Types of Bike Insurance Policies in India
There are two types of bike insurance policies offered by insurance companies-
- Third-party policy
- Comprehensive policy
On the one hand, your third-party bike insurance policywill cover the loss or damages to third-party or property during an accident. On the other hand, your comprehensive bike insurance offers coverage for damages or losses to your own bike caused in an accident and third-party liabilities as well.
Also, you have to buy a long-term plan that is valid for five years if you are insuring a new bike. Annual plans are not available for new bikes. However, once your insurance policy expiresyou can visit the insurer’s website to renew your insurance plan.
Reasons to Change or Customize Your Bike Insurance Policy
There are many reasons associated with the upgradation or change of your existing bike insurance policy. We have seen many new bikers seeking the insurance policy with the lowest premium. After purchasing the plan, they realize that the purchased plan is not enough for them and they need to upgrade it. Below we have enlisted a few common reasons for the change, customization, or up-gradation of the plan-
1. Third-party cover is not enough to provide them with comprehensive protection.
2. The existing covers or add-ons are not in-line with the policyholder's needs.
3. When they are paying a huge amount of premium for minimal coverage.
4. Peace of mind and a sense of security is not obtained from the particular policy.
5. Not satisfied with the existing insurer post-sales services.
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 have to stick to the existing insurer for the up-gradation or even for the bike insurance renewal. Hence, you can look for better policies or upgrade from other insurers on the internet. 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 is over, you are free to choose a different plan from any insurer. In case your third-party insurance is not enough to make you feel protected when riding on the road, you can upgrade to a comprehensive insurance policy. And if you already have a comprehensive plan, you can seek extended coverage by purchasing add-on covers with it.
For a hassle-free process, you must look for different options because the bike insurance renewal process is similar to that of 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 Term
You can also change your plan or insurer during the policy term. Although it is not a good idea to change during the term of your policy. But If you are not happy with the offered features, benefits, premium price, or coverage in the existing plan, you can switch to the other insurer. Firstly, you need to cancel your existing plan and then buy a new one. But 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 easily 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 very 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 re-calculate the IDVfor the new bike because its market value will be different from your old vehicle. And with the help of it, your premium is decided.
4. During Change of Ownership
A bike insurance policy is entitled to a particular bike. In case, you are selling your bike, transfer the bike insurance ownership 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 Expired Policy
An expired or lapsed policy means you were unable to renew your policy before the date of expiry. If you want to renew your lapsed policy, you will need to connect with your insurance provider first. They will send a surveyor to check your vehicle, revaluate 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.
Points to Remember Before Changing Your Plan
- Never go behind affordable premium. Rather look for an option that serves you better coverage at a minimal price.
- Instead of switching to a new insurer, firstly check add-on covers you can buy with your comprehensive insurance policy to enhance your coverage as per your need.
- If you have decided to change your insurer, shortlist insurers from the internet, then compare their policy coverage, features, benefits, exclusion, premium amount, claim settlement ratio & process, after-sales service, customer feedback, etc.
- When you have any doubts regarding a particular plan, do not hesitate to call the insurer.
- Before making a deal, read the policy documents carefully. Your policy documents have certain terms and conditions that you need to be aware of.
If you are not satisfied with your current bike insurance policy or the insurance provider, you can change it at any of the above-discussed stages. Also, you should explore more options before finalizing the plan.
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^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.
^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.
#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.
*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)
#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.
*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis