Finance

A Complete Round-Up on Switching Your Two Wheeler Insurance Online

As compared to cars, two-wheelers are easy to tackle in traffic situations. Many people have the desire to purchase their dream bike, while others might buy it to commute daily. Different people will have different reasons for purchasing their bikes, but the most important part is to take care of your prized possession. One way to do it would be by getting it insured as soon as possible.

There are mainly two types of bike insurance policies you can choose from:

 

  • Third-Party Liability Policy

 

Two-wheeler insurance third party has been made mandatory as per the Motor Vehicles Act. This means all the bikes plying on the Indian roads must have this policy to avoid penalties. The plan does not provide extensive coverage and hence the price for it is standardized. 

  • Comprehensive Policy

A comprehensive policy is more extensive, which means it includes own-damage cover, along with the third-party. However, the price to be paidfor this will be higher than the third-party policy. Such policies are priced by insurance companies and not the IRDAI.

Ways of Changing Two-Wheeler Insurance Policy Online

To change the overall two wheeler insurance online isn’t a difficult process. Given below are a few situations wherein people usually change their insurance policies.

 

  • During your Policy Term

 

You can change an insurer even during the policy period, however, it is not recommended. You must speak to your current insurance provider about the same and follow the company’s process. A new insurance policy could be purchased within minutes. Make sure to get the previous policy canceled before activating a new one; do not ride your bike before that.

 

  • During Renewal of the Policy

 

Two wheeler insurance renewal is that one time you can choose a different insurance policy and the process will be hassle-free as well. Once the policy period is over, you can freely choose a different contract offered either by the same or a different insurance company. The process of renewing is similar to buying a policy.

 

  • When your Two-Wheeler Insurance Policy Lapses

 

This is a situation you wouldn’t want to fall in. Remember that riding a bike without a valid insurance policy or with a lapsed policy is a punishable offense. If there is a huge gap in policy expiry, you will receive the new policy only after a vehicle inspection, which may increase your premium. 

 

  • When you change your vehicle

 

If you’ve purchased a new bike, buy a new insurance policy and don’t just rely on your bike dealer for the policy. The bike dealers have tie-ups with various insurance companies and so offer you a standard bike insurance policy thatwon’t provide you with many options. Therefore, it is always preferable to purchase your insurance policy online. 

You can renew your two-wheeler insurance policy either online or offline, up to you. However, if you do buy two wheeler insurance online it will cause you less trouble. Firstly you will have to analyze and know for yourself if you wish to continue with the same cover and same insurer. If yes, then you will need to visit the insurer’s website and begin with the process of renewing by simply providing all the necessary details and making the payment.

In case you want a different cover or wish to change your bike insurance company, you might want to research a little and look for a policy that best suits your needs. You can even look for the two wheeler insurance premium calculator and get quotes instantly, and then purchase the most suitable policy.

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