How To Port Your Existing Bike Insurance Online

Posted by sanjay on March 6th, 2017

It is true that two-wheelers are the fastest mode of transportation when you need to drive through dense traffic on Indian roads. You cannot ignore the fact that two-wheelers are more vulnerable to road accidents compared to any other vehicles on roads.

To avoid such accident and to ensure protection of your bike from accidents and other related damages and losses, it is very essential to not only buy a comprehensive two-wheeler insurance cover, and also renew it timely.

A regular two-wheeler insurance policy provides coverage to your two-wheeler from a various unforeseen events, which can incur extra expenses.

Owning a two-wheeler and knowing the basic terms of your two-wheeler insurance policy is very important. For example how to claim for your policy, its renewal procedure, benefits and coverage offered under a plan and your due date.

You can easily avail information online or via contacting the customer care of your insurance provider.

Renewal of the policy is also one of the basic things you should know while buying it. Let’s discuss it in detail below:

Process to transfer bike insurance online

When Transferring From One Insurer to another

If you wish to port your existing bike insurance plan from one insurance provider to another, the insurance policy should be ported in the name of the transferee. The transferee should submit an application form to the insurer, within a specific time period. There are some important details required to complete this procedure like details of the registration of your two-wheeler, the date of two-wheeler insurance transfer, the details of the previous insurance plan, for example, policy number and premium receipt.

When Transferring It to another Person

In case the bike insurance plan is being transferred from one insured to another, then there are certain details which are mandatory for porting the policy, for example, the name of the previous owner of the two-wheeler, the policy number and date of issuance of the policy. This aforementioned information is required for the insurer to make the important changes in the record. After submitting all the above details you will be able to get a fresh Certificate of Insurance policy.

Another reason of transferring a bike insurance plan is when your vehicle is insured under an insurance policy, it can be substituted by another two-wheeler insurance plan for the remaining period of the policy. This type of two-wheeler insurance transfer is done to adjust the premium, if any.

Some well-known insurance companies provide two-wheeler insurance as a package plan. Basically, the insurance policy for a two-wheeler is divided into two parts.

The first part comprises the name of the policyholder, his address and contact number. Along with these basic details, it also requires some important documents like policy number, date of issue of the policy and geographical area.

The second part of the insurance policy includes the details of the insured two-wheeler, vehicle’s registration details, premium collection, and year of manufacture, cc, coverage, IDV number and engine number.

For the premium calculation third party premium is one of the most important things to consider. The premium is evaluated in the own damage and Third Party Premium part. Own damage section is for the two-wheeler, which is insured and its accessories. It will also provide and show the discounts, if applicable, for example, No Claim Bonus. Hence, third party section shows the premium amount for third-party insurance coverage.

Hope this write-up has shared relevant information related to transferring online bike insurance plan. For further information you can contact the customer care of your insurance provider or take help from your insurance agent or broker.

[Source: http://articles.abilogic.com/206378/how-port-your-existing-bike.html]