How Do You Change Nominee Name in Your Bike Insurance Policy?
Published On Mar 04, 2022 11:00 AM By InsuranceDekho
Do you wish to modify the name of your nominee on your bike insurance policy? Continue reading to learn how to modify the name of the nominee on your bike insurance policy.
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In the case of a personal accident, the owner/rider of the motorbike is covered. The insurance company compensates the family if the owner/rider is killed in the accident. This payment will be made to the nominee you designated when you bought the insurance policy. At this point, you're undoubtedly wondering who is a nominee. Allow me to explain.
How Do You Change the Nominee Name on Your Bike Insurance Policy?
A nominee is someone named by a bike insurance policyholder to receive a claim or settlement if the policyholder dies. The nominee is also known as a beneficiary. The policyholder gives the name while filling out the form to acquire the insurance plan. The compensatory money is provided to the candidate in one of two circumstances. In the first situation, the compensation payment will be paid to the nominee if the insured does not survive the bike accident. The policyholder dies after submitting a claim and is unable to receive the cash in the second scenario. In this instance, the insurer pays the compensation sum to the nominee.
The Procedure for Change of a Nominee's Name
It is straightforward to change the name of the nominee in an insurance policy. All you have to do now is contact your insurance provider and request an endorsement, making sure to include the new nominee's name. You can submit them via mail or email, depending on the company's rules. You won't need any documents to change the nominee's name; the insurance provider will approve the endorsement. You also don't need your present nominee's permission to change the name.
Endorsement for bike Insurance
An endorsement in an insurance policy refers to any form of change or addition you want to make to your existing policy. It's a record that keeps track of any insurance policy modifications you make. It acts as proof that the policy has been updated. If you move into a new home and want to update your insurance policy, for example, your insurer will issue an endorsement to make the necessary changes. You'll need an endorsement from your insurance provider if you want to change the name of a nominee on your policy. You can ask for the endorsement to be passed at the time of policy renewal, the beginning of the policy year, or the middle of the policy year. You may need to present some of the accompanying documents as evidence to make the changes. However, you will not be required to submit any documentation to the insurer in order to change the nominee's name because the decision is completely yours.
This is a key decision since the claim/compensation amount is paid to the nominee you designated in your bike insurance policy in the case of your untimely death. You must ensure that you are picking a dependable nominee. You can name your spouse as your heir so that the money is in excellent hands and can be put to good use for the benefit of your dependents. If you wish to alter the nominee's details in the policy, you can ask your insurer to pass the endorsement and then make the necessary changes. 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 entrust the money to a trustworthy individual. 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.
Do read - Differentiating Between Bike Warranty & Bike Insurance
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.