How to Cancel a Two-Wheeler Insurance Policy?

You can easily cancel your bike insurance policy at any time by submitting all the required documents to your insurer. No matter whatever is the reason for policy cancellation, your insurer should be aware of it. To help you with this, we have given a guide to cancel your bike insurance policy. Read on!

Read more
Get Two-Wheeler Insurance
Starting @ only ₹538/year#
  • Compare & Save upto 85%*

  • 17+ Insurers

    To Choose From
  • 1.1 Crore+

    Bikes Insured

#TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI approved insurance plan. Standard T&C apply.

Stay home & renew bike insurance in 2 minutes
No Documents Required
Get Bike Insurance starting @ only ₹538/year#
Enter Bike Number
Processing
Other options

When You Can Cancel the Bike Insurance Policy?

As a policyholder, you can cancel the policy at any time after the purchase. However, your insurer must be aware of the reason for canceling it. In addition, you must adhere to the terms & conditions of the insurer regarding the cancellation. Below are some of the most common reasons for bike insurance policy cancellation in India-

  1. Selling the Bike

    If you are planning to sell off your bike or scooter, it is your responsibility to cancel the policy. Even you can transfer the bike insurance policy to the new vehicle owner.

    You may also read- Transferring Two-wheeler Ownership & Its Insurance

  2. Theft of the Bike

    If your insured bike is stolen and you cannot find it, you must cancel the two-wheeler insurance policy of the stolen bike. In such a case, you have to submit the FIR, Non-traceable Report, and other relevant documents (which may vary from insurer to insurer) to your existing insurance provider. Remember, you can raise bike theft claims under your comprehensive bike insurance policy.

  3. Unsatisfied with Existing Insurer's Services

    Another common reason to switch to a new company could be an unpleasant customer experience with your existing insurer or if you have found a more affordable plan. For cancelling the policy in such a situation, you have to share a copy of the new insurance plan (at least the mandatory third-party bike insurance policy) with your former insurer to confirm that you have basic coverage.

Process of Canceling the Bike Insurance Policy

Traditionally, you used to cancel the policy by writing an application to the insurance company stating the reason to cancel the policy. Along with it, you have to submit supporting documents.

However, with the digitalization in the insurance industry, the cancellation process has become quite easy. The rules of canceling might vary from insurer to insurer, but below is the common process followed by most of the motor insurance companies in India-

  1. Intimate Your Insurer

    Generally, you have to connect with your existing insurer’s customer assistance team to cancel the policy. You can find the insurer's contact details by visiting their official website or through their mobile application.

  2. Email the Insurer

    Generally, insurers may ask you to send an email stating the reason for policy cancellation. However, some insurers have a dedicated webpage or an exclusive feature available in their mobile application to cancel the policy and initiate the refund process.

  3. Get the Certificate of Insurance (COI)

    Once your bike policy is canceled, the insurer will send you a Certificate of Insurance. It includes the details of the canceled policy along with the accumulated No Claim Bonus (if any) until the date of cancellation. Make sure to issue this certificate to utilize this accumulated NCB while purchasing a new bike insurance policy.

  4. Receive the Refund Amount

    If you cancel your bike policy in the midterm of the policy period or soon after the purchase, the insurer may refund the premium amount as per the terms & conditions of the policy.

    If you cancel the policy even before the start date of a policy, you are likely to receive a full refund.

    If you cancel the bike insurance plan after the start date of the policy, you will receive a refund on a pro-rata basis.

  5. Buy a New Bike Insurance Policy Online

    If your reason for canceling the policy is 'switching insurer', you have to buy at least a third-party liability policy. However, buying a comprehensive bike insurance policy is optional. At Policybazaar.com, you can compare bike insurance online from more than 17+ insurers in India and find an affordable deal in your budget.

Documents Required to Cancel Your Bike Insurance Policy

You must have the following documents to cancel your bike insurance policy-

  • Cancellation in case of sale of the bike

    Sale Deed/Form 29

  • Cancellation in case of theft of the bike

    FIR copy, Non-traceable report, and other supporting documents

  • Cancellation in case you are switching the insurer

    Copy of the new two-wheeler insurance policy

Summing It Up!

If you are planning to discontinue the services from your existing insurer, you can easily cancel your bike insurance policy by following the steps discussed in this article. In case, you still face any issues, you can connect with your insurer's customer assistance team and get your refund back for canceling the bike insurance policy.

Search
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

Two Wheeler insurance articles

Recent Articles
Popular Articles
Learn All About Different Vehicle Number Plates in India

08 May 2023

A vehicle number plate is a metal plate with the registration
Read more
Understanding Break-in Period in Bike Insurance Renewal

25 Apr 2023

As a two-wheeler owner, you must have active bike insurance to
Read more
Best Bikes Under 1 Lakh in 2023

28 Mar 2023

The price range plays a significant role when purchasing a bike
Read more
Can You Raise Claim Under Bike Insurance with a Temporary Vehicle Registration Number?

24 Mar 2023

To ride your bike legally on the Indian roads, you have to abide
Read more
How to Handle a Hit and Run Accident?

23 Mar 2023

A hit-and-run case refers to a road accident where the driver
Read more
How to Check Vehicle Owner Details by Registration Number?
Did you know that you can extract vehicle owner details with the help of the vehicle registration number? Well, it
Read more
Best Two-Wheeler Insurance Plans in India
When it comes to choosing the best two-wheeler insurance plans, you must have seen several motor insurance
Read more
Everything You Need to Know About KYC Norms in Two-Wheeler Insurance
Amid the rising number of bike insurance fraudulent cases such as money laundering and terrorist financing, all
Read more
How to Check E-challan Status Online?
In India, many road accidents are caused due to rash driving or violation of traffic rules. To ensure the smooth
Read more
Traffic Rules in India That Every Two Wheeler Rider Should Know
A two wheeler is probably the first vehicle that most people learn to ride after a bicycle. Nothing ever compares
Read more