Did you know that two wheeler insurance is mandatory in our country? If you were to be caught riding your bike without one, you are looking at a hefty fine along with the possibility of other legal actions. The Motor Vehicles Act of 1988 mandates that all bikes should at least have a third party bike insurance policy to plylegally on the roads.
If you do not already have one, you can buy two wheeler insurance online within a matter of minutes. The presence of a large number of tools and aids will help you buy a policy that is ideal for you. A policy that is light on your pockets and has all the features that you might want from your policy. However, there is a provision which allows a policyholder to cancel his/her policy.
Can you cancel your bike insurance policy?
Yes. A two-wheeler insurance policy can be canceled either when the policy has expired or even when it is active. People aren’t usually aware of the later, that you can cancel your policy while it is active as well.
The most common example where one might need to cancel a policy is if you are selling your bike to someone and they opt to buy a policy on their own. In such a scenario, your existing policy is of no use, canceling it is the better option. If you are not too happy with the product or services that you have access to, you cancel your policy as well.
But there are a few
Terms and conditions when it comes to cancelling a bike insurance policy. Here are some of the major ones.
- A plea of policy cancellation comes with the guarantee that you have opted for another policy, cancel example at least a third-party cover.
- The policy cover can be cancelled if you haven’t made any claims for the current year.
- In the event of can be of ownership, you cannot cancel the policy unless the new buyer has canceled
A simple way to understand the same is that you can cancel a policy only when you have an alternative arrangement.
How To Cancel the policy?
Now that we know you can cancel the policy, it only makes sense to be aware of the different steps to go about it.
- Provide your insurer a notice of at least 7 days that you want to cancel your policy. You cannot ask for cancellation today and expect the same to be over within a day or two.
- Reach out to your insurer either via phone or email or visit a local branch and inform them about the policy cancellation.
- The representative will provide you with a list of actions that you might need to carry out. First of which involves intimating your insurer at least 7 days in advance. This must be done in writing.
- Make sure that you have all the documents and evidence for it. Keep a copy of the existing policy along with the alternative policy that you have bought handy.
- You must then send the documents to the mentioned email address or even walk into a local branch office and submit the same.
- Your insurer will deduct a minimum of INR 100 from the premium and refund the remaining amount on a pro rata basis.
- The minimum amount is INR 25 for vehicles that have been modified or are owned by visually impaired and physically or mentally challenged owners.
The above steps would ensure that you can get through the cancellation of a policy without any hassles. But you need to ensure that you buy an alternative two wheeler insurance online. Buying it online would offer the most feature packed policy at reasonable prices.
If you want to cancel your existing policy and opt for a new two wheeler insurance online, research before buying. With compelling products at jaw-dropping premiums, you will get a policy that easily surpasses your expectations
Also published on Medium.