The policyholder has the right to change their policy to a new insurance provider which can satisfy their needs. The switching insurance can be done if the policy is up for renewal, in the middle of their insurance period when the ownership of the bike changes, or when one is purchasing a new bike. Here we are going to look at why one might need to switch insurance and how one can switch insurance at the time of bike insurance renewal.
What Does It Mean To Switch Insurance?
Switching insurance is defined as a process of changing one insurance provider from the existing one based on not feeling satisfied with their services. Changing one bike insurance company is an important decision as it has an impact on their no-claim bonus, premium discount, and overall value of the bike IDV. One needs to study the insurance they are switching to avoid getting a loss on their insurance value. Policyholders need to make sure that they are switching toward a better policy for their bikes.
Reasons To Change Insurance Company For The Bike
Customers can have various reasons which might make them switch their insurance policy such as bad service, dissatisfaction with insurance provider premium, or any other issues which don’t make them feel good about their insurance. Following are the various reasons one might feel that they want to change their insurance:
- High cost of premium.
- Bad service.
- Slow claim process.
- Low payout.
- Problems in contacting the insurance provider.
- Long waiting period for getting the back response, etc.
How One Can Change Their Insurance Company?
Many people have doubts as to how they are going to be able to change their insurance provider. Following are the steps by which one can switch their bike insurance company:
- Insurance Provider Reputation: The owner needs to thoroughly research the insurance provider company and check for any issue that they don’t like. Doing this can help them avoid getting a loss deal on their insurance policy.
- Settlement Ratio: A good settlement ratio is a sign of a fast claim settlement process by the insurance provider. This can be a deal breaker for many, so one needs to research and select an insurance provider which has a good settlement ratio.
- Premium Rates: Premium rates can have a significant difference on one budget to get an insurance policy. One needs to properly research and check all the quotations for premium rates and select the one that is affordable and most beneficial for them before switching insurance companies.
- Services Provided: One needs to check and verify all the services provided by the insurance company before switching insurance companies.
- Cancellation and Switching Policy (PYP): After one has decided and verified all the insurance policies available to them and choose a policy that they like, they need to submit a request for the cancellation of the old policy to the current insurance provider and inform them of their intention to switch to a different policy. The old insurance policy provider must settle any difference that may come and cancel the insurance policy of the customer at their request within 7-8 days.
Switching insurance companies is a very important decision as it can happen to impact one bike with no claim bonus, premium bonus, and overall IDV value of the bike. One might change their insurance provider for various reasons such as high premiums, bad service, slow claim process, etc. The policyholder has the right to change their insurance provider if they wish, by notifying the current insurance company and telling them to cancel their insurance policy which can take up to 7 days before the customer can easily buy a new insurance policy. One can also switch their insurance policy in the middle of their active insurance period or when they get a secondhand bike or are buying a new one. Now one can easily buy insurance for their vehicle in just a few easy steps from Quickinsure by going to their official site https://quickinsure.co.in/ and comparing various plans and selecting the one that meets their requirements.
