When Can You Change or Upgrade Your Bike Insurance Policy?

As per the Motor Vehicle Act, it is mandatory to have at least a third-party bike insurance policy for all bike owners. Irrespective of which type of policy you have, you can switch insurance providers or change your bike insurance policy coverage. Let us understand when and how you can change your bike insurance policy or customize your plan.

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Types of Bike Insurance Policies in India

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

  • Third-party bike insurance policy
  • Comprehensive bike insurance policy

A third-party bike insurance policy will cover the loss or damages caused to third parties or property during an accident by your insured bike.

On the other hand, your comprehensive bike insurance policy offers coverage for damages or losses to your own bike caused by an accident and third-party liabilities.

Moreover, as a new bike owner, buying a 5+1-year bike insurance policy is mandatory in India. You get 5-year coverage for third-party liabilities and 1-year own-damage cover. This policy is also known as long-term policy cover. Once your 1-year own damage cover expires, you can renew it.

Reasons to Change or Customize 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:

  1. Third-party cover is not enough to provide them with comprehensive protection.
  2. The existing covers or add-ons do not meet 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 are not obtained from the particular policy.
  5. Not satisfied with the existing insurer's 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 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 re-calculate the IDV for the 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 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.

    You may also read Bike Ownership & Bike Insurance Transfer Process

  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 Insurance to Comprehensive for Two-Wheelers?

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 best 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.

Points to Remember Before Changing Your Bike Insurance Plan

  • Never go behind affordable premiums or cheap bike insurance policies. Instead, look for an option that offers better coverage at a minimal price.
  • Instead of switching to a new insurer, check add-on covers you can buy with your comprehensive bike insurance policy to enhance your coverage as needed.
  • 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.
  • Feel free to call the insurer if you have any doubts regarding a particular plan.
  • Before making a deal, read the policy documents carefully. Your policy documents have specific terms and conditions you must be aware of.

Final Thoughts!

If you are unsatisfied 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.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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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