How to Change Your Two-Wheeler Insurance Policy?

Two-wheeler insurance is essential primarily due to two factors – it is legally binding, and it offers a financial safety net in the event of an accident. However, there are numerous insurance providers who make tall claims initially but do not walk the talk when the need arises. Whether it’s the premium payments, the flexibility in covers, the ease in renewal or the swiftness in the settlement, not everyone provides every option. So opting for the policy that suits you the most is advisable.

Changing your 2-wheeler insurance online is quite easy and simple. Almost every insurance provider offers the option to migrate in and out of their policies in a hassle-free manner. There are multiple instances when you can transfer your 2-wheeler insurance online, but the three scenarios mentioned-below are the most common ones.

1. Before Policy Renewal: This is one of the most common instances when consumers go for a change in their policy. After completing one term with the policy, you are either dissatisfied by your existing policy or attracted towards a better insurance plan that suits your needs. Irrespective of the reason, the process here is the easiest because you simply need to renew with the new insurance company of your choice. Here, your No Claim Bonus also gets transferred to your new provider.
2. Within Policy Period Time: People change their 2-wheeler insurance online within the policy period when they are extremely unhappy with the features or if the policy provider doesn’t satisfy the conditions of the policy document. The process for migration is tedious. You first need to cancel the existing policy, find another suitable provider and furnish all the documents that are necessary for new insurance. Moreover, you also need to be careful that you ride your bike only when your new insurance is activated as the former plan is already cancelled.
3. Change Your vehicle: When you plan to buy a new bike, you either transfer your existing plan if any or you buy new insurance. In the case of the latter, the process remains similar to getting new insurance. However, you can also change the existing 2-wheeler insurance online. Contact your insurance company, and they will inform you of the procedure to migrate the existing coverage to your new bike.

One important factor to contemplate while transferring your insurance is to analyze the customer service of the new insurance provider.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.