So, you’re looking to switch your two wheeler insurance policy? If so, you’ve come to the right place. Two wheeler insurance is a must-have these days and switching policies can be done easily by following certain steps.
Things to Consider When Switching Your Insurer:
When you are looking to switch your two wheeler insurance policy, there are a few things that you will need to take into account.
Reputation of the insurer
It is important to research the insurer before you switch your two wheeler insurance policy. You should check the insurer’s rating and reviews to get an idea of their reputation. It is also a good idea to check with your friends and family to see if they have had any experience with the insurer. Once you have done your research, you will be able to make an informed decision about whether or not to switch your two wheeler insurance policy.
Claim settlement ratio
The claim settlement ratio (CSR) is nothing but a measure of an insurer’s performance in settling the claims made by its policyholders. A higher CSR indicates that the company is prompt in attending to and resolving customer queries and grievances. The ratio is calculated as the number of claims settled by an insurer during a financial year divided by the total number of claims received during that period.
For example, if an insurer receives 1,000 claims in a year and settles 950 of them, its CSR would be 95%.
Premium rates
When it comes to two wheeler insurance, premium rates can vary greatly depending on a number of factors. Some of the most important factors that affect your premium rate are your bike’s engine size, the make and model of your bike, your age and driving history.
The good news is that there are a few things you can do to help lower your premium rate. One of the best things you can do is to shop around and compare rates from different insurers. Another thing you can do is to take advantage of discounts that may be available to you. For example, many insurers offer discounts for riders who have taken an approved motorcycle safety course.
Available services
Services offered by two wheeler insurance policy providers can be broadly classified into the following categories:
- Insurance for new two wheelers: This type of insurance covers brand new two wheelers against any damage caused due to an accident, fire, theft or natural calamity.
- Insurance for used two wheelers: Used two wheelers can also be insured against the same perils as mentioned above. However, the coverage may be slightly different and the premium amount will be lower as compared to a new two wheeler insurance policy.
- Third party liability insurance: As per the Motor Vehicles Act, 1988, it is mandatory for all vehicle owners to have at least a third party liability insurance in place. This type of insurance covers damages caused by the insured vehicle to a third party (person or property).
- Personal accident cover: This benefit provides financial protection to the policyholder in case of death or permanent disability caused due to an accident involving the insured two wheeler.
- No claim bonus (NCB): If you have not made any claims during the policy term, you are eligible for a discount on the renewal premium (known as no claim bonus or NCB). The NCB can go up to 50% and can help you save considerably on your premium amount.
Make the switch
The process of switching your two wheeler insurance policy is quite simple and can be done online in a matter of minutes. Here’s a step-by-step guide to help you make the switch:
Step 1: Research different insurers and compare quotes to find the best rate.
Step 2: Once you’ve found the right insurer, purchase your new policy online.
Step 3: Cancel your old policy and receive a refund for any unused premium.
Step 4: Start using your new two wheeler insurance policy!
How to Switch Your Insurer Online?
If you’re looking to switch your two wheeler insurance policy, the process is actually quite simple. Here’s a step-by-step guide on how to do it online:
- Log in to your current insurer’s website and navigate to the ‘Policy Renewal’ or ‘My Policy’ section.
- Click on the ‘Cancel Policy’ button and confirm the cancellation.
- Once your policy has been cancelled, you will receive a confirmation email or SMS from your insurer.
- Now, log in to the website of the insurer you wish to switch to and navigate to the ‘Two Wheeler Insurance’ page.
- Fill out the necessary details and proceed to purchase the policy online.
And that’s it! You’ve successfully switched your two wheeler insurance policy without any hassle.
Conclusion
Switching two wheeler insurance policies is a simple process. By taking the time to do your research, weighing up your options and understanding what kind of coverage you need, it will ensure that you get the best deal for yourself. Utilize online comparison portals or customer service teams from different insurers to help you make an informed decision and choose the policy that fits your needs best. Once you have chosen a new insurer, all you have to do is complete their application form – It’s really as easy as that!
