Having a two-wheeler helps you liberate yourself from the hassles of jam-packed traffic saving you many hours. Apart from their ease of manoeuvrability, they are a fun to ride an also affordable to maintain. All said, it is essential to have a two-wheeler insurance as a mandatory requirement other than its registration and PUC.
Different policies are available depending on your requirements. The two broad categories of 2 wheeler insurance plans are – third-party or liability-only plans and comprehensive policies. Any legal liabilities due to third person are covered by a third-party policy whereas own damage to your bike is also covered with a third-party coverage under a comprehensive insurance policy. Either policy you buy, there’s always an option to upgrade your insurance coverage. Whatever is your reason, this article explains the different occasions when you can upgrade your insurance cover. Let’s have a look –
At bike insurance renewal
The most recommended time to upgrade your insurance cover is at renewal date. An insurance contract is valid only for a specified term. At each bike insurance renewal, this contract expires, and a fresh contract is entered. On termination of the old contract, you as a policyholder are free to choose any insurer or its coverage based on your requirements. The process is similar to buying a new bike insurance cover with the only exception of no-claim benefits further lower your renewal premium.
During policy tenure
Upgrading your coverage is also possible during your policy tenure, although it is not the recommended time. The hassle in doing so is that you need to cancel your existing policy only after which a new two-wheeler insurance can be purchased. Any accrued benefits are transferred to your new policy.
Change in vehicle
Every two-wheeler insurance policy is associated to the policyholder and not the vehicle. So, if you change your vehicle, you need to inform your insurance company about such change. At such time of change in vehicle, you can also upgrade your coverage based on the change in preference for it. It is both, the seller as well as buyer’s responsibility to get it transferred. For a change in vehicle, intimating your insurance company is crucial.
Lapse of insurance coverage
This is another situation when the coverage can be changed for your insurance policy. However, it is not a good situation to be in since the coverage for your vehicle has ended. For any lapse of coverage beyond 90 days, the no-claim benefits also extinguish, and it becomes void.
These are some situations when the 2-wheeler insurance coverage can be increased. When upgrading your insurance coverage, remember to analyse your new requirements else it might once again prove to be insufficient. Followed by it, make sure to compare the available alternatives based on various features including its premium. For this, you can make use of a two wheeler insurance premium calculator. Read the fine print of the new insurance policy to understand all nitty-gritties. Lastly, do not base your decision solely on premium, but also consider the necessary policy features. On an overall basis, upgrading your insurance coverage is straightforward, but timing it is equally important to avoid unnecessary hassles. Insurance is the subject matter of solicitation.
