How to Switch Insurers at the Time of Bike Insurance Renewal Online?

Switching Your Bike Insurer – 5 Steps to Follow

If you are dissatisfied with the policy coverage and benefits from your current 2-wheeler insurance policy, you can switch to a different insurer.

Apart from policy features and benefits, you must look for other services while choosing the bike insurance company. With that saying, here is a guide that will help you choose the right insurer and make the best out of your bike insurance online-

1. Reputation of the Insurer

   While finding the bike insurance policy for your vehicle, it is important to check the goodwill of the insurer. Make sure to compare various insurers online and shortlist the bike insurance companies in India. By doing so, you can find the right insurer having a good reputation.

   Once you’ve decided on a few insurers, make sure to check their reviews and feedback online given by their existing customers on their social media handles or any other reliable online platform.

   You can also do this on Policybazaar.com where you will find multiple 2-wheeler insurance plans offered by the insurers of India.

2. Claim Settlement Ratio

   As a bike owner, you buy a bike insurance policy to get instant financial assistance during an emergency. When switching the insurer, you must check the claim settlement ratio (CSR) of the new insurer along with how quick their claim resolution process is. A higher CSR means your claims will be settled easily and that the company does not reject claims very often.

3. Affordable Premium Rates

   Your budget is probably the most important aspect to consider while buying anything, so premium rates should always be according to your budget. While comparing bike insurance online, compare premium rates offered by different insurance companies. Also, pay attention to the coverage that they offer.

   For example- XYZ Insurance Co. may have lowest bike insurance premium, however, it might not meet all your requirements. Therefore, you must check the premium rates and coverage before finalising the deal.

   You may also read- 5 Important Factors to Compare Bike Insurance Online

4. Available Services

   While comparing, you must look for the services promised by the insurer. You must be able to access all the services in the comfort of your home through the insurer's website or mobile application.

5. Make a Switch and Cancel Your Previous Year Policy (PYP)

   If you have conducted your research successfully and found the right insurer, it's time to switch. Make sure your new two-wheeler insurance should come into effect before or on the same dates when your last insurance policy expires.

   Also, cancel the previous year's policy by informing them that you are ending the policy & confirming the same in writing. This will ensure that the insurer will not deduct your premium amount, and you can make a switch.

Final Words

If you are not happy with the benefits and features of the current policy, it is always a good idea to switch your insurer at the time of renewal. To avail the benefits of NCB, don’t forget to issue the NCB certificate from your last insurer. This will let you enjoy a discount on your own-damage premium from the new insurer.