Change/Upgrade/Port Your Bike Insurance
- Author :
- TATA AIG Team
- Published on :
Buying a bike insurance policy should be a well-planned and calculated decision; after all, this insurance policy is supposed to protect your bike against a host of damages and losses that are not under your control. Also, if and when you need to upgrade your bike insurance, you should be able to understand what is lacking in the current insurance coverage.
Hence, the most important part of your two-wheeler insurance is the coverage it offers and the types of damages and losses that it can offer protection against. Here is a short but simple guide on how you can know the coverage required for your bike insurance.
Determining the Coverage of your Two-wheeler Insurance
Every bike is different, and how it is maintained and used will determine how much damage could likely affect the vehicle. For instance, a well-maintained and properly serviced bike has a better chance of suffering less damage during an accident than a poorly maintained two-wheeler.
While this factor can be one of the many that can help you decide the coverage of the insurance for your two-wheeler, a basic third-party bike insurance coverage with standard coverage is anyway mandatory as per the law. It is the comprehensive insurance coverage that you can plan and choose with the help of a bike insurance calculator.
This online tool is a simple calculator that takes into consideration the make, model and brand of your bike along with some other details to calculate your insurance premium. You can then choose the sum insured of your policy and proceed to purchase the plan.
You can visit Tata AIG’s official website if you want to quickly find out how much insurance coverage your bike needs. You can also switch to new insurance for your two-wheeler from your old one on our website without any hassle.
The Right Time to Upgrade or Change Your Bike Insurance Policy
Changing your bike insurance plan is a simple process in itself; however, most people are confused about the timing for changing the policy or upgrading to a new one. And so, when and how to change your two-wheeler insurance company? Here are some situations that are ideal for changing and upgrading your insurance.
- During Policy Renewal
When your existing policy is about to expire, you should get it renewed soon. At the time of renewal, if you feel you need a different policy or want to customise your bike insurance, then this is a good time to proceed. The process of purchasing a new bike insurance policy is quite the same as upgrading your two-wheeler insurance, and so, this should be a good time to upgrade to a new policy.
- During the Policy Tenure
Though this may not be the best time to switch to a new policy, it is still possible to get a new policy when your existing plan is effective. You will need to inform your current insurance provider about the same and follow any due processes as per the company’s rules. During this time, find out how to change your two-wheeler insurance company. Your current policy will have to be cancelled first so you can start availing of the coverage from the new bike insurance plan.
- If you Sell your Bike
The insurance policy is meant to protect your bike. Hence, if you sell your two-wheeler, then the bike insurance policy should also be transferred to the name of the buyer or the new owner. The process of transferring the insurance policy is simple but requires initiative and involvement from the buyer and the seller. And to avoid any hassles related to not having a valid bike insurance policy, it is best to complete this process as soon as possible.
- If you Buy a New Bike
As mentioned above, the bike insurance policy is for your bike; hence, if you purchase a new bike, you cannot make do with the existing policy and will have to buy a new policy as well. Therefore, you can time the expiry of your current bike insurance plan with the purchase of your new bike if needed. Your bike dealer may offer you a standard bike insurance policy coverage which may not live up to your expectations. This is when you can take the chance to change your bike insurance policy or upgrade to a new one as per your precise needs.
- Lapsed Bike Insurance Policy
Riding your bike with a policy that has lapsed and is ineffective counts as a legal offence and violates several traffic rules. Always keep track of when your current policy is about to expire so you can choose to upgrade to a new plan during the renewal or opt for a new one altogether. However, a lapsed policy comes with many other issues, and you should not wait so long to change your policy if you need to do so.
Not many people are aware, but waiting for your bike insurance policy to lapse may not be the best time to upgrade or change your bike insurance plan. This is because between the lapse and the purchase It is better not to allow your policy to lapse before getting a new one since the time gap between the lapse and the purchase of a new policy can lead to an increase in your bike insurance premiums.
With Tata AIG, you can get all the assistance and the adequate coverage you need for your upgraded and new bike insurance policy with the help of our customer care and our easy-to-use bike insurance calculator. Our bike insurance also allows you to retain your No Claim Bonus from your previous two-wheeler insurance, which can sometimes be lost or invalid when you are switching to a new policy.
As you can see, upgrading to a new bike insurance plan is not difficult if you know the right time to switch to a new policy. Though you can always start with a good insurance policy to begin with, sometimes, it may be necessary to upgrade or change your plan to a new one to cope with the insurance needs of your two-wheeler.
Disclaimer / TnC
Your policy is subjected to terms and conditions & inclusions and exclusions mentioned in your policy wording. Please go through the documents carefully.