Know Your Bike Insurance Policy Well}

Know your bike insurance policy well

by

Health insurance

Keeping your bike covered with a suitable insurance policy will help you battle the legal formalities as well as secure your financial interests against liability arising due to accidents. It might cause damage to third party person/property. A comprehensive insurance policy will cover the insured vehicle for damages and pay for the repairs or part replacements.

However, markets have expanded a lot in recent times and hundreds of policies are available for Bike Insurance products. Often customers are confused on which would be the best policy product their vehicle. At times, there are not happy with the services and plan to switch to other insurer or get an enhanced cover with existing one. Thus, the articles will throw some light on the nitty-gritty of changing your Bike Insurance products. Many people are not aware that we can switch to the different insurer during the policy period and also ask for the refund from the existing one. These small pointers can help you save in a big way on your bike insurance product.

During insurance renewals, you may consider changing the two wheeler policy to a different insurer. These companies extend simple renewal process online. By giving the basic policy details such as bike make and model, cc, engine details, driving details, etc. you can get policy renewal within minutes through online features. The advantage is to get the policy available instantly online for your reference.

In case you feel you need extra protection apart from third party liability, you can also buy a comprehensive cover to make the coverage all around. Rider options like critical illness, injury/death during an accident, can also consider enhancing the protection value.

Bike insurance policies are nontransferable, hence you will have to cancel the existing policy and avail a new one. To do so, a notice of at least a weeks time should be provided in writing to the existing insurer.

During the interim period, you can sign off for your new two-wheeler insurance policy. Once the cover is issued by a new company, you can provide documentary evidence to cancel out the old one.

Incase there are claims during this period the existing insurance cant be canceled. If the conditions are satisfied, the premium amount shall be refunded after deductions made on a prorated basis.

Some point to consider before changing your

Bike Insurance

policy provider.

If the reason for you insurance change is a high premium amount, compare your existing cover well against the new one. Paying extra bucks for lesser benefits may not be a good option.

Analyze factors such as the company reputation, problem-solving ability, customer service, availability of online tools and resources, claim settlements and the ones that will directly impact your Bike Insurance policy.

Rider options These are very good options to enhance the value of your policy and your cover should also be considered before changing it

No Claim Bonus these are like rewards that you earn when you driving safely and try to avoid accidents on road or third party damage. You can trade them to cut down your premium costs or claim higher damages. You should consider it carefully before porting your policy to other insurance providers.

Naresh is a web enthusiast and a writer for different areas including insurance and banking and numerous other sectors.

Article Source:

eArticlesOnline.com }