Bike insurance is the responsibility of every bike owner (and not just because of legal requirements) because it offers a safety net in case of accidents or damage. Third-party insurance is usually purchased by bike owners in India because it fulfills the minimal mandatory requirements at a relatively lower price.
However, with the increase in awareness of the potential advantages of strong protection, a large number of riders are opting to upgrade to comprehensive bike insurance. This kind of insurance provides extensive coverage, covering the bike owner and the bike.
In this blog, we guide you on how to move from third-party bike insurance to comprehensive bike insurance online and show you why it’s a good decision.
How to Transition from Third-Party to Comprehensive Bike Insurance
Step 1: Check Your Policy’s Renewal Date
Switch to comprehensive insurance ideally when your third-party policy is about to complete. Such timely renewal will help you avoid the problem of coverage lapse and keep your bike covered continuously.
Step 2: Compare Comprehensive Bike Insurance Plans
Comparing a few options is always important since not all comprehensive insurance plans are the same. Look at:
- Premium Cost: Make sure the price fits your budget.
- Coverage: Check if the plan covers theft, fire, natural disasters, and third-party damage.
- Add-Ons: See if it includes extra options like zero depreciation or roadside assistance.
Step 3: Choose Important Add-Ons
Comprehensive insurance has a feature that lets you include an add-on cover. Following are some of the popular add-ons:
- Zero Depreciation: It gets your bike repaired without deducting depreciation.
- Roadside Assistance: It gets help in case of a breakdown of your bike.
- Engine Protection: This covers damage to the engine due to water or oil leakage.
Pick add-ons according to your needs so that your policy becomes stronger.
Step 4: Tell Your Insurance Provider About the Change
Contact your insurance company and explain you want to change from third-party to comprehensive insurance. They could give you some kind of special deals/options if they have one. If you want to switch to a new insurer, the process may be slightly different, but many insurers make it easy to transfer policies.
Step 5: Get a Bike Inspection
When upgrading to comprehensive coverage, your insurance provider may need to inspect your bike to check its condition and value. This helps them set the right premium. However, there are instances when they do not check if the bike is a new bike or it is renewed.
Step 6: Review and Confirm Your New Policy
Go through your new policy after (if any) inspection to make sure all the coverage and added add-ons that you want it to include are present. Confirm the policy and make the premium payment to complete the switch. You will receive up-to-date documents for your comprehensive bike insurance online.
Why Upgrade from Third-Party to Comprehensive Bike Insurance?
Upgrading to comprehensive bike insurance online brings many benefits, especially if you rely on your bike for daily commuting. Here are some reasons why you should consider upgrading:
- Gives Better Coverage for Your Bike: Comprehensive insurance covers repairs and damages to your bike, whether from accidents, theft, or disasters.
- Offers Peace of Mind: Knowing that you and your bike are protected against various risks provides peace of mind, allowing you to enjoy your rides without worries.
- Provides Affordable Premium Options: Although comprehensive insurance costs more than third-party insurance, many insurers offer flexible payment options and discounts that make it affordable.
- Gives Option to Add Extra Coverage: Comprehensive insurance allows you to include add-ons like zero depreciation cover, roadside assistance, and engine protection, making your policy even stronger.
Conclusion
Transitioning from third-party to comprehensive bike insurance is a smart decision if you want better protection for your bike and peace of mind on the road. Comprehensive insurance provides coverage for damages to your bike and allows you to customize your plan with add-ons.
Following the steps in this guide, you can smoothly switch to a comprehensive plan that best fits your needs. And if you want to compare different policies in one place and buy bike insurance online, visit Square Insurance today.
Kfintech NPS