Car insurance policy endorsement refers to changing details on your existing policy. Usually, changes are carried out when you renew your policy at the end of a policy period. However, if there are any major changes in the vehicle or certain details about the policyholder changes while the policy is in force, you need to get the endorsements done. Read on to know more.
Understanding a car insurance endorsement
At times, you make certain additions to your vehicle. You get it upgraded. You add certain features. On the other hand, you also get things taken away from the car due to maintenance reasons, etc. These affect the overall value of the car. When you buy car insurance online, you get a cover that is equivalent to your car’s value. This is why you need to inform your insurance provider and get your policy endorsed. The car insurance cover should at all times be in accordance with the current value of the vehicle.
Getting a car insurance endorsement
It is very easy to get an endorsement on your car insurance policy. All you have to do is:
- Get the valuation of your vehicle done, after the change
- Assess the difference in insurance required
- Inform your insurance provider about the same
- Submit a written application stating your wish to get the endorsement on your motor insurance online plan
- Submit proof of the change that has been carried out on the vehicle
Once you inform your insurer and complete the simple documentation work, your endorsement will be carried out. You can do it over the internet too as car insurance online is convenient and quick.
When can the policy be endorsed?
Let us look at the instances when you can endorse motor insurance online:
- Change in the engine number, chassis number, or registration number (if mistaken earlier)
- Change in the address of the policyholder
- Change of registered phone number
- Change in the cubic capacity of the car
- Change in the fuel type (eg. petrol to CNG)
- Change in the electric accessories
- Change in the list of nominees
These are some of the times when you are allowed to endorse your motor insurance plan. There are some other reasons too. Go over your policy documents very closely to understand when and how you can endorse your car insurance plan.
There is no restriction on the number of endorsements you can make in a year. While it is very common to see about one alteration per policyholder in a year, many people make more frequent endorsements. While it is helpful to get your car insurance policy endorsed, you need to be careful while doing it.
Why you should avoid constant car insurance endorsements
There are some very valid reasons as to why you should refrain from making too many changes to your car insurance policy in a year. Some of them include:
- Errors may happen: If you constantly keep endorsing your motor insurance plan, there may be some very serious errors on it. You or even the insurance provider may make mistakes when printing the policy documents. This can lead to some severe complications at the time of a claim and cause many problems for you.
- Can lead to confusion: If you make too many changes, there may be a lot of confusion about what the present cover is. You may even forget what the last change you made was. These can not only lead to chaos but can also land you in some legal trouble if you cannot show your car is sufficiently covered under the insurance plan.
The final word
Keep all the points mentioned above in mind and look to get endorsements on car insurance online only when there is a need. It is easy to get it done, so don’t hesitate to make a change when there is an actual requirement.