A bike is like a family member for many people in India. Hence, you must safeguard your precious possession with a comprehensive bike insurance plan. That way, your vehicle will be financially protected if it damages in accidents, is stolen, or incurs loss due to man-made or natural disasters.
In India, there are two types of bike insurance plans available in the market,
Third Party Bike Insurance
Comprehensive Bike Insurance
Third party insurance is mandatory by law under the Motor Vehicles Act. It covers all the third-party liabilities. For extensive coverage, it is advisable to choose comprehensive bike insurance. In fact, the comprehensive cover also allows you to opt for add-on benefits to enhance the coverage of the policy.
If you have bought a third party bike insurance and want to change to a comprehensive cover, the process is quite simple. Changing two-wheeler insurance policy coverage is an easy process. Here’s when you can change the policy –
At the time of bike insurance renewal
Changing the bike insurance coverage during renewal is a hassle-free process. Once your policy term is over, it becomes due for renewal. At this point, you either choose to continue using bike insurance services with your existing insurer or select a new one.
The policy renewal process is similar to the policy buying process. All you have to do is submit your previous policy details, choose the coverage, choose whether you want to avail No Claim Bonus (if any) or retain it, pay the premiums online, and you are done.
During the policy period
Changing the coverage of the policy during the on-going term is not recommended. In case you want to change the insurer, you first have to consult your existing insurer to understand the company’s process. You can always buy a new bike insurance policy online. However, ensure that your previous policy is cancelled and the new policy is activated.
Buying a new two-wheeler
Every bike you own needs to have a separate bike insurance plan under it. In case you sell your vehicle, you need to transfer the insurance policy to the new owner. You as well as the new owner of the bike, both are equally responsible for this transfer process. Note to get this done as soon as possible to avoid any legal liabilities.
In case the policy is lapses
Ideally, you should not wait for the bike insurance plan to lapse to make changes to it. Riding a bike with an inactive/lapsed insurance plan is a punishable offence and can attract hefty penalties. Apart from this, also carry a valid driving licence, PUC, and vehicle registration certificate with you at all times when riding your bike.
If there is a subsequent gap between the policy expiration and the policy application, you will have to go through the vehicle inspection process, which might increase your premium amount and decrease your options. Moreover, you will lose the accumulated NCB benefits if the gap exceeds 90 days.
In The End
As a bike owner and frequent rider, you know what kind of coverage you need to safeguard your vehicle. Hence, if you are not satisfied with your current bike insurance benefits, you can change the policy as and when possible. You should choose a bike insurance cover that fulfils your demands and offers all-around coverage to your vehicle.