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Can Two Wheeler Insurance Be Cancelled?

You ride because you truly love it and there is nowhere else you would rather be than on your two-wheeler. And, why not? After all, riding is like a song in your heart, somewhat like romantic love, making you feel good deep inside.

Which is the reason why getting your two-wheeler insured is the best thing to demonstrate your love. It also ensures holistic protection every time you are out there relishing the ride.

All two-wheeler owners in India are required to at least have a third-party two-wheeler insurance policy. And as the owner of your prized possession, you may have even opted for a comprehensive two-wheeler Insurance, offering own damage cover as well.

Nevertheless, there are certain instances wherein you may wish to cancel your two-wheeler insurance policy.

However, it is possible?

Yes, you can cancel your current two-wheeler insurance policy any time - when the policy is active, or when it has expired. This article covers everything you would like to know about cancelling your two-wheeler insurance policy.

Reasons You Might Want to Cancel Your Two-Wheeler Insurance Policy:

You Are Planning to Sell Your Two-Wheeler

When you are planning to sell your two-wheeler, you need to transfer your current insurance policy to the buyer. In this case, first you need to transfer the ownership of the two-wheeler and then the insurance policy can be transferred.

Your Two-Wheeler Has Been Stolen

We wish this never happens, however on the off chance that it does, you'd certainly need to cancel your two-wheeler insurance policy. In case you have a comprehensive two-wheeler insurance policy, you will be reimbursed for the loss caused due to theft based on your two-wheeler’s ‘Insured Declared Value’ (IDV).

Your Two-wheeler is Too Old

If you want to get rid of your current two-wheeler because it has become outdated or is too old, it makes no sense to continue with your current policy.

Process of Cancelling Your Current Two-wheeler Insurance Policy:

Step 1: Inform Your Current Insurer

When you decide to go forward with cancelling the policy, immediately inform your current insurance company. This will allow the insurer to begin the necessary process, which may take about 7 to 15 days.

Step 2: Follow the Process as Prescribed by The Insurer

The next step is to follow the instructions given by the insurance company. The procedure may differ from insurer to insurer. For example, some insurers may request that you sign a document for cancelling the policy, while others may request that you compose a mail for the same.

You may likewise be required to sign a declaration giving the insurer an ‘approval’ for cancellation.

Step 3: Get the Relevant Insurance Certificate

Contact your insurance company and receive the certificate of your two-wheeler insurance policy. This certificate will prove to be useful while purchasing a new policy and to keep your “No Claim Bonus” intact.

Step 4: Check for Refund

Before you go ahead with closing the overall cancellation process, it is advisable that you enquire about the refund of the premium or settlement of dues (if any).

Step 5: Apply for a New Two-wheeler Insurance Policy Immediately

For all two-wheeler owners, it is mandatory to have a two-wheeler insurance policy . Therefore, if you cancel your policy without quickly setting up the new one, you might face:

  • Penalty for riding uninsured
  • Liabilities in case of any property damages or personal injury

Protect Your Set of Wheels With The Best Two-wheeler Insurance

While buying a new policy, it is vital that you learn in detail about the policy, its features, premium rates, etc. Also, ensure that you have significant reasons to switch your policy before you choose to cancel it. Try not to make premium rates the only deciding factor with regards to cancelling your policy. Look at other numerous aspects associated with picking the best policy for your bike or scooter. We at Bharti AXA GI , believe in making your riding experience safer with our power-packed two-wheeler insurance plan.

Get your two-wheeler insurance online quote today!