In India, buying a two-wheeler insurance policy is mandatory as per the Motor Vehicles Act of 1988. Every two-wheeler needs to have third-party insurance for two-wheelers that offer third-party liability protection. However, these policies do not cover any damage to the insured two-wheeler. Hence, many bike owners opt for a comprehensive bike insurance policy that includes third-party liabilities and coverage for damages to their bikes.
Typically, when you buy a bike, the manufacturer or dealer will offer a one-year third-party bike insurance policy as a part of the package. This allows you to ride your new bike on the roads without worrying about the insurance paperwork.
However, if you realise that you need coverage for your bike and want to shift to a comprehensive bike insurance policy, how should you go about it? In this article, we will talk about how you can change from a third-party to comprehensive bike insurance online in a hassle-free manner.
Switching From Third-party To Comprehensive Motorcycle Insurance
With most insurers offering bike insurance online, it has become easy to purchase policies. You can compare providers and plans and use the free online bike insurance calculator to estimate the premium before buying the policy.
When you decide to switch from a third-party to a comprehensive bike insurance policy, then all you need to do is buy the comprehensive policy, wait for it to be activated, and close the third-party policy. Since a comprehensive policy includes third-party liability coverage, you do not need an additional third-party policy with it. Here are the steps that you need to follow to buy a comprehensive two-wheeler insurance policy:
- Visit the website of the insurance provider
- Enter the registration number of your bike
- Choose a comprehensive policy under the type of insurance required
- Select the Insured Declared Value (IDV) as per your preference
- Select add-on covers to customise the policy as per your needs
- Choose the voluntary deductible
- Pay the premium online
- Receive the policy documents at your registered email address
Some Things To Keep In Mind Before Switching To Comprehensive Bike Insurance
Here is some important information about comprehensive bike insurance that you need to know before making the switch:
- Comprehensive bike insurance policies are costlier than third-party policies.
- The premium of a comprehensive plan depends on a range of factors, including the make and model of the bike, its age, location, the choice of add-on covers, and a range of other factors.
- The IDV plays an important role in determining the sum assured and the premium of your bike insurance policy. You need to be careful while choosing the IDV. A low IDV would mean a lower premium and a low sum assured. On the other hand, a higher IDV will mean a higher premium and a high sum assured.
- Add-on covers can help you boost the coverage of the policy. However, each add-on cover increases the premium. Hence, make sure that you choose add-ons carefully.
- Insurers also allow you to choose a voluntary deductible to reduce the premium amount. However, a higher voluntary deductible would mean that you would need to pay a higher amount at the time of a claim for the benefit of getting a lower premium.
A comprehensive bike insurance policy is a good option if you are looking for complete coverage for your two-wheeler. While every bike would have a third-party bike insurance policy, its coverage is restricted to third-party liabilities only. A comprehensive policy, on the other hand, covers damages to the insured bike due to accidents, collisions, natural disasters, fire, theft, or man-made disasters. While these policies cost more than third-party policies, they offer better coverage. Make sure you assess your needs, and if you need a comprehensive policy, compare providers and plans and find the best one for your needs.