Bike Insurance Cancellation Guide
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You cannot ride a two-wheeler without insurance, at least not without the mandatory third-party insurance. But what if the policy you bought for your vehicle doesn’t suit your needs? Can you cancel a two-wheeler insurance policy in that case.
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An insured can cancel a bike insurance policy anytime after buying it. All the person requires is to submit some documents and an application. However, it is important to state the reason for the policy cancellation to the insurer. In this blog, we are discussing the details of policy cancellation of your bike insurance plan to offer you detailed guidelines.
When can a Policyholder Cancel a Bike Insurance Plan?
A bike insurance policy holder can cancel the insurance policy at any time after purchasing the plan. However, the insured should inform the insurance provider about the reason for cancelling the plan. Also, the insured is expected to adhere to the various rules of policy cancellation of the insurance company for the process to get done conveniently.
Here are some common reasons why bike insurance policies are cancelled in India:
1. If you are Selling your Two-Wheeler:
If a two-wheeler owner plans to sell their bike/scooter, the person should cancel the insurance policy. Alternatively, one can even transfer a bike insurance policy to the new owner of their vehicle.
2. If your Two-Wheeler is Stolen by Thieves:
If your insured two-wheeler is stolen and you cannot trace it, you should cancel the insurance policy of your bike. In such a scenario, the insured bike owner is expected to submit an FIR report and a non-traceable report to the insurer along with other documents required as per the insurance provider’s policy rules. If you have a comprehensive bike insurance policy, you can even raise a claim for bike theft under the plan.
3. If you are not Satisfied with the Services of your Existing Insurer:
Another condition in which the insured can cancel a bike insurance policy is if the person is not satisfied with the services of the existing insurance company. Also, if the insured has found another more affordable and pocket-friendly policy compared to the existing one. In such a scenario, to cancel the policy, the insured has to share the new insurance plan (at least the third-party plan) with the former insurer to confirm that you are covered under the mandatory coverage
How to Cancel Your Bike Insurance Policy?
The traditional method of cancelling a bike insurance policy involves sending an application to the insurance provider mentioning the reason for your policy cancellation and submitting the documents to support the same.
Thankfully, in the age of digitization, when everything has become online, the process of cancelling your bike insurance plan has become extremely easy. Having said that, it is also important to note that every insurance company has its own set of rules and regulations, which might vary in terms of policy cancellation. Below is the process of cancellation of two-wheeler insurance online that motor insurance companies generally follow in India:
1. Inform your Insurer:
The first step is to connect with the customer support of your existing insurance company, requesting them to cancel the policy. The details of the insurer will be available on the official portal of the company or in their mobile app
2. Send an Email:
Most insurers prefer to receive the reason for cancelling the policy via email. Alternatively, there is a dedicated feature of policy cancellation offered by some insurance companies in their mobile app that can be used for the same and to initiate the process of a refund
3. Get the COI or Certificate of Insurance:
Once the policy of your bike insurance is cancelled, you get a certificate of insurance from your insurer with details of the policy that has been cancelled. Further, it also contains the details of your accumulated NCB or no-claim bonus that you have earned until the policy cancellation day. You can use this certificate while buying your new insurance policy to utilize the accumulated NCB
4. Get the Refund:
Depending on the time of cancellation of your bike insurance policy – in the middle of the term or just after buying the plan – the insurer will refund the premium amount per the policy terms and conditions.
So, in case you decide to cancel the policy within the free-look period before the start date of the plan, you are most likely to receive the full amount refunded. If you cancel it after the start date of the plan, you will get a refund on a pro-rata basis
5. Buy a New Bike Insurance Plan Online:
If you are cancelling a policy because you want to switch your insurer, you have to buy a new insurance policy (at least the mandatory third-party policy) to show to your former insurer. You also have the option of buying a comprehensive two-wheeler insurance policy. Paybima.com allows you to compare and avail affordable and suitable bike insurance deals within your budget
Documents needed to Cancel your Bike Insurance Plan
A policyholder required the below documents to cancel your bike insurance plan:
- If the cancellation is due to a bike sale, you need a sale deed or Form 29
- If the cancellation is due to bike theft, you need a copy of the FIR, a non-traceable report as well as other documents for support
- If the cancellation is due to switching insurers, you need a copy of the new two-wheeler insurance policy

Author Bio
Paybima Team
Paybima is an Indian insurance aggregator on a mission to make insurance simple for people. Paybima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. Paybima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.
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