You must get a two-wheeler insurance for your bike because not only is it mandatory but also it will cover the expenses in case of an accident. A bike policy can provide financial protection against damages to your bike or during an accident with a third party. It may so happen, that you feel your policy is inadequate in terms of features, coverage, or in some other way. If you wish to change your policy, then do it at the time of renewal so that you do not lose the benefits and get the coverage immediately. Research insurance companies and their plans before finalizing and purchasing a policy online.
While going for a policy change or switching over to a new insurer, do not be in a hurry. There are certain things that you should consider before making the move:
- Go for maximum coverage
If you are making a switch, do not select a policy just because it has the lowest premium. Generally, policies with low premiums have limited coverage and you would be at a loss in case of a mishap even after paying premium. You will realize this only at the time of claim settlement when you receive a small part of the claim as compensation from the insurer. The major part of the repairing or replacement cost would have to be borne by you. So, read the coverage and exclusions carefully and choose a policy that would provide adequate coverage even if you have to pay a slightly higher premium.
- Status of the insurance company
If you are planning to switch over to a new insurer during your two-wheeler policy renewal, do some research before finalizing the new insurer. You can check the popularity of your preferred insurer online and read reviews of existing policyholders. You may also seek the opinion of your friends and acquaintances who are associated with the insurance company in some way.
- Claim settlement
Select an insurer who has a history of high claim settlement ratio, completes the settlement process within a short period and pays the entire coverage amount as per policy agreement. Also, pay close attention to the IDV. It should be as close as the market price of the bike so that you are not at a loss if your bike gets stolen or is damaged beyond repair.
- Online facility
In case you are switching to a new insurer, take care to check if they have an online presence and offer insurance products and services through digital platforms. Online transactions are easy, cost-saving and fast as there is no need to submit the hard copy of the documents or visit the insurer’s branch office. Also, it does not involve any broker or intermediary or payment of premium through cash or cheques. Check whether the insurer would provide online options for checking your bike insurance policy status, purchase, renewal and claim filing processes.
- After-sales services
An insurer’s after-sales service includes helpline or call-centre assistance, addressing the complaints or queries, freebies like annual bike cleaning and more. The insurer should be ready to assist you in case of an emergency during odd hours of the day or provide towing facilities if needed.
- Buying a new two-wheeler
If you are planning to buy a new bike and have an existing third-party policy, you can transfer it to the new one. You can also upgrade to a comprehensive policy with your existing insurer or switch over to a new insurer altogether. In this case, the insurer will assess the condition and market price of the new bike and fix the premium accordingly. Get an NCB (No Claim Bonus) certificate from your previous insurer, so that you can get NCB discounts on your new bike.
If you find a better alternative, you can change your bike policy as per your wish. However, keep the critical aspects in mind so that you are not at a loss at the time of claim settlement. Finally, change it online as the process is easy and convenient.
