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Insurance Endorsements come into picture when there is any issue in your car insurance policy, such as spelling mistake in your name, or any update required in your address/mobile number etc., in your policy. Also, for moving your policy from the present insurance provider to a new one, you need to make endorsement with your current policy provider.
Endorsements are the changes that you would like to make in your vehicle insurance policy. For instance, it can be a change you want to incorporate in the policy or an addition you want to make in your policy. These are also called Riders and they allow you to add, change or remove any clause under your car insurance policy.
You would need an endorsement to increase your coverage limit, to reduce some amount from the total premium, or for any other changes like changes in personal details etc. Thus, endorsements allow flexibility, and help you legally connect your amendments to your insurance policy.
You can make an insurance endorsement during the tenure of the policy, at the time of buying a new policy, or while renewing a failed policy. Though many people think that they can make as many endorsements as they want, but the fact is endorsements are allowed only one or two times in a year. Making more than two endorsements is not wise as it can lead to mistakes in your policy record. Moreover, it is also likely to cost you more during the time of making claims for your policy.
There are two types of endorsements:
Once you make the changes in the present policy, you must ensure to keep the updated copy of endorsements with you along with your existing documents. So, if you have updated your personal details, you must replace the documents with the latest changes.
If you get some additions or limitations done to your policy through endorsements like adding extra coverage or setting restrictions in some clause etc., and the changes are not influencing the entire term of your policy contract. Even in that case , you must keep the endorsement updates with you as they act as add-ons to the current policy.
Here are the changes that can be endorsed in your car insurance policy:
Follow the steps below to carry out the insurance endorsement process:
Once the endorsement of your car insurance is done, it stays valid throughout the validity of the policy period. If you don’t make any further changes in the policy at the time of renewal, these changes will stay activated and valid until the expiry of the policy.
But, there might be some specific endorsements that are valid only for a particular time period as per the policy of the insurance provider. In such case, it is important to read the insurance policy conditions carefully before getting an endorsement done.
It is important for you to clearly understand endorsement meaning in insurance so that you know about the changes made in the policy as per the endorsements. If you receive any information from your insurance company pertaining to any endorsements that you have not applied for, you must contact the company immediately and find out about it. Also, in case you have any objections to any changes or endorsements, make sure it is corrected by the company immediately.
It is better to make any endorsements at the time of renewal of your current policy. Here are some things that you should keep in mind:
To Conclude
Now that you know what is the meaning of Endorsements or riders, you can use the information to make any changes in your car insurance. However, you must note that endorsements can be made for a particular number of times. It is better to get any endorsements done at the time of the renewal of the car insurance policy.
However, reviewing and comparing policies is important before you finally buy or renew a policy. This will help in case you find a better deal from another company, and you want to shift to that policy.
Browse PayBima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit PayBima to Buy Insurance Online.
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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