According to the Motor Vehicles Act, it is mandatory to have an active third party bike insurance policy if you own a two-wheeler. However, you can also compare bike insurance online and opt for a comprehensive plan that covers damages to you and your bike apart from providing third-party liability cover.
While having an insurance policy is mandatory, it is important to ensure that the policy document is accurate. If your details are not updated, you might face problems while filing a claim. Insurance companies allow you to make changes to the policy details whenever you want. This is an endorsement.
In this article, we will understand endorsements in two-wheeler insurance in detail.
What are Endorsements in Bike Insurance?
With most people buying an insurance policy for a bike online, typos and other errors are possible while filling out the form. Also, with time, your personal details like address, email address, etc., can change. Insurance companies allow you to make changes to your insurance policy via an endorsement.
The changes permitted are usually alterations or corrections in personal and vehicle information. You might also be able to change the scope of the policy. Once you submit the changes, the insurer makes the corrections on its server, creates a new policy document, and sends it to you via email.
It is important to remember that all changes might not be permitted by the insurer. Hence, make sure that you check with the company before initiating a change request. These details are usually mentioned in the policy documents too.
Types of Insurance Endorsements: Corrections and Additions
When you buy insurance for a two-wheeler, you can avail of two types of endorsements are described below:
- Corrections
Sometimes, there can be an error in capturing your details in the policy document. This can be an error made by the insurer or by you. If you notice any such error, then you can request the necessary change by initiating an endorsement request with the insurance provider. Corrections can be usually made in errors in name, address, email address, contact number, etc.
- Additions
You can also request additions to your existing bike insurance plans via endorsements. In addition, you can include additional add-on covers to boost your coverage. Usually, it is advisable to add covers at the time of renewal as opposed to mid-term.
What Kind of Endorsements Can I Request With My Bike Insurance Policy?
While you must check with the insurance company about the list of accepted endorsements, here is a list that can serve as a guideline:
- Name: Change or correction
- Address: Change or correction
- Contact number: Change or correction
- Email address: Change or correction
- Engine or Chassis number: Change or correction
- Registration number: Change or correction
- Year of manufacture of your two-wheeler: Change or correction
- Model/Variant: Change or Correction
- Cubic Capacity of your bike: Change or correction
- Voluntary Deductible: Inclusion or Increase
- Add-on Covers: Inclusion
- Nominee details: Inclusion, correction, or change
- Insured Declared Value (IDV): Correction or Change
- Inclusion or anti-theft devices
- Change or correction in NCB details
- Addition or removal of electrical accessories
- Correction in the premium amount
- Transfer in the ownership of the bike
Most insurers allow bike owners to request multiple endorsements during the term of the policy. However, making too many changes can result in confusion and result in erroneous records.
Impact of Endorsements on the Premium Of The Policy
Endorsements allow you to make various changes to your two-wheeler insurance policy. While some of these changes might not impact the two-wheeler insurance rate (like the correction in name or address), others can have a direct impact on the premium. For example, if you install an anti-theft device, then the insurer might offer you a discount. On the other hand, aesthetically upgrading your bike can result in an increase in the premium.
Remember, as soon as the insurer approves and endorses the requested change, the endorsement becomes valid from the date of approval until the end of the policy period or until another endorsement is executed.
Summing Up
In simple terms, an endorsement is a request for change or addition submitted by the policyholder to the insurance provider. Insurers allow policyholders to make these changes based on submitting the required documentation. However, there are some changes that are not permitted.
You can contact the insurance company for a list of permitted endorsements. However, it is important to remember that inaccurate insurance for two-wheeler policy documents can result in a lot of hassle at the time of filing a claim.
Hence, make sure that you review your policy documents and if you find any error, initiate an endorsement immediately. Also, if your requirements have changed and you need a specific cover for your bike, include an add-on to make sure that you receive the right protection. Good Luck!
