How to Cancel a Bike Insurance Policy and Get a Refund: Many bike cruisers apply for a bike insurance policy at the time of purchasing a new bike. The bike insurance policy provides back to the bike owners for any type of loss including loss of the bike, bike accident, maintenance of the bike, etc. However, some owners want to cancel their by-policy or transfer the existing policy to a new insurer. If you are also one of them then you can read this article “How to Cancel a Bike Insurance Policy and Get a Refund?” where we will overcome your confusion to get a refund of your bike policy or procedure to cancel your bike insurance policy.
Canceling car insurance is a simple process if you know what. You will have to call the company and then wait for them to send you the cancellation form. This guide will show you how to cancel your car insurance in just a few minutes, saving both time and money!” If you cancel your car insurance policy while it is active, you will be refunded the portion of the premium paid before tax. If you were given a long-term policy with a low monthly fee and paid in advance, the insurance company must return any money left after 1 year.
Motor insurance is compulsory in India according to the Motor Insurance Act. Any vehicle on the road is required to have a valid third-party motor insurance policy; Failure to do so will result in a penalty being imposed as per law. There are certain times when there is a need to cancel the policy and the customer needs to know the process and conditions under which the motor insurance policy can be cancelled. Before canceling a motor insurance policy, the same efforts should be made while purchasing a car. You should think carefully about the consequences and benefits of canceling car insurance before making a decision.
How to Cancel a Bike Insurance Policy?
However, bike insurance is very important to overcome the losses related to the bike but sometimes owners do not want to continue the bike insurance policy due to various reasons where cancellation of the bike policy and switching over bike insurance policy to a new insurance provider are main reasons. However your reason may be anything, but you can cancel your bike insurance policy at any time during the maturity period or after it. So you do not need to worry about the cancellation procedure of bike insurance as it is very easy and anyone can cancel their Bike insurance policy at any time.
How do you get a refund for a bike insurance policy?
Insurance policy providers accept the cancellation application from the insurance holder, but the refund of the policy may be provided partially or 100% according to the terms and conditions of the particular Insurance Company. The bike insurance refund amount will depend on the timing of your cancellation and the terms of your policy. If you cancel before the policy period starts, you are likely to receive a full refund. However, if you cancel after the policy period starts, you may only receive a pro-rated refund based on the unexpired portion of the policy.
If you apply for the cancellation of the bike insurance policy in the first month of the insurance then you can get up to 80% refund of the premium which we have submitted. As much as you delay applying for the cancellation of your policy the refund of the premium will also be decreased accordingly. So if you are planning to cancel your bike insurance policy then you should submit the bike insurance cancellation application immediately to reduce the losses of your premium. However, the policy provider will also deduct additional charges, GST, and another amount from your premium at the time of submitting the refund of your policy.
Conditions to cancel the bike insurance policy
You should have a genuine reason to support the cancellation of your bike insurance to the insurance provider otherwise your application may be rejected. We are providing you the following reasons that are acceptable while applying for cancellation of the bite insurance policy:
- Switching insurance providers: As the insurance market is growing in India and spreading very well, insurance providers offer attractive plans to customers and existing bike insurance policyholders to convert their insurance plans with them. If you are going to transfer your insurance policy to the insurance provider, then you can apply for the cancellation of your insurance policy at the existing insurance provider.
- Resale the bike: If you are going to resale your bike to any other person then you can also apply for the cancellation of your policy otherwise you have to pay monthly premiums until reaching the maturity period of your policy. So if you have completed all the documentation with the new owner of the bike, then you can apply for the cancellation of your policy with support and documents.
- If your bike has been stolen you can apply for a refund of the policy but it will provided only to those policyholders who have applied for such policies that provide insurance over stolen bikes. However, if you do not select the insurance on the stolen bike then you can cancel your bike insurance policy by supporting relevant documents including FIR of the bike etc.
Apply for cancellation of bike insurance
However, cancellation of the bike insurance policy services is available online but you should visit the policy provider’s office to contact them manually. You need to carry the following documents at the time of visiting for cancellation of the bike insurance policy:
- A copy of your policy document
- A copy of your registration certificate (RC)
- A copy of your driving license
- A written request for cancellation stating the reason for cancellation
After that, if your application is genuine and satisfies the policy provider then he will accept your application for cancellation of the bike insurance policy and you will get a refund in a few days accordingly.