When you purchase a two-wheeler, you are committing to the idea of using it for your convenience of travelling to the office, college, or wherever you need to go. With driving a two-wheeler, there are a bunch of rules and regulations you need to follow.
Understanding the traffic rules, learning how to ride a bike, and navigating through the city traffic without hurting anyone are the technical rules you need to follow. But getting a driver’s license, registration certificate, and insurance for your two-wheeler, among others, are official rules that you must abide by.
Insurance while riding a bike is legally mandatory, so you can get yours by comparing two wheeler insurance online. (You can even compare the two-wheeler insurance rate online nowadays, making the entire process even easier.)
Now, when you get insurance for your two-wheeler, after some time, you might feel that your needs from insurance have changed and want to change or add a few clauses. This is where the insurance endorsement procedure in bike insurance enters the chat.
You might want to have smaller coverage, better add-ons, or things that are more complex than that. To fulfil the requirements of policyholders, insurance companies usually allow them to raise endorsements.
First, let us understand what an endorsement, in the context of two wheeler insurance, signifies.
Endorsement of Bike Insurance
When you, a policyholder, make changes or additions to your existing bike insurance policy, it is called endorsement of bike insurance. The changes can be many, like vehicle specifications, personal details, coverage requirements, add-ons, etc.
It can be because you made an error or mistake the first time around and want to rectify it. Or it can be because you want to add some details that are important for the policy.
Types of Endorsements for Bike Insurance
Sr. No. | Type | Description |
1. | Change in existing policy. | This is a type of endorsement that involves modification of existing details of your two-wheeler policy either because it is a rectification of error or just a change in lifestyle.
Like changes in personal details (address, mobile number, etc.), vehicle information (type of engine, aesthetic changes, change in the ownership of the vehicle, change in nominee, etc. |
2. | Addition to existing policy | When there is an addition of a term or condition that did not apply to your policy to the insurance policy with the policyholder. For example, if you add any expensive accessory to your bike, additional coverage, etc. |
To list some of these endorsements:
- Changing your
- Name
- Nominee
- Ownership
- Residential Address
- Contact Number
- Email Address
- Correction in the number of the engine of your vehicle
- Editing the model of your bike
- Increasing the voluntary deductibles
- Addition of an accessory (like an anti-theft tool)
The Procedure of Endorsement For Bike Insurance
Contact the Insurance Company
Call or mail the company or your insurance agent and inform them about your requirements. You can also check your insurance policy for the bike online and verify the rules and regulations.
Visiting the insurance provider’s website can be helpful, too. Provide them with all your details. Submit your name, policy type, policy document number, etc.
Submit the Endorsement
You will have to specify your requirements, changes, and additions to the agent or company. You will have to attach the necessary documents that indicate the changes. These documents are the proof of the change you wish to make in the policy as a fact.
For example, if you want to change your residential address, attach an electricity bill and the endorsement.
Company Assessment
The documents that you submit will go through an assessment process to check their authenticity. Once they are checked and verified by the company, your endorsements will be accepted.
Most probably, there will be an application or acceptance fee to make the necessary changes in your policy. (Brands like TATA AIG do not charge any fee at any point in the policy.) You have to pay the fee after the endorsement is accepted.
Conclusion
Bike insurance policies have become as dynamic as you want them to be. You will face no inconvenience whatsoever when it comes to asking for any kind of help from the companies.
Various valuable tools allow you to customise your policy according to your requirements. Everything is covered in the endorsement of your two-wheeler, starting from changing the coverage to adding a clause.
You must know this because not just your duties, but you must also be aware of your rights. It is your right to change your policy for your convenience. You must always have a comprehensive and up-to-date policy for your own peace of mind. Do not hesitate to ask for help and navigate this process according to your needs.