Everything You Need to Know About Modifying Your Two-Wheeler Insurance Policy

Two Wheeler Insurance protects your vehicle against theft, physical damage in the event of natural or human-made disasters, and third-party liability. If an unexpected event occurs, the insurance will help you cover the expenses of your two-wheeler’s damage. Thus, it is equally important to buy the insurance and renew it on time. Modification of your policy at the time of renewal is possible if you want to add an extra cover. You also get the option of changing your insurer during renewal, but it has a few disadvantages.  

Like other products or services, you may think of getting an enhanced coverage with the existing one or switching over to different insurers.  

Check Whether You Need to Modify Your Policy At All?

There must be a valid reason to switch or modify your two-wheeler insurance. Make sure to gain full knowledge before doing so. The reasons can be many, including the high price of your policy, poor customer service, or the need to add more value to your existing insurance plan. Do careful online research and then think of adjusting your two-wheeler insurance. Also, consider the availability of rider options in your current plan to enhance the policy value before changing your insurer. 

Regular two-wheeler insurance or bike insurance covers loss or damage to your vehicle against natural and human-made calamities, Personal Accident cover, and Third-Party Legal Liability. Moreover, every bike owner must have insurance under the Motor Vehicle’s Act, 1988.

Though Third Party Insurance is mandatory by law in India, it usually fails to provide sufficient protection to the insured vehicle as it only covers third party liability arising out of accidental property damage, injury, or death. Sometimes, a basic policy cannot cover the rising costs in healthcare sector, and there are not many plans offering comprehensive coverage at low premiums. The insurer also provides cashless facilities in cases of your two-wheeler breakdown. 

Add on covers include Personal Accidental cover that protects the owner or driver of the motorcycle and the passenger, Zero-Depreciation cover does not let depreciation factor come into picture and allows you to get the actual amount of the damaged parts and Roadside Assistance cover provides you protection from any unseen breakdown situation — adding such riders to your basic two-wheeler insurance boosts your basic policy coverage. 

Check with Your Current Insurer for Two-Wheeler Insurance Modification

Firstly, you must look for additional riders with your current insurer to enhance your existing plan. For example, if your current two-wheeler insurance covers only third-party liability, you can add comprehensive cover during renewal to make the coverage extensive. Rider options such as sum assured for injury/death during accidents are available.

If nothing helps and you’re not satisfied with the features and benefits of your current bike insurance policy, switching over to a different insurer is possible at the time of renewal. Two-wheeler insurance policies from reputable insurers allow you to switch to enhance your current plan or switch to a different insurer. By merely providing the necessary policy details, you can renew the policy by making the payment online without needing elaborate documents.

If you are selling your two-wheeler to another person, you can transfer the policy to the new owner. On the other hand, if you purchase a new vehicle, you can transfer your old insurance to the new one. However, there will be an adjustment in the premium.

Compare Policies Online Before Switching to A Different Insurer

The online procedure of purchasing and renewing a two-wheeler insurance policy is much more convenient these days as you get a clear comparison and instant issuance without much documentation. Make sure to verify the reputation of the insurer you are considering to switch to before making a decision.