Endorsement in Bike Insurance Policy

What is Endorsement in a Bike Insurance Policy?

The endorsement in a bike insurance policy means making changes in details or information in the policy documents. When you buy an insurance policy from the insurer, your insurer will ask for some specific details, such as personal information, vehicle details, passenger details, etc. Sometimes, these details can be incorrect or wrong.

As a policyholder, if you want to make changes or rectify these errors, you have to go through the process of endorsement. In the endorsement, the insurer will cancel your previous policy and issue a new one which includes necessary changes. Or else the insurer will offer an extended letter that includes all the modifications with your original two wheeler insurance.

Hence, an endorsement is an agreement between the policyholder and insurance provider to rectify errors in the policy copy as per the terms & conditions.

Types of Bike Insurance Endorsements

For a successful endorsement, a policyholder needs to submit written evidence or mandatory documents to the insurer. Have a look at different types of endorsements in a bike insurance policy-

Endorsement Validity in Bike Insurance

You can apply for endorsement before the renewal and also during the policy term. If we talk about bike insurance endorsement validity, it depends upon the terms & conditions of the insurer and the type of endorsement. Therefore, you must read the policy documents before the insurer approves your request and rectify those errors.

Does Endorsement Affect Your Bike Insurance Premium?

If you have upgraded your two-wheeler by installing an anti-theft device or enhancing its engine capacity, it will certainly increase the IDV and premium as well.

If you make any changes in your vehicle in the middle of the policy tenure, it is necessary to initiate the endorsement. However, it might increase or decrease the premium. In case you choose not to inform the insurer about the modifications, the insurer might refuse the claim request due to a lack of transparency.

How Many Times Can You Do Endorsements in Your Bike Insurance Policy?

As a policyholder, you might wonder how many times you can make a change in your policy documents. Again, it depends upon the insurer's terms & conditions. In general, you can make edits to your bike insurance policy once or twice annually.

If you believe that you can make multiple endorsements during the policy tenure, then it is not possible. Making frequent changes creates confusion while updating the records. Further, it will impact adversely at the time of claim settlement.

Final Words

As a policyholder, if you have bought a policy from Policybazaar.com, you can request the endorsements by connecting with our customer care team at 1800-258-5970 and submitting the supporting document. However, the team will only accept the change after verifying the reason and supporting documents.