A two-wheeler is the best convenient mode of transport in India. However, recently the number of two wheeler accidents has been increasing and this has caused anxiety amongst riders. In this situation, the best thing to do is to get a two wheeler insurance policy. There are possibilities that you may not be satisfied with the policy you already purchased, therefore, if you want to change your insurer in the middle of your policy period you can do so.
Before deciding to change your two wheeler insurance policy, consider the following points:
- If you are changing the policy due to the expensive premiums, compare the current policy to the new one in question. If you end up paying a few 100 rupees less for fewer benefits it may not be worth it.
- Analyse the other factors of the policy such as an efficient customer service, claim settlement ratio and other available conveniences online.
After these considerations if you still want to change your policy then below are the ways you can:
- Renewal Period – When your policy expires, you can change the policy at the time of renewal. Many insurance companies have a hassle free process in renewing your policy. You can renew your policy without providing various documents, by merely making an online payment your policy can be renewed. This way you can choose to enhance your plan as well. If you feel your current policy is not covering your requirements, you can alter your policy to your requirements.
- During the policy period – If you want to change your insurer during the policy period then you can do so. You will have to cancel your current policy by giving a prior warning. Most companies require a 7-day prior notice if you want to cancel your policy. In the meantime, you can look into the other insurer you want to sign with. A policy cannot be cancelled if a claim is made in the same period of time. Once all your documents are processed then the premium amount will be refunded to you.
- Different Vehicle – In the event that you choose to purchase a new bike and want to transfer the insurance from the previous vehicle to the new one you can do so. Insurance companies provide the facility of transferring the policy. However, it should be noted that this change is done subject to changes in premium. The Insured declared value of the new vehicle needs to be calculated and then a premium will be set accordingly.
- Changing the Type – If you want to switch from an annual insurance policy to a long term two wheeler insurance policy then you can do so. You will have to do so by paying the required additional premium charges. The cancellation of the previous policy is done on a pro rata basis (This applies to only the same insurance company. However, this does not apply in case of a change in the insurance company) and subject to no claim.