You are able to cancel your bike insurance policy for several reasons. For instance, you might want to sell your bike, your bike might have been stolen, or you might want to move insurance companies. You undoubtedly would want to know how to get a refund and cancel your bike insurance after doing a thorough bike insurance check. Read on to find out.
When Is My Policy Cancelable?
Contrary to common belief, you can cancel your bike insurance anytime during the policy term. To do so:
- Provide valid reasons, such as selling your bike or switching insurers.
- Have a replacement insurance plan, basic third-party coverage, and supporting documentation ready.
- Remember, having continuous liability coverage is crucial. If your bike insurance has expired, consider expired bike insurance renewal before cancelling
The Reasons Behind A Bike Insurance Cancellation
- You Are Selling Your Bike: You must let your insurer know if you are selling your bike and need to cancel or give the new owner ownership of the insurance policy.
- Your Bike Was Stolen: If your bike is stolen and untraceable, cancel your insurance by informing the insurer and providing documents like the First Information Report (FIR) and Non-Traceable Report. Note a claim for bike theft is possible only with comprehensive insurance.
- Changing Insurers: To switch insurers, provide your current insurer with written confirmation of the new policy mandated by the Motor Vehicles Act.
How Can You Cancel Your Policy For Bike Insurance?
- Get In Touch With Your Insurer: Most insurers require you to contact an agent via email or their customer service hotline to cancel your bike insurance. You can do so using a Bajaj Allianz bike insurance app.
- Mail Your Cancellation: Some insurance providers or companies that are more established may require you to follow the more conventional method of mailing a formal cancellation letter to their agent or office.
- Visit The Office: If you want to cancel your bike insurance policy in person, you can also go directly to the insurance provider’s office.
What Is The Cancellation Procedure For Bike Insurance?
Different insurance companies may have other procedures for cancelling bike insurance. But once you log in to your account, most online providers usually have a “Cancel” or “Edit Policy” option on their website. All you have to do is:
- Visit the official website of your insurance company.
- After logging in, choose your policy card from the insured vehicle list.
- Select the “Edit Policy” or “Cancel” option.
The procedure can typically take between 7 and 15 days, during which time one of our insurance agents will walk you through it.
Documents Needed To Revoke Your Motorbike Insurance
The following paperwork must be produced when your bike insurance is cancelled:
- Your application for insurance cancellation, letter, or email to your insurer regarding the cancellation of your bike insurance.
- If you sell the bike, you must obtain a Sale Deed or Form 29 from the Regional Transport Office (RTO).
- A copy of your updated bike insurance policy if you are changing companies.
- If your bike was stolen, file a First Information Report (FIR) and a Non-Traceable Report.
Get insured anytime, anywhere! Check out Bajaj Allianz General Insurance website to learn more and download the app now.
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