How to Switch Two-Wheeler Insurance Policy Online

More often than not, people don't put a lot of effort into researching the best insurance options for their two-wheeler. They are most likely to go for the first plan they come across or purchase one that has been highly recommended, irrespective of whether or not the plan suits their needs. This is mainly because of two reasons. One, because two-wheeler insurance is mandatory if you own a two-wheeler and two, because of the general mindset - "an accident is unlikely to happen but let's get basic protection". Well, it is better to be late than never rectify the situation. 

Question is, how do you switch from one two-wheeler insurance policy to another

Most policyholders would consider switching between insurance policies at the time of renewal, there are other ways to changing your two-wheeler insurance policy online. Let's start with the simplest way to change your insurance policy.

  1. If you are considering switching of two-wheeler insurance, consider the switching at the time of renewal as most insurance companies offer a hassle-free method of switching at no cost. All you have to do is to purchase the new insurance from the next day of current policy expiration date.
  2. But if you are not comfortable with your current insurer, and don’t want to wait till the renewal you can change your two-wheeler insurance policy by following method-
    • Buy a new policy from new insurer.
    • Raise a policy cancelation request to your existing insurer and provide them new policy for your two wheeler.
    • Your policy would be cancelled and you will get a refund after the deductions as per the IRDAI guidelines. 

But, before you switch the policy don't forget to check if there are any existing claims with your current insurer as the new insurer is not liable to make a payout of the existing claims.

Consider the Following Points If You Wish to Switch Your Two-Wheeler Insurer - 

  1. If you wish to make a switch, only because the premium is high, you must make a thorough comparison of the benefits and the benefit to cost ratio of your current insurance policy and other prospective insurance policies. Ask your insurers tons of questions. They will be able to tell you a lot about their policy in detail because they don't want to lose a customer.
  2. Good customer service is a very important factor while choosing an insurance policy. There's no point in having an insurance policy with excellent benefits if you cannot reach your insurance provider in the time of need. You need to consider the time taken to register claims, payout, the claim settlement ratio and whether you can reach them at odd hours on the phone or even online through their website or mobile app.
  3. Instead of switching, you can also consider add on covers to improve your insurance coverage.
  4. Research the insurer you wish to switch to. Online reviews, customer testimonials will help you understand where you are headed. 

All the options to switch policies online are generally available on the insurance provider's website or mobile app - the process has been designed to be user friendly and switching between two-wheeler insurance policies is extremely convenient and hassle free.