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Insurance has become an unparalleled financial instrument in today’s world that keeps you and your assets secured. Bike insurance is a type of insurance that provides financial protection against potential loss or damage your bike might experience. Choosing the right bike insurance policy becomes very crucial if you want to safeguard your motorcycle.
Your comprehensive or third party bike insurance expires after the policy tenure. At this point, the policy needs attention. This is the perfect time for you to switch your policy provider, and if not, you have to renew the policy. You should be well aware of your decision.
Whether you want to renew your bike insurance or switch to another insurer, it is the most crucial decision you must make. This decision will affect you in many ways—for instance, it may affect your premium amount, your policy might lapse, or you might lose a good policy, etc.
Hence, it should be an informed decision with great care and study. To learn more about whether you should decide between renewing the policy or switching your insurance provider, keep reading.
Renewing Your Bike Insurance Policy
When you buy a two wheeler insurance policy, it comes with an expiry date. The majority of bike insurance policies span from 1 to 3 years. (i.e. maturity of the bike insurance is 1-3 years.) When this time ends, you will have to renew your insurance to continue securing your bike from possible threats.
You have to submit a form if you want to renew your insurance with the same company. Two-wheeler insurance renewal is a very standard procedure throughout companies, but it is advised to contact your insurance provider for the same.
Benefits of Renewing Your Current Bike Insurance
| Familiarity | When you buy insurance, you become accustomed to that insurance company till the time your policy expires. This makes it easier for you to deal with things because you have grown familiar with them. The processes, services, network garages, customer care, etc., are already very well-known. This is a plus for some policyholders. |
| Coverage | Renewing your insurance will keep your coverage constant. You can also demand better coverage or shift from third-party to comprehensive at this point. |
| No Claim Bonus | NCB is a reward that you receive for going claim-free throughout your insured period. Receiving the NCB also means a reduced premium rate for you. If you do not renew your insurance policy, you will miss out on your accumulated bonus. |
| Discounts | You receive a bike insurance renewal discount on completing the process. This discount is for the loyalty you show towards that insurance company. |
| Penalty | If you do not renew your bike insurance in time, i.e. within the grace period allotted by the company, it can be legally penalised. If you ride your bike without at least a third-party insurance, it is an offence in the eyes of the law. |
Switching to Another Insurer
When you buy a bike policy online, you might realise many things. You might find the services unflattering, or there might be something lacking in the insurance company. Now, after the insurance matures, you will have to renew the insurance or buy another insurance from a different provider.
It is an obvious instinct to switch providers when you find the service or features lacking. You should start policy hunting before the existing insurance expires. It is advisable to get new insurance before your present one expires.
Go through all the terms and conditions and verify if they are better than your previous providers because you don’t want the same experience once again.
Benefits of Switching Insurance Provider
| Terms and Conditions | Choosing a better company due to your part experience can benefit you. Another provider might offer better terms, conditions, coverage, and options that align with your requirements, needs, and preferences. |
| Cost Saving | Switching insurers results in cost savings, especially if the new insurer offers a more competitive premium for similar coverage. Which means you get better coverage at a lower premium. |
| Enhanced Experience | A different insurer might provide additional features, add-ons, or benefits your current insurer does not offer. There are many attractive offers available in the market for that. |
| Customer service | If you have faced problems with customer service in your previous insurance company, switching can provide an opportunity for a better customer experience. You might receive a different treatment here, and better! |
Solving the Dilemma
Looking at the benefits of both sides, you must’ve made up your mind as to what your decision might be. It isn’t very complicated. Renewing your insurance policy is a very natural choice because it is easier that way.
It is also advisable to do so. But, if you have any major issues with your current insurance company, it would be a better choice to switch companies. Nothing, not even your loyalty, comes above the welfare and protection of your assets. Be wise, be smart, and make an educated decision!
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