Motor Insurance

How to Switch Insurers at the Time of Online Bike Insurance Renewal?

by SMCIB on Sunday, 11 June 2023

How to Switch Insurers at the Time of Online Bike Insurance Renewal?

Imagine you buy a product from a certain brand, only to be disappointed by its quality and service. Maybe the shoes you bought started falling apart after just a few wears or the shirt you bought faded in just one wash. In such situations, what do you do? You switch brands, of course!

The same goes for bike insurance. If you are not satisfied with your current insurer's policy or services, it highlights the need to make a change. The process of switching insurers can be daunting - with endless paperwork, waiting times, and coordination issues. However, the internet has made it easier than ever before.

In this article, we discuss how you can smoothly transition from your current insurer to a new one that aligns with your requirements.

 

First, Let’s Understand Why Customers Switch Insurers

Here are a few reasons why customers may decide to change insurers -

  • They are dissatisfied with the post-sales service
    Customers may seek a new insurance provider if they are not happy with their post-sales service - whether it is difficulties reaching customer support, unresponsiveness to inquiries, or lack of timely assistance. Customers expect prompt and reliable service. If they feel their current insurer doesn’t provide quality service, they feel the need to look for a better one.

     
  • They are displeased with the way claims were handled
    The claims process is quite literally the most important part of anyone’s insurance journey and plays a vital role in customer satisfaction. If an insurance company fails to handle claims efficiently, causing delays, poor communication, or disputes, customers may become disillusioned. Such dissatisfaction can lead them to seek insurers known for their reputation in prompt and fair claims settlement.
  • They received inadequate support
    Having access to reliable support is crucial when dealing with insurance matters. If customers experience a lack of proper support, guidance, or assistance from their current insurer, it can be frustrating and detrimental to their overall experience. In that case, they may look for good insurers who can provide comprehensive and responsive support.
  • They found a better deal elsewhere
    Competitive pricing and attractive offers often entice customers to explore options with other insurance companies. If customers discover that another insurer can provide similar coverage or better terms at a more affordable price, it becomes a compelling reason to switch.

 

Now, How Can You Switch Insurers At The Time Of Online Bike Insurance Renewal?

When it comes to bike insurance, there are times when you may feel the need to make a change. Whether you are looking for better customer service or enhanced coverage and benefits, you can switch insurers online in a few steps.

Here’s what you need to do -

Step 1: Visit the website of the insurance company you want to switch to or go to a web aggregator/broker's website.

Step 2: Once you enter your bike's details, you will be directed to a quote page where you can easily view the coverage and premium details.

Step 3: And if you have accumulated a no-claim bonus on your previous policy, you can still reap the benefits with your new insurer.

By following these steps, you can seamlessly switch insurers while still enjoying the benefits of any accumulated no-claim bonus.

 

Other Circumstances When You Can Switch Your Insurer

Your bike insurance renewal isn't the only opportunity available for exploring new insurance options and making a switch. Here are some other scenarios where you can make a change  –

During the Policy Period

You have the freedom to explore better options and make the switch - even while your policy is still active. However, switching mid-policy may require some extra effort. Let's discuss the step-by-step process that most insurance companies follow when switching insurance mid-policy -

1️⃣ Research and Find Your New Insurer
First, purchase a new insurance policy from the insurance company that meets your requirements and offers the coverage you desire.

2️⃣ Notify Your Current Insurer
Once you have your new policy in hand, it is time to inform your existing insurance company about your decision to switch. Send your previous insurer a detailed email requesting cancellation of the current policy and attach a copy of your new policy document.

3️⃣ Pro-Rata Refund
Upon receiving your cancellation request, your previous insurer will calculate the premium refund on a pro-rata basis. This means that you will receive a reimbursement of the premiums for the remaining policy period.

4️⃣ Refund Process
The refund process may vary among insurers. Some may require you to provide a cancelled cheque for the refund, while others will refund the balance premium directly to the bank account you used for the initial payment.

 

Change in Ownership

You can also switch insurers when there is a change in vehicle ownership. Say you recently purchased a second-hand bike. You can protect your vehicle with the existing insurance policy that came with it or purchase a new one. In such a situation, here’s what you need to do -

1️⃣ First, Review Your Options
Take the time to evaluate both options and determine which one suits your needs best.

2️⃣ Update the Policy Details
If you decide to continue with the current insurer, it is vital to get the RC copy and policy documents transferred to your name as soon as possible. This step ensures that your coverage is valid and protects you in case of any unforeseen events.

3️⃣ Purchase a New Policy
If you choose to purchase a new insurance policy, simply visit the website of the insurance company and enter your bike details. While checking the website, you may come across an option to specify if you are the second owner of the bike. However, not all insurers provide this option. In such cases, you can proceed by clicking on the "Expired Bike Insurance" option. This allows you to purchase the policy smoothly, regardless of ownership status.

4️⃣ Inspection and Coverage
Insurance companies have different requirements before providing you with coverage. Some may require a vehicle inspection before providing you with the policy and certain insurers may offer coverage starting just 2 days after the payment date.

A Lapsed Policy
If you fail to renew your vehicle insurance within the designated grace period, your policy lapses, leaving you unprotected without coverage. In this case, you can switch insurers by purchasing a new policy. Here are the steps you need to follow to ensure a seamless transition -

1️⃣ Consider the Option of Switching Insurers
After a policy lapse, you can either continue with your current insurance company or explore the possibility of switching to a different insurer. Evaluate the coverage, premiums, and benefits offered by both options to make an informed decision. If you decide to switch insurers, visit any insurance provider's website and purchase a new policy for your bike.

2️⃣ Keep Track of the No-Claim Bonus
It is important to note that if you renew your policy more than 90 days after the expiry date, you will lose out on your accumulated no-claim bonus. So, it's advisable to renew your policy promptly to maintain this valuable benefit.

 

To conclude,

Switching insurers during bike insurance renewal is a simple process that can be done online. However, it is important to carefully consider your options before you make a decision. Take the time to compare quotes, assess coverage benefits, and consider factors such as customer service, claims handling, etc. By doing so, you can ensure that the switching process can be a positive and rewarding experience.

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