Here’s how you can change your bike insurance nominee

Posted on: Jan 20, 2022 | | Written by:

Here’s how you can change your bike insurance nominee

Published on September 8, 2021. EST READ TIME: 3 minutes

When you buy two-wheeler insurance policy, it doesn’t just protect you in case of an accident, fire, theft or natural disaster, but also honours the claim of a loved one, in case youpass away. And for that, you need to name someone as your nominee while availing the insurance. In most cases, the nominee is a family member, though you can choose anyone else you trust deeply. But what if you decide to nominate someone else after some time, for any reason? Yes, it can be done. This blog tells you how, in detail.

Who is the nominee of your bike insurance policy?

A nominee is the person chosen by the policyholder to receive the claim benefits of the two-wheeler insurancepolicy in case he/she is unable to do so,as a result of death. The nominee is also called a beneficiary. Usually, the policyholder chooses a family member as the beneficiary or nominee. This is done at the time of availing the policy.

There are primarily two situations when the nominee receives the compensation amount. Firstly, if the policyholder does not survive the accident, the nominee receives the compensation amount under the personal accident insurance. Secondly, if the policyholder dies after a claim has been raised, the amount goes to the nominee from the insurer.

This compensation amount is meant for the wellbeing of the policyholder’s family when he/she is no more. Which is why, choosing the nominee may require changes depending on your current state of affairs. As a single person taking insurance, you are likely to choose your parents or sibling as a nominee. However, priorities can change when you get married. Then you are likely to choose your spouse or kid as the beneficiary.

How do you change the nominee?

Changing the nominee requires an ‘endorsement’. It is a document that records any change you make to your policy. Endorsements can be made at the time of purchase, mid-term, or at the time of policy renewal. You can increase the benefits offered to you or add restrictions such as deductibles. Personal details such as change in name, address, vehicle and nominee can also be undertaken by an endorsement. Depending on the kind of change you make, supporting documents may have to be furnished.

The process of changing your nominee

This is a simple process. Write an application to the insurer, requesting an endorsement and mention the name of the nominee. This can be done via post or email, depending on the insurer.

You do not need to provide any documentfor the new nominee, as it is entirely your decision. Also, you do not need the consent of the existing nominee to make the change.

Types of endorsement

- Address change

- Name change

- Phone number change

- Bike’s chassis number

- Bike’s registration number

- Increase/decrease in deductibles

- Expired policy renewal

- Policy ownership transfer

- No Claim Bonus transfer

It is highly recommended to make the change beforehand rather than during the time of a claim as any discrepancy could lead to claim rejection. As the nominee benefits from your two wheeler insurance policy, it’s wise to choose a dependent as your nominee so that they are taken care of when you are no longer there. You can change the nominee easily from the comfort of your home now as most insurers have an online presence.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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