As a policyholder, you can revoke your coverage anytime after purchase. However, the reason for cancelling it must be disclosed to your insurer. The following list includes typical reasons for cancelling a bike insurance policy.
- Selling The Bike
You are responsible for revoking the policy if you intend to sell your bike or scooter. You can even transfer the bike insurance policy to the new owner of the vehicle.
- Dissatisfied With The Services Of The Current Insurer
An unpleasant customer experience with your current insurer or if you’ve found a more affordable plan are two additional common reasons to switch companies. To cancel the policy in this circumstance, you must provide your former insurer with a copy of the new insurance policy (or, at the very least, the required third-party bike insurance policy) to show that you have the bare minimum of protection. You can use a bike insurance checking app to manage your policy.
How To Cancel Your Motorcycle Insurance Policy
Although cancellation policies may differ from insurer to insurer, the majority of Indian motor insurance companies generally follow the following procedure:
- Intimate Your Insurer
You must typically contact your current insurer’s customer support staff to cancel the policy. Visit the insurer’s official website or use their mobile application to find their contact information.
- Email The Insurer
In general, insurers might ask you to send an email outlining the grounds for cancelling your policy. To cancel a policy and begin the refund process, some insurers offer a unique feature in their mobile application or a dedicated webpage.
- Obtain The COI Or Certificate Of Insurance
The insurance company will send you a Certificate of Insurance after cancelling your bike policy. It contains information about the cancelled policy and any accumulated No Claim Bonus up to the date of cancellation (if any). *
- Get Your Refund Amount
By the terms and conditions of the policy, the insurer may refund the premium amount if you cancel your bike policy in the middle of the policy period or soon after the purchase.
- Online Purchase Of A New Bike Insurance Policy
You must purchase at least a third-party liability policy if your reason for cancelling the policy is “switching insurers.” It’s not required to buy comprehensive bike insurance, though. A bike insurance check app helps you manage your policy on the go.
Required Documents For Cancelling Your Bike Insurance Policy
The following documentation is required to cancel your bike insurance policy:
- Cancellation if the bike is sold – 29 Sale Deed or Form.
- Cancellation if the bike has been stolen – FIR, along with a non-traceable report and other supporting documentation.
- Cancellation if you change your insurer – A copy of the most recent two-wheeler insurance policy.
With the assistance of digitalisation, you can check your insurance using an app for bike insurance.
Get insured anytime, anywhere! Check out the Bajaj Allianz General Insurance website to learn more and download the app now.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.