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Bike insurance is a crucial step in being road-ready, for a policy mandates that the insurance company will be liable for any sort of damage in case of an accident or even theft.

With the increasing number of two wheelers accidents on the streets, getting your bike insured has never been more important. Even so, a number of bike owners remain unconvinced of the importance of owning such an insurance policy. It is not at all a redundant outflow, but instead, it is what you need to safeguard your interests each time you set out for a drive. Read on to know of the usefulness of such a policy so you can get 2 wheeler insurance online.

Obliging When you Damage a Third party

Accidents can be unpredictable and you never know the extent of damage that can be caused in a split second. If by some miracle, you as well as your vehicle remain undamaged, you may have badly hurt another individual or their ride. When this happens, you have to pay for their damages, which could cost you a lot especially if they have been extensively harmed. In such cases, a third party policy can be invaluable when you cause a dent or any sort of harm to another commuter.

A Cost-Effective Option

Many times, accidents not only damage another party, but also cause substantial harm to your own vehicle. Upon gauging the extent of damage and receiving a high repair estimate, you are often tempted to opt for cheap repairs or go to a sub-standard garage so that you can save some money. The only other option is to pay a high repair cost, if not abandon hopes of driving the two wheeler again at all. Due coverage can help you circumvent such a crisis as you can depend on the insurer in case of a road mishap.

They can pay for the expenses because you have been paying them a monthly, yearly sum to ensure that your bike insurance has been covered.

The Handiness of a Comprehensive Cover

Well, this is the coverage that most commuters opt for as it not only takes care of your vehicle but the harm caused to third party as well. Since it is useful in instances of robbery or individual mishaps as well, you can be sure that you are secured against most misfortunes that include your bike. What is more is that such policies are flexible and permit you to include any lavish accessories or upgrades to your ride at a fractional increase in the charge.

Also, if you wish to include the harm to self when you drive, you can do that as well and ensure that the company pays for injuries, loss of life or even disabilities stemming from the mishap.

Mandatory in Nature

If you thought that you could save some cash by not purchasing a policy, you couldn’t be more wrong. Driving around without a policy can get you penalized as these policies have been mandated by the authorities. You simply must have third party insurance for your bike and maintain a copy of it with you whenever you drive.

[Source: http://articles.abilogic.com/129016/incredibly-useful-nature-bike-insurance.html]

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 two wheeler 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 two wheeler 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 week’s 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.

In case there are claims during this period the existing insurance can’t 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 two wheeler 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 two wheeler 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.