Be confident in the knowledge that you have the best policy to insure you and your bike against any untoward accident.

People who own two-wheelers fall into several categories. Some own it to have a compact vehicle that can get them from one location to another. While others own it as a stop-gap, as they save up for a car. There is yet another group who buys two-wheelers because riding is their passion. Regardless of which category you fall into, it is a fact that the number of bikes and scooters on our roads is on the rise, as are serious accidents related to them. Thus, insuring your two-wheeler is a sensible decision, apart from being a legal mandate.

Types of Two-wheeler Insurance Policies

The common types of two-wheeler insurance policies available are given below.

1. Comprehensive Policy: This has elaborate coverage, including the compulsory third-party policy and own damage cover. The premium of these plans is generally high. Add-ons are also available with comprehensive insurance. These enhance the policy coverage beyond what a basic plan provides. Some popular add-ons are engine cover, zero depreciation, and roadside assistance. Adding riders to your comprehensive insurance increases the premium.

2. Third-Party Liability Policy: This is legally mandated under the Motor Vehicles Act 1988. These policies have low premiums and do not offer extensive coverage. This policy does not cover damages to the insured vehicle but protects against liabilities arising from injuries caused to third parties or damages to their properties.

When Can You Change Your Two-wheeler Insurance Policy?

The process of changing your two-wheeler insurance is straightforward. You can change your policy online or offline. Below are some situations where people tend to change their insurance policies.

At the Time of Renewal

An insurance policy is a contract that lasts for a stipulated time. When this period is over, you can choose a different contract offered by the same insurer or opt for a different insurance company. If you choose a different insurer, your No Claim Bonus (NCB) will be retained if applicable.

Within Policy Period

It is not highly recommended that you change your insurance policy during the policy period. If you decide to do so due to non-satisfaction with the current insurer, make sure you inform your insurance provider and cancel the policy by following the due process. Before riding the bike, ensure your new motor insurance has been activated.

New Ownership of Your Two-Wheeler

If you sell your two-wheeler, you must transfer the insurance policy to the new bike owner, as the policies are for particular vehicles. This is necessary to avoid legal complications.

Lapsed Two-wheeler Insurance Policy

You can either opt to renew the lapsed policy with the existing insurance provider or obtain new insurance from a different insurer. If you’re switching insurance companies, you may lose any accumulated No-Claim Bonus (NCB) from your previous policy if there’s a significant gap between the old and new insurance.

Renewal

You can also change your two-wheeler insurance when your policy is due for renewal. You can switch to a better plan with the same insurer or choose a different insurance company. Make sure you compare the plans and select the one that aligns with your preferences.

You can renew your two-wheeler insurance policy either online or in person.

Online Process

If you want to continue with the same cover and insurer, all you need to do is go to their website, and renew your plan by logging into your account and making the payment.

If you want a different cover or insurer, you must spend some time thoroughly understanding other plans offered. You must compare the coverage offered to find the policy that best suits your needs.

Offline Process

To renew your two-wheeler in person, you must visit the insurance company's office or contact a certified insurance agent. You must fill out the necessary forms and submit the required documents.

How to Change Two-Wheeler Insurance Policy Online?

Before you change your two-wheeler insurance plan, it is crucial to conduct thorough research and compare different insurers and their policies. Additionally, it is critical that you understand the policy terms, deductibles, and coverage provided. After in-depth research, you may follow the given steps to change your two-wheeler insurance policy online:

1. Visit the Insurer Website: Go to the relevant website and create an account if you’re switching the insurer. If you’re simply upgrading coverage or changing plans with your current insurer, login to your existing account.
2. Choose Policy: After logging in, locate the section that offers renewal, upgrade, or quotes. Select the required policy.
3. Provide Information: If you’re switching to a new insurer, you’ll need to provide the details of your vehicle, claims history, current insurance details, and more. Ensure all personal information you provide is correct.
4. Upload Documents: The insurer may require you to upload relevant documents like the vehicle’s Registration Certificate (RC), your driving licence, and the previous policy details.
5. Make the Payment: Proceed to the payment section and pay the necessary amount. You may have to upload ID proof for verification.
6. Review Policy: After successful payment, the insurer will typically send a policy document with all relevant details, like the policy number, premium, expiry date, and more. Verify all details and request corrections if necessary.

Important Things To Consider While Changing Your Two-Wheeler Insurance Policy

Here are some things you should remember when changing your two-wheeler insurance policy.

1. Do not change your insurance policy on a whim. Thoroughly research different plans and coverage available before making a decision.
2. Do due diligence when switching to a new insurance company. Their reputation, credibility, claim settlement ratio, customer reviews, and the quality of customer service are important factors to consider when choosing an insurance policy.
3. Read the fine print carefully before signing any policy documents.

FAQs

1. Is it possible to renew two-wheeler insurance online?

Yes, you can renew your insurance policy online by visiting the insurer's website and making the necessary payments.

2. Is it safe to renew insurance online?

Yes, it is safe to renew your insurance online. Most reputed companies have a secure payment gateway.

3. Can I update my insurance policy?

Yes, you can update your insurance policy by visiting the insurer's website or getting in touch with an agent from the company.

Conclusion

In conclusion, changing your two-wheeler policy online is a simple, convenient, and time-efficient process. Compare options, select a policy that better suits your needs, and ensure uninterrupted coverage for your bike. Remember to evaluate your coverage requirements carefully and retain benefits like the No Claim Bonus (NCB) during the switch for maximum value.

Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the Insurance industry and products. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.