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When can you upgrade or change your two-wheeler insurance policy?

When can you Upgrade or Change Your Two-wheeler Insurance Policy

Getting two-wheeler insurance is mandatory in India. There are two types of two-wheeler insurance you can choose from- Third-party insurance and Comprehensive insurance. According to the Motor Act, all two-wheeler owners are required to equip themselves with a basic two-wheeler insurance policy that is, third-party insurance. There are chances that you might not be satisfied with your current insurance provider and the policy due to various reasons. In such a situation, can you switch your insurance policy in the middle of your term? Read on to find out!

Situations where you can change your two-wheeler insurance policy

There are various instances that can encourage you to change or upgrade your two-wheeler insurance policy. When you first purchased the policy, you might have looked for a policy that is the cheapest but gives you the required protection. Over time you may realise that you are paying a higher premium for limited coverage or the policy might not suit your needs in general. You get the option of switching your insurance provider in the below situations-

Renewal of the policy

When your current two-wheeler insurance is close to the expiry date, you need to renew it to continue enjoying the protection it provides. Here, you can also switch the insurance provider or upgrade the existing policy if you are dissatisfied with the current policy. Before you decide to renew, you can research different policy providers and compare the features so that you can make an informed decision.

New Ownership of the Two-wheeler

You may decide to buy a second-hand two-wheeler instead of purchasing a brand new one. In such situations, if you are not happy with the insurance provider of the previous owner, you can switch to the insurance provider of your choice. On the other hand, if you sell your two-wheeler to another person, you are legally required to transfer the existing insurance policy to the new owner.

Getting a new two-wheeler 

If you get a new two-wheeler replacing your current scooter or bike, you can change your two-wheeler insurance based on your new needs. If you want, you can also continue the existing two-wheeler insurance by adding new add-ons that provide extensive coverage. When you do this, the insurer is obligated to undertake a new assessment to evaluate the condition of your bike.

During the policy term

Generally, it is not recommended to switch your insurance provider in the middle of the term. But if you are extremely dissatisfied with the service then you can opt to switch. For this, you will need to first cancel your existing policy. You need to follow the steps given by the provider for this, after which you can get a new two-wheeler insurance of your choice. Keep in mind that you should not drive your two-wheeler unless the new policy is active.

Two-wheeler insurance ensures that you are financially protected in case any damages occur in the future. With a valid two-wheeler insurance, you can drive stress-free and enjoy your ride! To know more about two-wheeler insurance, click here!



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