To opt out of optional cookies click here. For example, if you have bought a new motorbike and sold an old one, you don’t need to cancel your policy, you can just change the details on it. This is because the company had offered coverage for the period before the cancellation request. You must comply with the requirements of the insurer regarding policy cancellation and refund. The extent of insurance is subjective—you can buy a policy just to comply with the law of the land or purchase a wide-ranging cover that not only meets legal requirements but also offers financial assistance in case of bike-related unfortunate incidents. Under Continuous Insurance Enforcement (CIE) rules there cannot be any period of time when your bike is uninsured or not declared off the road. If you cancel your motorbike insurance policy before the stated end date of your policy, you will not receive your No Claims Bonus for that year. How to write a car insurance cancellation letter. If prompted to speak to the Interactive Voice Response (IVR), say "cancel insurance policy" and then "auto." This will make your bike insurance renewal easy. Do not ride your bike during this time and get a new CBT booked as soon as possible. Under your policy of insurance you have permitted a non-insured driver to use the vehicle your insurers were still insuring so you are in breach of your policy, and yes they can come after you. It’s important that you’re aware of your insurer’s change and amendment charges when weighing up whether to cancel or update your policy. Some insurers may require you to cancel your motorcycle insurance policy in writing, while others may accept a phone call to a customer representative or agent. The use of images and brands are only for the purpose of indication and illustration. What you need to also be aware of is that most insurers charge a fee for changing details and amending policies too. They are interrelated but successful policy cancellation does not guarantee a successful refund. Trade logo displayed above belongs to ACKO Technology & Services Pvt Ltd and used by ACKO General insurance Limited under License. We’re opening this up to past customers too, so if you’ve cancelled your insurance through us in the last 12 months and paid a cancellation fee, call us today and we’ll take it off your next bike, car, van or home insurance policy. Mostly, they will need the First Information Report and the Non-traceable Report from the police officials; however, the process might vary on a case-to-case basis. 2nd Floor, #36/5, Hustlehub One East,Somasandrapalya, 27th Main Rd, Sector 2,HSR Layout, Bengaluru, Karnataka 560102. Click here to download the Transfer No Claim Discount form . You have a 14 day cooling off period during which you are able to cancel your policy. If however you have cancelled your insurance policy because of an issue with your insurer, you can make a complaint to the insurer. This doesn’t mean just cancelling your direct debit or payment, it means giving them notice in writing or over the phone. You can do this via email or by calling to us. Insurance companies aren’t daft and most of them will automatically renew your insurance policy if you do not inform them expressly that you do not wish to renew your policy with them. ACKO claims no rights on the IP rights of any third parties. This helps lower your costs during the months your bike is in storage. The premium for your motorcycle insurance policy is earned or “used up” by a different percentage each month, based on the riding season. If you are not comfortable with your current insurer, you can wait for the policy period to end and purchase a new two-wheeler insurance policy. You Will Be Unable to Ride Your Bike In the UK, insurance rules state that policyholders have a 14-day cooling off period during which you can cancel your policy and receive an almost full refund.
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