Keeping your two-wheeler insured at all times not only helps you meet your legal obligations, but it also protects your financial interests from responsibility stemming from your vehicle’s involvement in an accident that results in harm to a third-party person or property. A comprehensive insurance coverage also pays for repairs and replacements if the insured vehicle is damaged.
We frequently consider moving to a different insurance or getting increased coverage with our current one, just as we would with any other product or service. This post will explain the nitty gritty details of changing two-wheeler insurance. Many people are unaware that they can change insurers and get a refund from their current one while their policy is still active. Let’s look at a few instances one by one to see how you might go about requesting a policy modification.
At the Time of Renewal
At the time of renewal, you have the option of switching to a different insurer. Insurance providers offer a hassle-free online renewal process. You can renew your policy online by simply providing the basic policy information and making a payment without having to provide any additional documents. In addition, the policy is instantly accessible online for reference.
For enhanced plans, one can also consider using an existing insurer. For instance, if the present insurance only covers third-party liability, comprehensive coverage can be added during renewal to provide all-around coverage. Rider options such as sum assured for injury or death in the event of an accident can also be considered to increase the coverage value.
During Policy Period
Switching to a different insurer is an option if you’re unhappy with the features and advantages of your existing two-wheeler policy. This, however, comes with a catch. Because bike insurance is nontransferable, you’ll need to cancel your current policy and get a new one. To do so, you must give the present insurer at least 7 days’ notice in writing.
In the meantime, you can sign a new insurance with the selected insurer. You must produce documentary evidence to terminate the old policy after the new one is issued by the new insurance company. If claims were made within this time, the existing insurance could not be cancelled. If all of the conditions are met, the premium amount will be returned after prorated deductions.
Points to Consider before Changing Two Wheeler Insurance Policy
- If you’re thinking about switching because of the high premium, weigh the advantages of the old and new policies. It may not be possible to pay a few hundred dollars less for fewer benefits.
- Examine factors such as customer service efficiency, online tools and resources availability, claim settlement ratio, and other factors that directly affect you.
- Before making a change, look into the availability of Rider Options to improve the policy’s value and coverage. During a significant claim, these minor details come in handy.
Can I change my two-wheeler insurance company?
Whatever the reason, one thing is certain: bikes and enthusiastic bikers are inextricably linked. Riding a bike, on the other hand, comes with its own set of dangers. Because of its design and engineering, it is prone to mishaps. In the event of a bike accident, anything can go wrong. As a result, Indian authorities require that all motorcycles be insured. Although insurance cannot prevent accidents, it can provide financial protection in the event of unforeseen catastrophes.
According to a recent bike insurance update from India’s leading insurance body, the Insurance Regulatory and Development Authority of India (IRDAI), new bikes must be insured for five years in one go. For new bikes, annual third-party policies are not available.
During insurance renewal, you have the option of choosing long-term policies. You have the opportunity to swap insurers and alter your two-wheeler insurance coverage if you are not satisfied with the present one, regardless of whether it is a short-term or long-term policy. Depending on the terms and conditions, you can alter the coverage and insurance. To find out the answers to the following general questions, continue reading. How do I switch my two-wheeler insurance provider? And how do you change who owns your bike insurance policy?
Can I change my vehicle insurance company?
After the existing car insurance policy expires, the car insurance provider can be changed. If a car owner has had a negative claim experience with his or her existing insurer, he or she can acquire another coverage in an emergency circumstance.
The current insurer can be replaced by searching for a new car insurance company and purchasing (or renewing) a policy with that company. To avoid a terrible experience, all you have to do is conduct some research before choosing a new insurance and then purchase a policy.
Can we change bike insurance name?
An investigator from the insurance company may be dispatched to compile the inspection report. You must also pay a small transfer charge when switching your two-wheeler insurance coverage. The two-wheeler policy will be transferred to your name once everything has been validated by the insurance provider.
Can we have 2 bike insurance?
Two-wheeler insurance protects you from third-party liabilities resulting from injury to one or more people. All sorts of two-wheelers, such as motorcycles, mopeds, scootys, and scooters, are covered under the bike insurance policy.
How can I correct my two wheeler insurance policy?
To offer valid coverage, the insurance policy should be updated with all current facts about the bike. If there are any modifications, the insurance policy should be updated accordingly. When it comes to modifications to the bike, the most typical change is the owner’s name.
This is a significant move, and the insurance coverage as well as the bike’s RC Book must be updated to reflect the change in name. Before we go into the process of changing your name, there are two main reasons why you might want to do so:
When the bike is sold
The name of the bike’s owner changes when it is sold secondhand to another person.
While the owner of the bike remains the same in the first example, the owner of the bike changes when it is sold. The change in name in both of these circumstances must be noted in the bike insurance policy. If the change is not documented in the policy, the claim may be refused in the future.
If you’re wondering how to get a change of name recorded in a bike insurance policy so that you can assist your clients, here are the procedures for both of the types of changes mentioned above:
When the name of the owner changes
If the owner’s name changes without the bike’s ownership changing, here’s how to update the policy –
- Your client would need to get the revised name reflected in the bike’s RC book first. They should go to their nearest RTO and apply for a name change. Following the submission of an affidavit for the name change, the RC Book would be updated with your client’s new name.
- The new and updated RC Book, along with a request to modify the name on the insurance certificate, should be submitted to the insurance company once the RC Book has been amended.
- The insurance company would confirm the name change and issue a new insurance certificate with the new name on it.
When the bike is sold
When a bike is sold, the owner of the bike changes. Both the RC book and the insurance policy must be updated in this scenario. This is a two-step procedure. The first is for the transfer of bike ownership, and the second is for the transfer of bike insurance policy. Both of these methods are described in detail here
Transferring ownership of the bike
- Request that your client notify the RTO of the bike’s sale and ownership transfer.
- To change ownership, certain forms must be filled out, signed, and sent to the RTO. The following are some of them:
- Other bike documentation should be submitted in addition to these RTO forms. These documents include the seller’s registration certificate, tax certificate, copy of the existing policy, PUC, and address verification, as well as pictures of the seller.
The ownership of the bike will be transferred to the new buyer once all of the forms and documents have been submitted to the RTO. The RTO would issue a fresh and updated RC book with the buyer’s name on it.
Transferring bike insurance policy
After the ownership has been transferred, the insurance policy must be transferred as well. The following are the measures to take:
- A request for the insurance to be transferred should be made along with the necessary paperwork. The documentation include the buyer’s updated RC book, original insurance certificate, proof of address, and photographs.
- After that, the insurance firm would transfer the policy to the buyer’s name. Your client would be required to pay a charge for such a transfer.
Despite the fact that the policy’s name would be altered, your customer would be allowed to keep their no-claim bonus and use it when purchasing another bike insurance policy.
As a result, any change in the existing owner’s name or when selling the bike to someone else should be noted in the insurance policy so that your clients are covered.
How do I correct my insurance on my bike?
Changes to your bike insurance policy’s data may occur as a result of an error or an update to your personal or vehicle information. Here are some things to think about before making changes to a bike insurance policy.
Can I change insurance companies anytime?
You have the option of changing automobile insurance company at any moment. This includes the day you enroll in coverage as well as any open claims. You won’t be penalized if you switch more than once in a year. To ensure you get the greatest pricing, we recommend looking around for coverage at least once per insurance term.
Why You Should Change Auto Insurance
- in order to save money Because underwriting criteria and discounts differ between insurers, switching firms might save you hundreds of dollars each year.
- You made a change. You should be able to keep your current insurance if you move across town. However, if you relocate to another state, your current insurer may not be able to provide coverage.
- to bind together You may be able to save money by bundling your auto insurance with additional products.
- Your requirements have changed. Insurance requirements change over time. It may be time to transfer auto insurance carriers if your driving habits have changed, you’ve added or removed a driver from your policy, or you require coverage that your present provider does not provide.
- To improve service. You might be able to get better service with a different provider if your current insurer takes a week to respond to your email or you have to wait an hour on hold every time you call.
- Your credit score has improved. If you live in a state where credit-based insurance scores can be used to set premiums and your credit has improved since you bought your policy, switching could save you money.
- Adding a car or a driver. Adding a driver or a car to your coverage could result in considerable price changes. You can find the best deal by shopping around.
How do I change ownership of my insurance?
To issue the NCB retention letter, the insurer will require the following documents:
- 30th Form (application for intimation and transfer of ownership of a motor vehicle).
Purchasing a new asset necessitates careful consideration and planning. A used car is still a new investment for a customer. As a result, it’s only fair that the process includes a formal transfer of rights, ownership, and insurance coverage to the new automobile owner.
What happens to insurance when you sell a bike?
As we previously stated, transferring bike ownership can be done in a few simple steps. Let us now explain how to transfer your insurance ownership to the new owner of the motorcycle.
- Submit forms 29 and 30 to the RTO’s directorate, along with your RC, insurance certificates, Emission test papers, and other relevant paperwork. Also, as per the requirements, provide a passport-size photo.
- Once you’ve completed the procedure and submitted all of the required documents, the RTO will review them and, if all is in order, will transfer insurance ownership to the new owner.