A Quick Guide to Changing Two-Wheeler Insurance Policy | IFFCO Tokio General Insurance Company in India


A Quick Guide to Changing Two-Wheeler Insurance Policy

A Quick Guide to Changing Two-Wheeler Insurance Policy

A Quick Guide to Changing Two-Wheeler Insurance Policy

Owning a two-wheeler is quite common in India. People buy bikes for their ease of affordability and maintenance, frugal nature, convenience and the time they save on everyday commutes.Regardless of the reason why you have bought a two-wheeler, the one thing that binds everyone together is that everyone needs bike insurance.
Insuring yourself and your bike is a smart decision, not only because 2 wheeler insurance is mandate by law, but also for your own long-term well-being.
 
Changing your two-wheeler policy
Whenpeople browse for bike insurance online,many tend to buy theone with the lowest premium, just so they can tick the box. But over a sustained period of time, they come torealize that the insurance they bought on a whim isn’t that great after all. Two of the most common possibilities in this case might be: - 
Theyrealize that they are paying quite an amount of premium for very little coverage, or 
They feel that the policy is ill-suited to their individual needs
If such a situation arises, what do you do?You have to realize that while two-wheeler insurance is important, you can always change the insurance plan for your two-wheeler when required.Apart from this, there might be a variety of reasons whichcall for a change in the insurance policy, like selling of your bike. 
 
At the Time of Renewal 
This is the most common way in which people switch their insurance providers or their policy coverage. When the time comes to renew your bike insurance, you can consider opting for a better two-wheeler insurance plan, either with your present insurer or with a new insurer altogether. During this time, buyers can compare different policies to see the difference in coverage, as well as factor in other aspects which makes a particular bike insurance policy preferable over the others.This process is completely hassle-free, and every insurance company offers a process to upgrade bike insurance online that lets you avail the preferred coverage immediately.
 
New Ownership of theTwo-Wheeler
If you are about to sell your bike to someone else, you will be required to transfer the existing insurance policy to the new owner. Failing this, you will be held liable for any accident caused by the vehicle, even after you have sold it. Make sure that you provide the insurance company with all the details of the new owner and receive a certificate for the same.
 
Change in vehicle
No one waits for their insurance policy to expire before deciding to buy a new vehicle. If you are buying a new bike or two-wheeler, you can easily get your existing policy transferred to your new bike. However, the insurer will evaluate the condition and value of the new vehicle and will then adjust the premium accordingly.
 
Things to consider
Whatever be the changethat you plan to make in your 2-wheeler insurancepolicy, there are certain things that you need to keep in mind. These are:
There should be a valid reason behind you making the change. Do not make a switch just because you found a new policy with lower premiums and lower coverage. Compare the cover you are getting with your needs and requirements before you choose a policy.
In case you are planning to switch to a new insurer altogether, you need to dothe due diligence and research that insurer. Check for their reputation in the market, their claim settlement process and ratios, past history, customer reviews, etc.
 
Don’t be afraid to ask for help. If you don’t feel that confident with this decision, go ahead and connect with experts online to get their unbiased insight. Further, you can also post your queries on relevant forums to get real-time opinions. Remember, choosing the right two-wheeler insurance is of prime importance,and making an informed decision at the time of purchase is crucial for your peace of mind.
 
**To understand exactly about the policy coverage, exclusions etc read the Policy Wordings carefully.**
 


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