How to Change Nominee Name in Your Bike Insurance Policy?
A bike insurance policy offers personal accident cover to the owner/rider of the bike. If the owner/rider dies in the accident, the insurance provider pays the compensation to the family. This compensation is paid to the nominee as declared at the time of policy purchase. Read on to know in detail the process of changing a nominee in a bike insurance policy.Read more
Who is a Nominee in Bike Insurance Policy?
Before moving forward with the nominee-changing process, you must know who is the nominee.
A nominee is a person who is assigned by the policyholder and he/she gets the claim or compensation amount if the policyholder dies. The nominee is also known as a beneficiary. The policyholder mentions the name while filling out the form while purchasing the 2-wheeler insurance plan.
There are two situations under which the nominee receives the compensation amount-
- When the policyholder does not survive the bike accident
- When the policyholder dies after raising the claim and could not receive the amount
Usually, people assign their parents, spouse, or kid as their nominee. The compensation amount serves the purpose of the well-being of the deceased policyholder’s family.
Now another question that must be rising in your mind is that what if you want to change the nominee? If you purchased the bike when you were unmarried and made your brother or sister the nominee. Now that you are married and want to make your spouse a nominee, what you will do?
In this situation, you have the option to change the name of the nominee in your motor insurance policy through an endorsement.
What is an Endorsement in Bike Insurance Policy?
The endorsement in an insurance policy refers to any changes or addition you want to make to your existing policy documents. Your insurer keeps a record of any amendments that you make to your policy through endorsement. It works as proof that you have made a change in the policy.
Let's understand this with the help of an example-
After marriage, you want to add your spouse's name as a nominee in your existing policy. For this, you will have to ask your insurer to pass an endorsement to make the change at the time of bike insurance renewal, the beginning of the policy year, or mid-year.
For endorsement, you might have to submit supporting documents as evidence. However, if you want to change the nominee name in your policy, the insurer will not ask you to submit any supporting documentation because it is completely your decision.
Changing the nominee details is a non-financial endorsement that requires no fee and will be processed within 10 days-
- Name of the new nominee
- DOB of the new nominee
- Relation with the policyholder (in written consent)
Process to Change Nominee Name in Bike Insurance Policy
The process to change the name of the nominee in the insurance policy is easy. Follow the below steps to change the nominee's name-
- Write an application to your insurance company requesting an endorsement and mention the name of the new nominee
- You can send it through the post, or email depending on the company’s terms and conditions
- Here you do not need any supporting documents, all you need to give is the name & DOB of the new nominee and their relation with the policyholder
- The insurance company will pass the endorsement within 10 days from the requested date.
Note- You do not require your existing nominee’s consent to change before changing the name.
Types of Non-Financial Bike Insurance Endorsement
The non-financial endorsement in a bike insurance policy refers to those changes or modifications in the policy documents for which the insurance provider will not ask any fee.
Below is the list of different non-financial endorsements available under the bike insurance policy-
1. Addition of GST number
2. Communication address
3. DOB (Date of Birth)
4. Color change of the bike/scooter
5. Email address
6. Chasis Number
7. Engine Number
8. Hypothecation removal
9. Hypothecation addition
10. Insured name
11. Mobile number
12. NCB certificate
13. Nominee details
14. Registration number
When you want to make any change in your insurance policy, then make sure that you inform the insurer. As this might impact your bike insurance premium rates. If your insurer finds out about it later, they might reject your claim request.
Wrapping It Up
Since the nominee assigned by you in your bike insurance policy, you must take your decision wisely. Make sure that you are assigning a trustworthy person as a nominee. If you feel like changing the nominee’s detail in the policy, you can ask your insurer to pass the endorsement and then make the changes. If you have purchased your bike insurance from Policybazaar.com, you can do it online while sitting in the comfort of your home without any hassles.
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