Compared to cars, two-wheelers are cheaper to maintain and more enjoyable to ride in traffic. People are attached to their two-wheeler for various reasons. Some people love their bikes a lot, while others treat them practically while still taking good care of them.
Some people enjoy taking long bike rides and going on road trips, while others are just grateful to have a bike that allows them to move quickly around the city.
Whatever the case, just like you take care of your beloved bike, you should take care of its insurance too.
Here are the fundamentals of two-wheeler insurance and some benefits that you may be eligible for:
- Most insurance policies may cover your vehicle if it gets stolen or damaged.
- Riders of two-wheelers can also benefit from personal injury protection and liability coverage, which may cover costs if you were at fault for another driver’s injuries or if your bike gets stolen.
Can you transfer your existing two-wheeler insurance policy to a new vehicle?
Some of us must be wondering if, instead of buying new bike insurance, can we transfer our existing policy to a new one.
Yes, you can transfer your existing bike or scooty insurance policy to your new vehicle. You must show your insurer your vehicle’s registration and the original policy certificate from your old two-wheeler.
Policyholders could be allowed to exchange vehicles without having to cancel their policies. However, you should consider some limitations before making the switch.
- Some insurers may require you to wait at least thirty days after trading in your old vehicle before renewing the insurance policy on your new one. Other insurers may only require a fourteen-day waiting period.
- Regardless of the time frame, it is essential to remember that any lapse in coverage during this period could significantly increase premium costs.
- Certain circumstances may preclude you from transferring your policy. Suppose, you were in an accident while driving your old vehicle. In that case, you might not be able to transfer the insurance coverage associated with it.
* Standard T&C Apply
How do you transfer the existing policy?
You may follow the below steps to transfer your existing insurance policy:
- At the time of renewal
At the time of renewal, you might want to switch to a different insurance company. You can renew your insurance policy by making an online payment and giving only the most basic information about your policy.
If the policy you have now only covers third-party liability, you can add comprehensive coverage when you renew it to make it cover everything. To increase the value of the coverage, you can also consider other rider options like sum assured for accidental injury or passing away. *
- During policy period
If you don’t like the features and benefits of the two-wheeler policy you already have, you can switch to a different insurer. Since you can’t give your bike insurance to someone else, you must cancel your old policy and get a new one.
Once the new insurance company gives you coverage, you must provide proof in writing to your old insurer that you no longer need the old policy. *
* Standard T&C Apply
You can purchase a new vehicle with an existing insurance plan without hesitation. If you are keen on buying a Bajaj Allianz bike insurance policy, then please check with their customer service team if you can convert your existing policy.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.