Can you switch your insurance provider at the time of renewal of policy?

Car Dealer

Our experience tells us that there are two kinds of insured – those who actively change their two wheeler insurance providers every single year and those who blindly renew their policies without any discussion or debate around other alternatives in the marketplace.

We suggest that you stay somewhere between these two extremes. Retaining the same insurer with ever increasing premiums year after year can end up setting you back a significant amount. At the same time, simply jumping ship year after year may cause you to compromise on your coverage.

So, what is the right approach for bike insurance renewal? Well, read on!

Get in touch with your current insurer

In a competitive marketplace, you cannot expect a company to let go of existing business without putting up a fight. Some may get back to you with penalty clauses that would come into effect for a premature switch. Others may try to entice you with discounts on your existing premiums.

Spend some time understanding what your exit would entail before you begin the process of evaluating new options. This will ensure you are better prepared and not in for any last-minute surprises.

Evaluate your bike’s condition

Every two-wheeler undergoes wear and tear as the years go by. Insurance providers take this into account while settling any accident claims and this can impact your settlement and out of pocket expenses.

Appraise your bike and think about getting an add-on in the form of a “zero depreciation bike insurance“. This will ensure that claim processing does not take into account the age of your bike.

Understand, Research and Compare

  • Start by studying the coverage that your present two wheeler insurance Evaluate your day to day realities that may call for a modification to your existing plan.
  • For example, a person who recently had a baby may want to get stiffer comprehensive coverage than before. On the other hand, certain add-ons that made sense a few years ago, may no longer be relevant.
  • With this newfound agenda, visit aggregator websites that publish policy details across various providers along with ratings, reviews, blogs and more.
  • Compare what you get against what is left out, while obviously focusing on getting the biggest bang for your buck. Hone in on what fits you the best.

Investigate the new provider

Visit the insurer’s website and gauge their customer connect and user experience. Smooth interfaces and apps that allow you to easily lookup and purchase policies, clarity with respect to what they do and do not cover, their claim settlement ratio and processing are all non-negotiable aspects of a provider’s outreach.

Read reviews about their customer service and enquire with friends as to their experience dealing with the provider in the past.    

Now, go Switch!

When you finally do make the switch, make sure that the new insurance starts before or on the exact same day as your old policy expires. Do not risk staying without coverage for even a single day since it strongly impacts premium costs in the future. Ensure that you print out your new two wheeler insurance cards and replace the older ones.

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