Insuring your two-wheeler at all times not only satisfies the legal requirement but also protects your financial interests if your vehicle is involved in an accident that results in injury or property damage to a third party. If you keep your two-wheeler insured at all times, you can fulfil the legal obligation and protect your financial interests. A comprehensive insurance policy will also cover the insured vehicle in the event of damage and pay for repairs or replacements if necessary with a Bajaj Allianz bike insurance claim. *
Most of the time, just as we would with any other product or service, we think about whether or not we should move to a new insurer or whether or not we should obtain an upgraded coverage plan with the one we already have.
This post will shed light on the nitty-gritty details involved in changing the insurance on a two-wheeler. We need to be made aware that we can transfer to a different insurer during the policy period and then ask the current insurer to refund any premiums we have already paid to them. To understand how you can request a policy change, let’s go through a few potential scenarios one at a time:
During This Time of Renewal
When your policy is renewed, consider switching to a different insurer. The procedure of renewing insurance policies online has been made more convenient by insurance firms. You can renew your insurance coverage by paying online and supplying only the most essential information about your policy. Alternatively, you can provide more extensive documentation. In addition, the policy can be accessed immediately and for reference purposes online on a two-wheeler insurance app. *
One also has the option of considering their current insurer for upgraded options. It is also possible to look into rider alternatives to increase the value of the coverage, such as the sum assured for injury or passing away that occurs during an accident.
In the course of the Policy Period
You can transfer to a new insurer if you do not like the coverage options and perks included in the two-wheeler insurance policy that you currently have. Because the bike insurance cannot be transferred to another rider, you need to get a new policy and cancel the old one. Therefore, it is necessary to give the current insurer a written notice that is at least seven days long. *
Meanwhile, you can sign up for new coverage with the insurance company of your choice. After it has been granted, you will be required to present documentary evidence to terminate the previous policy. The policy cannot be cancelled if there have been claims submitted under the existing policy during this period.
After deductions have been made on a prorated basis, the total amount of the premium will be returned if all of the conditions have been met. *
Things to Take Into Account Before You Alter or Buy Motorcycle Insurance Policy
- Compare the advantages of your current protection with those offered by the new plan if you are considering switching policies because the premium amount is too high. You may only get away with paying a few hundred dollars less for fewer advantages.
- Consider elements like the effectiveness of customer service, the accessibility of online tools and resources, the frequency with which claims are settled, and any other aspects that directly affect your situation.
- Before making a change, it is crucial to consider the availability of rider options, which can increase the value of the policy and the coverage it provides. During a significant claim, these minor details come in quite handy. Tip: For a quicker claim process, check more on Bajaj Allianz bike insurance claim.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.