How to Switch Insurers in Bike Insurance Renewal Online
You might be aware of the importance of bike insurance online for your bike. Online bike insurance not only will shield your bike with strong bike insurance policies that offer a wide range of coverages but is also mandatory as per Indian law. A drive without bike insurance will cost your life.
We are aware that bikes are more prone to accidents more than any other motor vehicle. This takes our responsibility to keep our life and journey. Bike insurance online will come for your rescue in tough times.
Now it is your time to intensify your focus on insurance companies that issue bike insurance online or bike insurance renewal policies.
If you already own a bike insurance online policy and if your insurer gives you a reason for your dissatisfaction you must go and hunt a new bike insurance policy to continue to shield your bike. If you are looking for the best plan than the existing bike insurance, you can look for better options for bike insurance renewal from varied insurers.
There are certain aspects that every insured should follow while shifting the insurer. They include:
Why switch your bike insurer:
Jot your thoughts on switching the bike insurer. Generally, the insured will look for higher coverage with different insurers and get his/her online bike insurance renewal from the chosen insurer. If you already hold a best online bike insurance coverage then explore the other reasons for your switch.
Consider your experience with your Insurer:
Customer experience is the vital aspect that decides the insurer’s dependability. So we advise you to know the reviews on the insurer before approaching them for your bike insurance policy. Check their claim status ratio to find their claim efficiency and look for the procedure of bike insurance cancellation.
Inform existing insurer:
Be sure to inform your existing insurer before applying for a new bike insurance renewal policy. Otherwise, you will have to pay double premiums. Call your insurer and inform your date of bike insurance online policy cancellation.
Now opt to switch:
Go and compare a minimum of three bike insurance policies before buying bike insurance renewal. After comparison, you must inform your existing online bike insurance policy switching and cancel your online bike insurance. Then approach your new insurer and set your policy date. Here, you need to coordinate your bike insurance renewal dates such that the new policy starts covering as the old online bike insurance expires.
Best time to cancel:
You can cancel your bike insurance renewal policy at any point in time but you are advised to apply for cancellation during the end of the policy period. This will make your bike insurance renewal easy.
To summarize, switching your bike insurers include many gains along with losses. So be sure before switching your insurers. Follow the series of steps mentioned here to gain a better bike insurance renewal policy from a new insurer.
Importance of Bike Insurance Renewal
Riding on your bike and gushing through the roads and the traffic at full speed gives you a sense of adventure. But that much speed also increases the possibilities of collision or accidents. Hence, as a bike owner, it’s your responsibility to protect yourself and your vehicle from any kind of contingency that you come across while on the drive. The best way to get this is by purchasing bike insurance if it’s a new bike or through bike insurance renewal in case your existing policy got expired.
A very unfortunate picture that we see among the majority of bike owners in India is that they do not care to renew their bike insurance making them vulnerable to financial emergencies in case of any accidents. According to a survey, almost two-thirds of the bikes on Indian roads are not insured. They do not even possess the mandatory third-party bike insurance. This is although a valid bike insurance policy is mandatory as per Indian law and it is as important as wearing a helmet during a bike ride.
A bike insurance policy is a contract between the two-wheeler owner and the insurance company where the insurer agrees to give financial assistance to the bike owner during an emergency that occurred on the drive, in return for an amount called the premium paid at regular intervals by the owner. Bike insurance renewal refers to the renewal of this contract annually which is a mandate. If the bike insurance renewal deadline is missed, there will be a break in the policy. That means you will no longer be able to renew your policy and have to buy a new one which might lead to an increase in the premium. It might sometimes lead to even denial of insurance offer.
Keeping in mind this lethargic attitude of bike owners towards bike insurance renewal, insurance companies, as well as online insurance aggregators, have come up with the facility of online bike insurance renewal. This aids the bike owners to purchase renewal policies online without any documentation. Bike insurance online can also help customers avoid the hassle of inspection, unlike the conventional offline bike insurance renewal process. The only point to be remembered here is that for online renewal, the risk inception date starts only after 3 days from the date of purchase of the policy. Any damage to the bike or its rider before this period will not be covered under this bike insurance policy. For further information on bike insurance renewal online, you can contact insurance experts at 1800 123 4003 or chat with them on policybachat.