Want To Cancel Your Bike Insurance Policy And Get A Refund? Read How To Do It
Cancellation procedures differ depending on the type of bike insurance policy. Continue reading to learn how to cancel a bike insurance policy using a regular procedure. You will be entitled to get a refund in most cases.
Table of Contents
When it comes to cancelling your bike insurance policy, various firms have different procedures. Here are the measures that would be expected in most cases.
- The first step is to send an email to your bike insurance provider telling them of your intention to cancel your policy. You must have the policy number as well as the reason for cancelling the policy so that the insurance provider can recognise it.
- Depending on the reason for cancellation, the insurance provider will ask you to include the necessary documentation.
- The insurance provider will check the documentation and inform you of the results of the verification process, as well as the next steps.
- A refund will be given to you based on the terms and conditions of your bike insurance company.
What Is The Process To Get A Refund?
The process to get a refund is a separate one from the cancellation of the policy. A successful policy cancellation does not guarantee that a refund will be successful. The insurance company will issue a refund only after thorough verification of documents, on the basis of terms and conditions. Read on to find out some details about the refund process, depending on the timeline of the same.
-
Cancelling Before The Policy Has Started
If you decide that you want to cancel your bike insurance policy before the policy’s start date, it is likely that aside from a small processing cost you will receive a full refund. This is due to the fact that the coverage period has not begun and the insurance company has not incurred any risks on your behalf.
-
Cancelling During The Policy Period
If you choose to cancel your policy after the coverage period has begun, the refund amount will be calculated by the insurance company on a pro-rata basis.
Conclusion
Thus, cancelling your insurance policy for your two wheeler is quite a simple process. It is related to the process of getting a refund but is also distinct from it. You will need to have the documents in order for the same and it is unlikely that you will face any hurdles.
Also Read:
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.
