5 min read
Updated on Aug 28, 2023
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.
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:
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.
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.
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
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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:
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
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
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
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
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
A policyholder required the below documents to cancel your bike insurance plan:
To sum up
Cancelling a bike insurance plan is easy. If you are unhappy with your existing bike insurance policy and plan to switch insurer, you can do so by following the above mentioned steps. However, if you still face any problems, you can connect with the customer support of your insurance provider to assist you with the cancellation process to get back the refund.
Browse Mahindra PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit Mahindra PayBima to Buy Insurance Online.
Here are the steps to follow for a two-wheeler insurance policy copy download:
~ Visit the official website of your two-wheeler insurer
~ Go to the bike insurance section and select your insurance plan
~ Enter the details of your insurance policy, such as the policy number. If you don't remember your insurance policy number, you can simply submit the registration number of your bike to get the policy details
Verify the number properly as displayed on the screen and click on the ‘enter’ button
You can see the policy copy in front of you. Download it and get a printout of the copy
Here are the steps to follow:
~ Go to the insurer’s official website
~ Log in to your account with your credentials given by the insurer
~ Enter your bike policy number to view the status details of your bike, such as the bike insurance expiry date
It is a written document that the insured has to submit to the insurer if they want to cancel their bike insurance policy.
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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