How to Switch Insurer While Renewing Bike Insurance?

  • Author :
  • TATA AIG Team
  • Published on :
  • 09/02/2023

Bikes are more prone to accidents than any other motor vehicle, which is why insurance for two-wheelers is essential. Having bike insurance is the most important document to have while trying to repair accidental damages.

Suppose you already own a bike insurance online policy, and your insurer gives you a reason for dissatisfaction. In that case, you must hunt for a new bike insurance policy to continue shielding your bike. If you are looking for the best plan than the existing two-wheeler insurance, you can look for better options for bike insurance renewal from various insurers. So compare your two-wheeler insurance & get the best deal you and your bike deserve.

Things to Keep in Mind When Changing Bike Insurance Companies:

You may have your reasons for switching to a new type of bike insurance or joining a new insurance company, but when you do, keep the following things in mind -

  1. If you are considering switching because of high premiums, weigh the benefits of your current policy versus your new policy. Compromising coverage is never a good idea.
  2. Examine factors like customer service efficiency, availability of online tools and resources, bill settlement rates, etc.
  3. Before making any changes, consider the availability of driver options to improve insurance value and coverage. These small details can help in case of big losses.

Why is it important to have a bike insurance renewal?

Secures you and your family

Riding a bike is always a game of balance, which is why there are always chances of collisions and accidents. So, as a bike owner, you are responsible for protecting yourself and your vehicle from ambient threats on the road. The best way to do this is to always secure you and your family with the right bike insurance policy and renew it when necessary.

Requirement of law

All two-wheeler owners must have valid third-party bike insurance. The MV Act 1988 mandates it. But it is a very unfortunate situation where most Indian bike owners do not bother renewing their bike insurance, leaving them vulnerable to financial emergencies in the event of an accident. According to one study, nearly two-thirds of bikers on Indian roads do not have insurance at all. Even though they know that valid bike insurance is a requirement of Indian law and is just as important as wearing a helmet when riding a bike.

Provides coverage & addons

Bike insurance is a contract between the owner of a two-wheeled vehicle and an insurance company, in which the insurer pays for the biker in the event of an emergency while the owner is riding it in exchange for an amount called a premium. In addition, agree to provide financial assistance to the owner, paid regularly by the bike insurance company. Owner. Renewal of bike insurance refers to the annual renewal of this contract and is obligatory. If the extension period of the bike insurance has passed, the contract will be suspended. This means that you will not be able to renew your policy, you will need to purchase a new policy, and your premium may increase. In some cases, they even deny insurance offers.

Available hassle-free and online

Recognising the passive attitude of bike owners to renewing their bike insurance, insurance companies and online insurance aggregators have developed options to renew their bike insurance online. This allows bike owners to purchase renewal policies online without documentation. Online bike insurance also helps customers avoid the hassle of inspections, unlike the traditional offline bike insurance renewal process. The only thing to note here is that for online renewals, the risk starts 3 days after the policy's purchase date.

Considerations for changing bike insurance companies

  1. If you are considering switching because of high premiums, weigh the benefits of your current policy versus your new policy. Paying hundreds of rupees for less service is unrealistic.
  2. Examine factors such as customer service efficiency, availability of online tools and resources, bill settlement rates, and other factors that directly impact.
  3. Before making any changes, consider the availability of driver options to improve insurance value and coverage. These small details can help in case of big losses.

Reasons for switching your bike insurance

If you are unsatisfied with the coverage and coverage of your current bike insurance, you can switch to another insurance company. Other than looking into insurance features and benefits, it would be best to look for other services when choosing the best bike insurance company. With that in mind, here's a guide to help you find the right insurance company and get the most out of your bike insurance.

Goodwill of the Insurance Company

When looking for the best bike insurance for your bike, it is important to check the goodwill of the insurance company. Compare different insurance companies online and narrow down the best insurance companies in India. This way, you can find a suitable insurance company with a good reputation. Once you've decided on a few insurers, check their social media addresses or other reputable online platforms for reviews and feedback from existing customers. Also, read the blog and expert opinions through the different platforms to get better clarity.

Healthy Claim settlement rate

It is important to check whether the company has a healthy claim settlement rate when switching insurance companies; you should check your new insurance company's claims processing rate (CSR) and claims processing speed. The higher the CR, the easier the claims are resolved and the less frequently the company rejects the claims.

Great value premium plan

Budget is the most important aspect to consider when buying, so the premium price should always fit your budget. Compare rates from different insurers when comparing bike insurance online. Also, please pay attention to the coverage they offer.

Available services

When comparing, you should pay attention to the benefits promised by insurance companies. In addition, all services should be accessible from the comfort of your home via the insurance company's website or mobile application.

Conclusion

Choosing motorcycle insurance is about as much thinking as switching from one insurer to another. Be sure to get insurance that offers maximum coverage at a reasonable price and allows you to drive safely. And also, If you are unsatisfied with the benefits and features of your current policy, we encourage you to change insurance companies at renewal. Remember to issue his NCB certificate from the last insurance company to avail of NCB. This will give you a discount on your comprehensive insurance premiums from your insurance renewal.

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Disclaimer / TnC

Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.

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