance policy. Also, you do not have to worry about the accumulated bonus. Your No Claim Bonus (NCB) shall be retained even if you switch to a different insurer.

2. During the Policy Period

   You can also change your plan or insurer during the policy term. However, changing during your policy term is not a good idea.

   But if you are unhappy with the features, benefits, premium price, or coverage offered in the existing plan, you can switch to another insurer. Firstly, you must cancel your existing plan and buy a new one.

   Before that, call your current insurer and follow their instruction to take this step further. Also, never ride a bike until your new plan is activated.

3. Buying a New Bike

   When you buy a new bike, you can quickly transfer your policy cover from the old one to a new one. It is not necessary to purchase a new insurance policy for a new bike. Also, we suggest you not entirely rely on your bike dealer company for an insurance policy. It is better to search for options online if it is your first bike.

   When you buy a new bike, you can transfer the insurance cover from the old bike to the new bike. However, your insurer will calculate IDV for new bike because its market value will differ from your old vehicle.

4. During the Change of Ownership

   A bike insurance policy is entitled to a particular bike. If you sell your motorcycle, transfer bike ownership and bike insurance to a new owner. During that time, you can change your insurance plan from an annual plan to a long-term plan.

5. At the Time of Expiration of Policy

   An expired or lapsed policy means you cannot renew your policy before the date of expiry. You must connect with your insurance provider first to renew your lapsed policy. They will send a surveyor to check your vehicle, reevaluate the premium, and offer you a new insurance policy. During this lapsed period, you can change the type of plan or switch to a new insurer.

How to Change Third-Party Bike Insurance to Comprehensive Bike Insurance Plan via Policybazaar?

You can easily switch from a third-party bike insurance plan to a comprehensive bike insurance plan by following the below steps:

• Step 1: Visit the official website of Policybazaar Insurance Brokers Private Limited and choose the 'Bike Insurance' tab from the 'Insurance Products' drop-down.
• Step 2: Enter your bike's registration number and click 'View Prices'.
• Step 3: Shop around the bike insurance plans by comparing them with several insurance providers.
• Step 4: Check several factors while comparing comprehensive bike insurance plans offered by various insurers, such as coverage, premium, CSR, deductibles, availability of network garages, etc.
• Step 5: Buy bike insurance add-ons to enhance your policy coverage. However, you must pay a little extra premium to avail of services under add-on covers.
• Step 6: If you have purchased your third-party bike insurance policy from Policybazaar.com, you can inform them to switch the policy. A surveyor assessment might examine your two-wheeler conditions and other details.
• Step 7: Finally, the insurance provider will change your policy coverage based on the surveyor's report and the condition of the contract discussed during the purchase process.

For any query or assistance with a two-wheeler insurance policy, you can connect with the customer assistance team anytime, anywhere.

*Disclaimer: The process might vary from insurer to insurer. Therefore, check a particular insurer's process before switching from a third-party to a comprehensive bike insurance policy.

Things to Keep in Mind While Changing, Upgrading, or Transferring Bike Insurance Policy

Here are a few things you must consider while doing the process:

• NCB Transfer: Keep a proof of transferring NCB from the previous insurer to avail discount on policy renewal.
• Inspection Requirement: Your vehicle might undergo inspection when upgrading policy during the policy mid-term.
• Grace Period: Third-party bike insurance policies do not technically lapse legally, but own-damage cover does. So, you have to check the grace period with the insurer.
• Refund Rules: How much refund you will receive totally based on insurer's cancellation policy.
• Policy Gap Risk: Never ride your bike without an active bike insurance coverage.

How to Change, Upgrade, or Transfer Your Bike Insurance Policy?