A bike insurance coverage protects you from damage to your bike as well as damage caused by a third party. The coverage rewards the nominee in the event of your untimely death caused by an accident. As a result, it’s critical that you don’t forget to enter or update nominee information in your bike insurance policy. If you want to alter the nominee information, we’ll show you how to do so.
Let’s start with who is the nominee or beneficiary
Third-party insurance and personal accident coverage are required by law in India. The nominee or beneficiary named in the policy is eligible to receive coverage if an insured person dies as a result of an accident.
When purchasing a bike insurance policy, it is critical that you include nominee information.
Scenarios in which the nominee receives a monetary reward
- In the event of the policyholder’s death as a result of a motorcycle accident,
- In the event that the policyholder dies after filing a claim but does not receive the reimbursement amount,
One can name their spouse, child, siblings, or parents as nominees, and the payout amount collected from the corporation can provide the policyholder’s family with financial support.
If you want to alter the nominee for your insurance policy, simply follow the steps outlined below.
Procedure for changing the name of a nominee
It is simple to change the name of the candidate in the policy. All you have to do is submit an application for endorsement, i.e. a change in nominee information. The new nominee’s name should also be mentioned in the application. Depending on the terms and circumstances of the insurance company, the application for a change in nominee detail can be made online or offline. If you want to change the nominee, you don’t need to give any more documentation to the insurance provider. Also, the existing nominee’s consent is not required.
Common Errors Made When Nominating for a Policy
Any errors in the policy nomination can make it harder for the candidate to recover damages. A few frequent blunders that you should avoid are listed below.
No information about the nominee has been updated
Ensure that the nominee’s information is up to current at all times. Don’t forget to update the information when purchasing or renewing a new policy. If the nominee passes away during the policy period, make sure the new nominee’s information is updated in the bike policy as soon as possible.