When Can You Change Or Upgrade Your Bike Insurance Policy?

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5 min read

Updated on Aug 18, 2022

Changing Or Upgrading Bike Insurance Policy

Wondering, when to change or upgrade bike insurance policy? Not satisfied with your existing two wheeler insurance policy? Looking for an upgrade or change? This post can help. It details the exact situations in which you can make the change and what you should remember before doing so.

Note that the Motor Vehicle Act mandates all bike-owners to get an insurance policy from a third party before using the vehicle on the road. This ensures complete protection to the biker (also the policy-holder) in this case against any unlikely event or mishap.

However, chances are that the insurance policy you buy at the time of bike purchase may fail to serve you the desired way in future. The good news is that you have the choice to change the insurance-provider or upgrade your policy plan to suit your current requirements.

Why Would You Want to Change Your Bike Insurance Policy?

There can be several reasons to consider either upgrading the existing two wheeler insurance policy or completely changing it. Here are some of the most common ones:

  • You were suggested a bike insurance policy with a very low premium by your dealer at the time of bike purchase. It no longer serves you because of the limited coverage.
  • You’ve been paying a premium on the policy that is much higher than the coverage offered.
  • You feel that your existing policy fails to provide comprehensive coverage in case of any mishap.
  • You’re unhappy with the after-sales services offered by the current insurer.

Different Types of Bike Insurance Policies in India

If you’ve decided to make the switch, it’s important to know the various kinds of bike insurance policies available to make an informed decision the second time.

  1. Third-Party Bike Insurance Policy – This policy provides limited coverage for any loss or damage caused during a mishap – only to the third-party involved (and not you). The policy also covers any loss to any physical property (belonging to the third-party) during the accident or mishap.
  2. Comprehensive Bike Insurance Policy – As the name suggests, this policy covers loss or damages in totality – covering loss to the third-party or their property along with any losses incurred to the policy-holder’s own two-wheeler as well.

When Can You Change or Upgrade an Existing Bike Insurance Policy?

As mentioned in the earlier section above, there might be certain change of events that may prompt you to ask, “Can I change my bike insurance company?” Here’s when you can –

  1. If you decide to sell your two-wheeler to another person, you’re required to transfer ownership of the bike insurance as well to their name. At that time, you have the option to change the insurance policy as well or its duration.
  2. Since bike insurance is done for a specific vehicle, you also get the choice to transfer your policy if you decide to change your vehicle. This means if you choose to buy a new bike, for instance, the existing policy can easily be transferred on to the new two-wheeler to provide coverage.
  3. Another opportunity for completely changing your existing policy to a new plan by a new insurer is at the time of renewing your current insurance policy. Your bike insurance policy would need to be renewed upon the expiry of its term. At the time, the policy-holder is entitled to switch to a different plan in case they’re not satisfied with the current one.

This would mean upgrading to a comprehensive policy if you currently have the one with only third-party coverage, or further upgrading the comprehensive policy by buying add-on coverage features.

  1. Bike insurance policy can also be changed during the term of the said policy in case you’re totally unhappy with its provisions. However, this would require you to first cancel the current plan and then go on to buying a new policy. This would also mean holding up riding your bike until the activation of the new insurance policy (to play it safe).
  2. If your current policy has expired, meaning you failed to get it renewed before the date of its expiry, you can then choose to change your policy or the insurance company at the time of renewal. Your insurance company would get the bike checked first, the premium would be re-evaluated, and a new insurance plan issued.

Also Read: Best Bike Insurance Companies in India

How to Change Two Wheeler Insurance Company?

Most bike insurance companies offer smooth policy upgrade and change services online for the convenience of their customers. The process is fairly simple and you can easily get your new bike insurance online. However, remember that bike insurance cannot be transferred from one insurer to another. Hence, you’d first need to cancel your existing plan with the current insurance provider by giving a written 7-day notice to them, after which a new policy by a new insurer of your choice can be issued.

Points to Bear in Mind When Changing Two Wheeler Insurance Online

Here are some useful tips that might come in handy when you decide to upgrade or change your plan:

  • Do not make the mistake of buying a bike insurance plan with the lowest premium on offer. Look for maximum coverage instead. You can of course opt for a plan that offers good coverage at a reasonable premium.
  • Do your homework well. Perform a thorough online research on the different insurance providers for two wheelers and read up customer reviews on each of them. Also compare the features and benefits offered by each in terms of coverage, premium, post-sales service, claim-settlement ratio, etc., to know which would better suit your needs.
  • You may even avoid changing the policy completely by simply looking up add-ons that you can attach to your existing policy (if you have comprehensive coverage). These add-on covers can increase the scope of coverage for losses while continuing with the current plan.

Whether upgrading an existing bike insurance plan or moving on to buying a new one, always make sure to read all policy documents carefully to understand its terms and conditions. If in doubt, do not hesitate to ask your insurance provider for more clarification.

 

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PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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