If your current insurance provider is difficult to reach in times of need, and you need to make multiple follow ups for raising a claim and finally bear the entire amount from your pocket- it is time to change your current insurance provider.
An ideal insurance company should be able to compensate for your loss when the need arises or else you will have to end up spending from your pocket every time. Here are a few things that you need to consider when planning to switch your bike insurance policy.
Adequate research:
Just when you have suffered a huge loss and had to pay from your pocket you must do at least basic research before finalising any insurance company. There are few pointers that you must check before choosing your insurer such as the reputation of the insurer, services, claim settlement ratio and few more.
Checking the reputation of the insurer:
First things first, create a list of all reputed insurers. This can be done by checking their websites where you can find testimonials of the existing customers. You can also check the social media handles of the customers where researchers share their experiences with the brand. This way you can filter your search and narrow down the list of reputed buyers.
Riders offered by the insurer:
Few insurers do not offer riders with bike insurance policies. Riders add value to your bike insurance policy and increase coverage for your bike. You may require a few riders such as on-call assistance, fuel delivery at a stranded place, bike breakdown, battery jumpstart if you are a biker and love to travel places with your bike. In such a case you may have to choose an insurance provider that allows you these value-added services.
Claim Turnaround Time:
The sole purpose behind having a bike insurance plan is that you will need financial support when the need arises. These are the times when you would need the insurance provider to have a quick turnaround time and you would need to follow up for the claim settlement. Try to figure out an average turnaround time of the insurance providers and settle with the one that has a low turnaround time.
Rate of the premium:
The rate for third party bike insurance premium is fixed by IRDAI and is same across all insurance providers but varies in case of own damage insurance. You must compare the prices of two-wheeler insurance with different insurance providers and choose the one that provides you more value for money. If your current insurance provider is better in terms of value for money switching your insurer would not be ideal.
Accessibility:
Your insurance provider must allow you to renew or raise claims online. Some insurance providers also allow access to company websites through mobile via apps. This way you can eradicate any middleman and also be updated with company terms and policies. This allows transparency along with ease of renewing/buying bike insurance online or even raising a claim online.
Here are few basic things that you must know before buying a bike insurance policy
Necessity of having a bike insurance policy:
In India having a third-party bike insurance is mandatory for all bike owners. Not having a third-party insurance plan can lead to legal complexities. A third party bike insurance plan provides coverage only for third party person and property and does not cover for your own damage.
A comprehensive bike insurance plan becomes a necessity as it provides financial support to your bike in case of any damage along with a third party insurance. In case if you already have a third party bike insurance you can opt for an on damage bike insurance which provides coverage for your bike in case your bike suffers any damages.
Why you must compare plan online:
Comparing plans help you to get the best policy at the most affordable cost. If you do not compare the bike insurance plans online you may lose the benefit that the other insurance providers are offering.
Final word:
You must switch your policy only when you find that you are not happy with your current insurance provider. You can port your policy during the policy period or wait for the plan to expire and buy a new bike insurance from a new insurer. You are likely to receive better services at a lesser premium if you wisely switch your current insurance provider. In case you have accumulated No Claim bonus, it will automatically get transferred to your new policy.
