Home / Two-wheeler Insurance / Articles / 5 Things to consider before switching bike insurance
Team AckoNov 15, 2022
An ideal bike insurance company is the one that helps you when in need if the covered incident occurs. Else, you have to go through the hassle of spending money from your pocket and follow-up repeatedly. If this is your current scenario, then switching your bike insurance policy to a better insurer is the best solution. In this article, we have listed five things you must consider before making a switch to a new bike insurance company.
A little bit of research before switching your policy to another insurer will be helpful, especially if you are in distress about the services provided by the current bike insurance company. Knowing the following things in advance will help you choose the right insurer and get the most out of your bike insurance policy.
Before making a switch to another insurer, it will be very helpful if you narrow the list of potential insurers by filtering others. One of the major factors for filtering the list is the reputation of the bike insurance company.
Nowadays, bike insurance companies have dedicated handles on social media platforms where existing users post their experience with the insurer. Go through the latest reviews as much as possible to get an idea of how the insurance company fairs.
Sometimes a bike insurance company may lack certain services. For example, value-added services. These add value to your bike insurance policy apart from the regular Third-party and Own Damage cover. Some bike insurance companies provide services like on-call assistance in case of bike breakdown, battery jumpstart, assistance for a flat tyre, fuel delivery to the spot where you are stranded, and more. If your current bike insurance company is not offering such services then switching to another insurer will be helpful.
The primary purpose of buying a bike insurance policy is to create a financial backup in case of accident or injuries after a bike accident. These are stressful times for a bike owner. It is very important that your insurance company provides the required support in such difficult times. Thus, try to understand the average turnaround time the insurance company takes to provide services.
Compare two-wheeler insurance premium you are paying to the current insurance company and the new insurer’s premium rates. If you are getting more value of money and services with the current policy, then making a switch won’t be helpful. However, if you observe that another insurer is offering more bike insurance coverage or services, then making a switch will be very helpful even if the premium is slightly on the higher side.
Buying, claiming against, and renewing the policy can be done quickly if the insurance company has provided a mobile application to its existing customers. If not, you need to contact a middle man to avail of all the services. Another way is to personally visit the insurance company’s branch office to avail of a particular service. This must be done even for regular services like renewing the policy.
Here is a list of things you must be aware of before you buy your bike insurance policy. These will be helpful, especially if you are new to bike insurance and are about to buy your first policy.
In India, it is compulsory to buy a bike insurance policy to be on the right side of the law. It is not required that you opt for a full-fledged Comprehensive Coverage, but, buying the basic Third-party Bike Insurance Policy will suffice. But you need to consider the benefits of having the Own Damage (coverage for damage to your bike) cover in your bike insurance plan.
A Comprehensive Bike Insurance Policy will help you make a claim against damages to the bike from accidents, natural calamities, fire, or total loss, i.e. damage to the bike that is so major that repairing it is not possible. That is why you must first understand the need to buy a bike insurance policy and then select the appropriate plan.
The idea behind comparing bike insurance policies is pretty straightforward — to find the best plan. You lose major benefits if you don’t compare first and understand more about the plan available in the market. For example, always compare the coverage, premium, and services offered by different bike insurance companies and then select the most suitable plan.
As mentioned earlier, there are two major types of coverage when it comes to a vehicle insurance policy in India. First is the government-mandated Third-Party Liability Plan, and then there is a Comprehensive Policy. The latter will help you claim in case your bike gets damaged. It is not possible otherwise.
Next comes buying suitable coverage. You must always consider your requirements before finalising which type of bike insurance policy to buy. This will help you buy relevant coverage and not just what is on offer. For example, buy add-ons if you feel that basic coverage is not sufficient for your needs.
The digital transformation of insurance services has helped people buy better policies faster. Buying, claiming, or renewing the plan is much easier when you have the insurer’s mobile application handy.
You can also buy the plan online by visiting the insurance company’s website. Go to the dedicated bike insurance page and enter your bike details. You will see the coverages and services. Finally check the quote and make payment to receive the policy instantly. Your bike insurance policy will be sent to your registered email address.
If you are not happy with the services and bike insurance coverage provided by your current insurer then you must find another insurer. You can either port your policy to the new insurer or simply wait for the current plan to expire and then buy a new policy from the desired insurer.
If you choose the new insurer wisely then there will be no disadvantages of switching the policy. In fact, you are most likely to receive better services, coverage, and lower premium if you make the switch.
A No Claim Bonus is a discount that you (the bike owner) get for not raising claims. In simple words, you get a discount on the bike insurance premium for not raising claims during the policy period. This loosely implies that you ride the bike in a safe manner and avoid accidents and consequently raise claims. Thus, the NCB will get transferred to the new policy.
For example, if you have accumulated a 50% NCB on your current policy, then you will still get a 50% discount on the new policy provided you don’t make a claim.
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on industry experience and several secondary sources on the internet; and is subject to changes. Please go through the applicable policy wordings for updated ACKO-centric content and before making any insurance-related decisions. Explore More:
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