Here's How you can Change Nominee Name in Your Bike Insurance
Do you wish to make a change to your bike insurance policy's nominee? Here's a simple rundown of how to alter the nominee on your bike insurance policy.
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A bike insurance policy should be purchased if you own a two-wheeler. To comply with Indian traffic legislation, all bike owners must have at least third-party liability insurance. Driving without liability-only coverage may result in a challan payment. Own-damage bike insurance, on the other hand, covers you for any damages or losses your bike suffers due to unforeseen circumstances. Personal accident coverage is included with the bike insurance to protect the owner/driver of the insured bike. The bike insurance provider pays the amount of compensation to the nominee designated when the policy was acquired if the owner or rider of the bike dies.
Here's How to Change Your Bike Insurance Nominee Name
1. Bike Insurance Beneficiary or Nominee
A nominee is a person named by policyholders to receive the proceeds of a claim or settlement if they die. The policyholder's nominee, also known as a beneficiary, is the person who gets benefits on their behalf. When purchasing bike insurance coverage, customers must provide the name of the nominee on the application form. The nominees are entitled to compensation if the policyholder does not survive the road accident or if he or she dies after submitting a claim but not receiving it. The decision now is whether you want to change your nominee's name. For example, if you nominated your sister when you were single, what should you do if you wish to nominate your husband after you've married? You can, however, modify the name of your nominee with the aid of endorsement.
2. Bike Insurance Endorsement
An endorsement in a bike insurance policy denotes any changes you want to make to your current policy. It's essentially a document that keeps track of the changes you make to your bike insurance policy. It acts as proof that you've changed your mind about the strategy. If you've moved to a new home and want to update your address on your policy, your insurance provider can do so by issuing an endorsement. You must obtain an endorsement from your insurer during the middle of the policy year, renewal of the policy or the start of the policy year to alter the name of your nominee in your plan. To make the adjustments, you'll need to keep the relevant documents on hand to present as proof.
3. How to Change a Nominee's Name
Changing the nominee’s name on a bike insurance policy is a straightforward process. All you have to do is submit an endorsement request to your insurer, along with the name of the new beneficiary or nominee. Depending on the insurance company's requirements, you can transmit the nominee's information through email or mail. Your insurance provider does not require any documentation to make modifications to your bike insurance coverage. To change the name, you don't need the approval of an existing candidate. Under bike insurance, many forms of endorsements are possible, such as name changes, address changes, contact number changes, lapsed policy renewals, and so on.
Take Away
Because the nominee is the person who gets income on your behalf while you are away, it is an important decision to make. As a result, you'll need to commit the funds to someone you can trust. As a result, if you decide to change your nomination at any point, you can perform the above instructions. You may do it from the comfort of your own home by doing it online.
Also read - Best Way to Compare Bike Insurance Quotes
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
