No vehicle is completely safe from risks like breakage or even an accident, and wearing a helmet is not the only thing you can do to ensure safety. Getting motorcycle insurance is also an important step to financially protect yourself and your vehicle.
Your bike is important, and so are you! Buying a bike policy online beforehand helps a lot in case of accidents, on-road collisions and even death. It allows the insured and their family to get compensation through a nominee.
But what does the term “nominee” mean in an insurance policy? What role does it have? What type of policy should you purchase- third-party, own-damage or comprehensive bike insurance? And how to add or update a nominee in your policy?
Table of Contents
Who is a Nominee? How Can They Receive Compensation Under Your Bike Policy?
Also known as a beneficiary, a nominee is a person who receives the payment of a death benefit (amount paid on the death of the owner-driver of the vehicle). A nominee is chosen by the insured himself at the time of purchasing the two wheeler insurance online.
A nominee can be a legal heir, friend, brother or any other relative of the insured. There are no conditions for selecting a nominee. However, it is advised that you must add someone whom you trust.
To receive the compensation, the nominee will have to apply for a claim and perform the required proceedings for smooth settlement of the bike insurance policy.
Documents Needed for Changing Nominee in Bike Insurance Policy
- Filled and signed nominee change/updation form.
- Copy of your bike insurance policy and supporting documents that specify details of the nominee.
The Process of Updating the Nominee in Bike Insurance?
- Go to your insurer’s website and login to your account by entering the login details.
- Search for the policy details section and click on “Edit”.
- After selecting “Edit”, you will be directed to a new page having an “Add/Update Nominee” option.
- Fill in the necessary information to proceed.
- Click on “Submit” and wait for a few seconds. Soon, you will get your updated nominee in your policy.
The Necessity of Adding or Updating Your Nominee
Would you like the insurance premiums you pay each month to go in vain? Of course not! For this reason, you should put the name of a reliable person as your nominee so that your loved ones get the financial help/compensation covered by the policy.
Many insured individuals add their wife or children as the nominee, which is a traditional yet sensible alternative. Another notable characteristic of insurance for bikes is that if an insured wants to update his/her nominee, they can do that by following a simple procedure.
This makes it easier for the insurer to settle the claim without putting extra efforts in finding the rightful nominee and going through a time-consuming legal process.
Some Other Points You Should Remember
- Always inform your nominee that you have added him/her as the nominee in your bike insurance policy so that he can be aware of his duties at the time of raising a claim.
- While filling out the nominee details, do not make any errors or spelling mistakes. If, unintentionally, you did so, then you or the nominee will face issues during the settlement.
- If the nominee dies before the insurance policy expires, you must update/replace the nominee as soon as possible.
Conclusion
Whether you want financial coverage for damage or loss related to your bike or want to financially safeguard your family in case of an eventuality, getting motorcycle insurance from a reputed provider like Tata AIG is always recommended as it allows you to be insured on all your on-road trips!
Always ensure that you add someone you trust as your nominee and in case your nominee passes away, remember to update your policy’s nominee details. This ensures your family is rightfully paid their dues.
You can easily add your nominee details for two-wheeler insurance during purchase, but in case you want to change or update the nominee it can easily be done so on the insurer’s website by filling out a nominee change/updation form.
