3 Things to Know About Endorsements in Car Insurance Policy

Potential and existing policyholders usually have doubts regarding endorsements in a car insurance policy. But what exactly is an endorsement? It is nothing but any type of change that you wish to or need to make in your car insurance policy. If you come across a discrepancy in your policy document, you should raise an endorsement. However, this is not the only scenario in which you can ask for making a change in your policy. In this article, we will take a look at various things that you need to know about endorsements in a car insurance policy.

3 Things to Know About Endorsements in Car Insurance Policy - Acko

#1 How often can an endorsement be made?

Policyholders believe that it is okay to make any number of endorsements in their policy during the policy period. But that’s not the case. Remember that it is okay to make an endorsement once or twice a year, not more than that. You should avoid making frequent changes to your policy as this can lead to mistakes while updating the records. This, in turn, can cost you at the time of claims.

#2 What are the different types of endorsements that you can make?

You can request changes in your car insurance policy to update the following fields:

  •      Engine Number
  •      Registration Number
  •      Change In Your Address
  •      Chassis Number
  •      Name
  •      Contact Number
  •      Voluntary Deductible
  •      Car’s Variant
  •      Model And Make
  •      Premium Mismatch
  •      Insured Declared Value (IDV)
  •      Number Of Electrical Accessories
  •      Fuel Type
  •      Seating Capacity
  •      Engine’s Cubic Capacity
  •      Mistakes In No Claim Bonus
  •      Details Of The Nominee
  •      Car’s Year Of Manufacturing
  •      Transfer Of Ownership Of The Vehicle
  •      Any Addition Or Deletion Of Zero Debt

#3 How to make an endorsement?

In most cases, you can make an endorsement in your policy while purchasing, at the mid-term stage of your policy, or at the time of renewal. The change is officially recorded with the help of the endorsement certificate. This document states the amendments and additions in the existing terms of your car insurance policy.

To carry out an endorsement, you may need to submit a request letter to your insurer along with the required documents. Once the insurance company receives your request, the endorsement process begins and necessary actions will be taken after it is approved. A new car insurance policy with adjusted details will be sent to you.

Steps to Buy Car Insurance Online

Nowadays many car owners prefer to buy car insurance online. However, they may randomly buy a car insurance policy without following the proper process. Thus, there are chances that one might be over or underinsured. Here is the step-by-step process to buy car insurance online that will help you get the best policy:

#1 Know your requirements

You must have noticed that even if you and your friend have the same car model, you might pay a different premium amount for buying a car insurance policy. This is because your requirements may differ. To understand your requirements better, find answers to the following questions while buying motor insurance online.

  •         Which type of car insurance policy do I need?
  •         Which add-ons are suitable for my needs?
  •         What is the ideal IDV (Insured Declared Value) of my car?

#2 Compare policies

When you know your exact requirements, narrow down suitable car insurance policies. Then proceed to compare car insurance for their features, cost, and services offered by the insurer. This is one of the biggest advantages of buying motor insurance online.

#3 Complete the purchase journey

Select a plan that you feel is the best suited for you by visiting the insurer’s website. Enter the required details related to you and your car and make it a point to go through technicalities like terms and conditions, inclusions and exclusions, etc. before making the online payment.  

Read informative Car Insurance Articles at Acko.

Read all our insurance & non insurance related articles here.