When you buy a car insurance policy from an insurer, your policy documents have specific details about the car like renewal date, personal information, policy number, etc. But sometimes, these details might be wrong or incorrect. If there is any error, you should rectify those errors as early as possible. The process of rectifying those errors is known as an endorsement in the insurance policy.
Depending upon their terms and conditions, your insurer might cancel the previous policy and issue a new one by making necessary changes or they will provide an extended letter with all the changes along with your original policy documents. Therefore, endorsement can be considered an agreement between the policyholder and the insurer to make changes regarding the rectifications in the policy documents.
Endorsement of the policy is conducted just after the policy is issued. You can easily endorse your policy before the renewal or during the policy tenure. The car insurance endorsement validity depends upon the type of endorsement and the terms & conditions of the insurer.
Many people believe that they can make multiple endorsements in their policy documents during the policy period. However, it is not possible. You can make any changes or edits to your car insurance policy once or twice a year, depending upon the insurer's terms & conditions.
Moreover, it is advised not to make frequent changes in your policy documents as this might create confusion while updating the records. Also, it can impact you adversely at the time of raising claims.
The extent of endorsements in a four-wheeler insurance is divided into two parts- financial endorsements and non-financial endorsements. Here is a table showing different types of endorsements falling under both categories-
It refers to written changes made in the policy documents for which the insurer will be charging a fee.
|Serial No.||Name of Endorsement||Documents Required||Duration||Fee Amount||Need for Inspection|
|1.||Seating Capacity||RC copy (front + back)||10 Days||N/A||N/A|
|2.||Personal Accident Owner Driver||Aadhar card + Driving License||10 Days||Rs 350-450 (depends upon the insurer)||N/A|
|3.||Paid Driver||3 months’ salary slip of the driver||10 Days||Rs 50||N/A|
|4.||Unnamed Passenger Cover||Copy of the RC (front + back)||10 Days||Rs. 50 for 1 lakh cover & Rs 100 for 2 lakh cover||N/A|
|5.||CNG Addition External||Invoice of the CNG kit & RC copy (front + back)||10 Days||Rs 60+4% of the kit value||Required|
|6.||CNG Addition Company Fitted||Copy of the RC (front + back)||10 Days||Rs 60+5% of the OD Premium||Required|
|7.||Fuel Type||Copy of the RC (front + back)||10 Days||Short fall amount declared by the insurer||May be required|
|8.||Cubic Capacity of the Car (CC)||Copy of the RC (front + back)||10 Days||Short fall amount declared by the insurer||May be required|
|9.||Change in IDV||Copy of the RC (front + back) + Previous Year Policy||10 Days||Short fall amount declared by the insurer||May be required|
|10.||Date of Manufacturing||Copy of the RC (front + back)||10 Days||Short fall amount declared by the insurer||May be required|
|11.||Model & Variant of the Car||Copy of the RC (front + back)||10 Days||Short fall amount declared by the insurer||May be required|
|12.||Period of the Insurance||Previous Year Policy||10 Days||Short fall amount declared by the insurer||May be required|
|13.||Transfer of the Ownership||Updated RC/Form 29&30/Receipt/ + New Owner DOB, Address, Mobile No, Email Address, Nominee Name, DOB of the Nominee, Relation (in case PA cover is part of the policy)||10 Days||Rs 60 Admin Fee + Short fall amount declared by the insurer(if NCB or claim has been taken in the current policy)||Required|
It refers to those modifications in the policy documents for which the insurer will not charge any fee and do the required changes.
|Serial No.||Name of Endorsement||Documents Required||Duration||Fee||Need for Inspection|
|1.||Addition of GST No.||GST certificate||10 Days||N/A||N/A|
|2.||Communication Address||Written Consent||10 Days||N/A||N/A|
|3.||Date of Birth (DOB)||Written Consent||10 Days||N/A||N/A|
|4.||Color Change of the Car||Copy of the RC (front + back)||10 Days||N/A||N/A|
|5.||Email Address||Written Consent||10 Days||N/A||N/A|
|6.||Chassis Number||Copy of the RC (front + back)||10 Days||N/A||N/A|
|7.||Engine Number||Copy of the RC (front + back)||10 Days||N/A||N/A|
|8.||Hypothecation Remove||NOC from the bank against loan||10 Days||N/A||N/A|
|9.||Hypothecation Addition||Copy of the RC (front + back) + Load Declaration + Letter from Bank||10 Days||N/A||N/A|
|10.||Insured Name||Copy of the RC (front + back) + Previous Year Policy||10 Days||N/A||N/A|
|11.||Mobile No.||Written Consent||10 Days||N/A||N/A|
|12.||NCB Certificate||Previous Year Policy + Sell Letter + NCB Declaration from Previous Insurer||10 Days||N/A||N/A|
|13.||Nominee Details||Name + DOB + Relation with Written Consent||10 Days||N/A||N/A|
|14.||Registration Number||Copy of the RC front + back (can be financial also)||10 Days||N/A||N/A|
|15.||Salutation||Written Consent||10 Days||N/A||N/A|
A policyholder can request the endorsements by connecting with their insurer’s customer care team and submitting the required documents to substantiate those changes. However, the insurer will only make the necessary changes after checking the authenticity of the submitted documents.
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