Two-wheelers are the most convenient mode for transportation. However, covering the insurance provides security to the bike owners. But unfortunately, two-wheelers accidents are happening anytime. It will threaten our lives and we need proper insurance. To overcome this situation, you can get a two-wheeler insurance policy. At the same time, you may not satisfied with the policy you are applied. Do you want to change your two-wheeler insurance from your current bank? Well, this article will help you to do the process easier. Anyone can transfer the two-wheeler insurance instantly. Follow the given below steps to change insurance from the current bank.
Key points to remember when transferring the two-wheeler insurance
There are certain points to remember when you want to transfer your two-wheeler insurance. Below are the steps to keep in mind.
- If you transfer two-wheeler insurance from your current bank, a policy must be transferred by the name of the transferee
- User must submit necessary documents regarding proof of two-wheelers
- The documents should contain required details such as date of insurance transfer and details to a previous insurance policy
- It must contain the name of the previous policyholder and vehicle details
Ways to transfer your two-wheeler insurance from your current bank
You can follow some important steps to change insurance from the current bank. Here are the ways that tell you to transfer your two-wheeler insurance from your current bank.
By renewal period:
If your two-wheeler policy expires, you can transfer from your current bank instantly. Many insurance companies give a risk-free insurance renewal policy. It gives benefits to people without submitting unnecessary documents. By choosing online payment, one can change two insurance policies as well. If you are not satisfied with the current bank, you can transfer easily at the time of the renewal period.
At the policy period:
Apart from the renewal process, one can also transfer two-wheeler insurance plans from the current bank. But, a prior warning is important before transferring the plan. You should intimate properly before renewing or changing from your current plan. Most insurance companies assign 7-day prior notice before the transfer process. But insurance may not be canceled if a claim is valid in the same period.
Time of purchasing a new vehicle
If you purchase a new vehicle, you can instantly change the two-wheeler policy from the current bank. The value of a new vehicle might take a new approach for approval. However, the insurer will check the validity and find out the right insurance for two-wheelers. In this way, you can transfer the insurance policy from your current bank. According to the terms, there might be some changes in the premium payable.
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Another way to change the two-wheeler insurance from a current bank has lapsed policy. The policy must have an expiry date. If the policy is failed to renew, it expired soon. As a result, you can renew a lapsed policy by changing its current bank. An individual can change the current bank at the time of changing the lapsed policy. Therefore, you can check the policyholder policy details before transferring.
Changing the type
Like other methods, the user can change the annual insurance policy from the current bank. But, you have to pay additional premium charges depends on the current plan. However, cancellation of the previous policy should meet the rata basis. It applies to the same insurance company with additional charges. The two-wheeler insurance remains the same concerning insurance company policies. It may subject to claim additional premium charges as well.
Benefits of transferring two-wheeler insurance from a current bank
A lot of people want to transfer the two-wheeler insurance from the current bank. But, there are some legal complications and benefits when you do it so. It will protect you from liabilities. Here, you can find out some benefits when you transfer two-wheeler insurance from the current bank.
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Protect future liabilities
In the case of a new vehicle owner, a third person may apply for ownership at the time of transferring. It includes legal liabilities and avoids troubles when doing it. It will ensure all documents must be properly submitted.
No claim bonus
When transferring insurance from bank current, there is no claim bonus applicable. The insurer may collect no claim bonus certificate. It will help you avail discounts and get premium results at the time.
To conclude, changing the two-wheeler insurance from your current bank is not a daunting process. It requires only limited steps to do. Once the procedures are complete, you can change the insurance policy from the current bank quickly.