What is an endorsement in two-wheeler insurance?
During the tenure of your two-wheeler insurance policy, you have the freedom to make any changes to your policy. As long as it is approved by your motor insurance company, you can make any kind of inclusions, exclusions, or modifications and get them issued in your policy. This is known as making endorsements to your two-wheeler policy.
What is an endorsement in two-wheeler insurance?
An endorsement is a formal letter issued by you to your vehicle insurance company requesting that they make changes to your existing two-wheeler insurance policy. You can either make additions or changes to your current insurance plan.
What kind of endorsements can you make?
- You can make corrections or changes to your personal information like your name, address, contact number, email ID, etc.
- You can make corrections or changes to your two-wheeler’s information like the engine number, registration number, chassis number, etc.
- You can choose to increase or decrease the voluntary deductible. If you haven’t chosen a voluntary deductible, you can get it added to your existing two-wheeler insurance plan.
- You can make corrections or changes regarding the information regarding the two-wheeler’s model number and manufacturing year.
Some other kinds of endorsements include:
- The policy's premium issues
- A correction/change in your two-wheeler’s fuel type
- A correction/change in the Insured Declared Value (IDV) of the two-wheeler
- A correction/change in your two-wheeler’s cubic capacity
- Any additions or deletions of electrical accessories
- A correction/change in the seating capacity
- A correction/change in the passengers covered
- Change concerning the details of the nominee
- A transfer of ownership of the two-wheeler
When can you get an endorsement?
You can get an endorsement at any time during your ownership of the policy. You do not have to wait for the renewal of your policy to make any amendments to it. There are circumstances that might require you to make immediate changes to your two-wheeler insurance. In that case, you have the freedom to get these endorsements issued on your policy at any time during your ownership.
For instance, if you make any bike modifications, it is necessary that you get them covered under your two-wheeler insurance policy. You will need to notify your motor insurance company and ask them to make an endorsement to your existing two-wheeler insurance policy so that your modifications are also covered in your plan. As soon as you have modified your vehicle, you must get these changes added to your policy. Plus, now that you can buy two-wheeler insurance online, you can also get endorsements online.
How to get endorsements for your two-wheeler insurance?
It is ideal that you consult with your insurance company before making any decisions to make any endorsements to understand its scope. For instance, in the above example of bike modifications, you must consult your insurer about the modifications you are about to make so that you can know if they can be included in your policy. Hence, not all kinds of changes can be covered in your two-wheeler insurance policy, and hence, in such situations, you may not be able to make the endorsements.
- The first step to making endorsements to your two-wheeler insurance is to consult with your insurer verbally and get their opinion on it.
- Moving forward, you will have to send them a formal letter stating your requirements. You will also need to send the supporting documentation.
- Once approved, you can get those changes issued to your policy.
If you have bought your bike insurance online, you can carry out this entire process online. You can add any number of endorsements to your policy. But it is ideal to avoid that because the documentation can be a hassle. Plus, it would be very time-consuming to get each endorsement issued one after the other. Hence, you should think it through and get them done all at once.
Another important thing to note here is that every time you make an endorsement to your bike insurance, your premium gets affected. Depending on the kind of endorsement, the amount may increase or decrease.
When you buy your two-wheeler insurance policy online, you can make all the necessary inquiries about the endorsement. Make sure to buy your policy from an insurer who understands your needs and gives you the freedom to make endorsements as and when you require them.
For more information, visit the Kotak General Insurance website.