It’s crucial to name a candidate for your bike insurance policy. However, occasionally people fail to include a nominee when they purchase or bike insurance renewal their insurance coverage. Additionally, you can encounter a few circumstances in the future that call for you to alter the nominee in your insurance.
A nominee or beneficiary is who?
According to Indian law, you must purchase third-party insurance and a Personal Accident (PA) policy if you purchase a new or used bike. The person who receives compensation if the insured person passes away due to an accident is known as the nominee, sometimes known as the beneficiary. When purchasing bike insurance coverage, the insured must name a beneficiary.
There are two circumstances in which the nominee will be compensated:
- The policyholder’s demise in a bicycle accident
- The policyholder files a claim but passes away before being paid out.
Typically, people nominate their child, spouse, sibling, or parent. The money the family gets as compensation for the tragic death of the insured provides them with financial support.
You may want to change the nominee from your comprehensive bike insurance coverage. After getting married, for instance, you should name your spouse as the policy’s beneficiary. You should know how to modify the nominee on a two-wheeler insurance policy.
You must often submit applications to the insurance provider to change the nominee. However, you can modify the nominee name in your policy without going through a drawn-out process, thanks to ACKO’s digital infrastructure.
How to update a bike insurance policy’s nominees
There are no lengthy procedures to fill out when changing the nominee on your bike insurance policy, thanks to ACKO’s 100% digital infrastructure. You won’t need to mail letters or emails or submit any paperwork.
Using the ACKO website or mobile app, you can modify the nominee in your bike insurance policy. A committed team is also on hand to handle your inquiry via phone (1800 266 2265) or email (hello@acko.com).
The nominee for your two-wheeler insurance coverage can be changed in the following manner.
1: Enter your login information to access www.acko.com or the ACKO mobile app.
2: On the policy card, click “View Details.”
3: A new page with the option to “Edit Policy” will open.
4: To modify the beneficiary as directed, click “Edit/Add Nominee” on the new pop-up.
Typical errors in policy nomination
Bicycle policy nominating mistakes and errors may need to be corrected when attempting to collect benefits after the policyholder’s passing. Here are a few bike policy nomination mistakes you should avoid.
- not changing nominee information
The nominee information must constantly be updated whenever the bike policy nomination is added or changed. If the candidate passes away while the policy is in effect, you must amend the nomination. The policyholder may opt to change the nominee’s information at any time because there are no limitations on changing the beneficiary under ACKO.
- Not letting the nominee know.
The nominee should be made aware of the bike insurance policy by you, the policyholder. You should also give that individual a copy of the policy document. Unaware nominees could only submit a claim when necessary. It is better if the policyholder notifies the beneficiary in advance, even if the insurance companies will try to identify and locate the nominee by the information provided in the policy.
- Inaccurate or incorrect nominee information
Making errors when adding candidate information to your insurance would be another severe blunder. When settling claims, issues like misspelled names or inaccurate relationship information can arise. Therefore, reviewing the nominee data and making any necessary adjustments periodically would be prudent.
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