5 min read
Updated on Aug 18, 2022
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.
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:
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.
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 –
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.
Also Read: Best Bike Insurance Companies in India
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.
Here are some useful tips that might come in handy when you decide to upgrade or change your 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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