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Cancelling Bike Insurance and Getting a Refund

​We all know the importance of having a two wheeler insurance. You may have even heard someone advising about planning the insurance along with your new vehicle. Getting third-party insurance and insuring a bike is a legal requirement in India. The extent of the insurance depends on the person. With comprehensive insurance plan, the person can buy add ons and get additional protection for their vehicles. Thus, you can buy bike insurance to meet the legal requirement or can go as far as covering all the aspect covered in bike-related accidents. 

Now when all this is covered, some people often want to cancel their insurance due to some reason. They could be planning to get a new one. The bike might be someone else. Now new insurance has to be generated on the name of a new owner. You have the option to cancel the insurance, get a refund for the same if eligible. ​

How to cancel two wheeler insurance?

The traditional way of cancelling bike insurance has been through writing an application to the insurer. The application also needs to be sent with the required documentation to cancel the policy. However, with newer methods, the paper-bound process is now undergoing a rapid transformation. You can send the insurer an email as well as can call them to initiate the process. 

When can the two wheeler insurance be cancelled? ​

You can cancel your insurance even a month into the policy. The answer will remain the same even if you are planning to cancel it before the start of the new policy. In conclusion, the insurance can be cancelled before, after beginning and during the policy period as well. You can cancel the bike insurance anytime, however, there are some terms and conditions which you must always adhere to get the refund.

The terms will be discussed in the cancellation and refund policy of the insurer. This could be found on the website and also will be mentioned in the policy document. One will need to attach the required documents to cancel the policy. 

Reasons for cancelling a bike Insurance

There could be several reasons for cancelling your insurance. The reason must be communicated to the insurer properly. Some reasons for the cancellation of the policy could be:

Sale of the Two-Wheeler

One simple reason could be that the person is selling their two-wheeler. In this case, the person does have the option to transfer the policy to the new owner. The choice must be communicated to the insurer. The process is necessary for smooth cancellation and refund. 

Theft of Bike

Your bike might be stolen and, in this case, you would like to cancel your insurance by letting the insurer know about the same. Mostly an FIR will be needed. However, the process could be different for comprehensive and third-party insurance.

Switch Insurers

Sometimes people also want to switch insurers as the plans offered are better. A copy of the application of the new insurer could be sent to the insurance company for cancellation and refund.

If you are planning to get a bike, get bike insurance online at a discounted price now.​