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What Is Endorsement In Car Insurance?
Endorsements are an essential feature for existing policyholders who can amend or make changes to their existing policy due to their present circumstances. This can be due to several reasons, such as a change in address, ownership of the vehicle, added car accessories and more.
An endorsement in car insurance is when you make amendments or changes to your current insurance plan. Changes can either be due to any mistake made at the time of application or due to any change in your current circumstances. Either way, these changes need to be made as soon as possible.
Endorsements vary from insurer to insurer. Some might cancel your current policy and issue a new one, while others might make all changes in your policy by asking you to issue an extended letter citing your concern.
Types of Car Insurance Endorsements
1
What are Car Insurance Endorsement Charges?
Certain endorsements affect the price of your insurance premium. Such increases or decreases in policy prices are referred to as endorsement charges. Here are some changes that could affect your premium rates –
Increasing Policy Coverage
Reducing voluntary deductibles, adding riders to your comprehensive insurance policy, or LPG or CNG endorsement on insurance charges can increase your policy coverage.
Decreasing Policy Coverage
Reducing or eliminating add-ons or increasing the voluntary deductibles can result in a drop in your premium price.
Changes Regarding Car Details
Installing various vehicle security devices such as anti-theft and more can reduce premium prices. Similarly, changing to a better car engine or sound system will increase your premium price.
Changes You Can Make In A Car Insurance Policy
Changes That Won’t Increase/Decrease Your Premiums
Changes or corrections in car engine number
Transfer of car ownership
Changes or corrections in car registration number
Changing the manufacturing year of your vehicle
Change or rectification of personal details such as name, address, contact number, email address, etc.
Changes That Will Increase/Decrease Your Premiums
Inclusion of LPG or CNG kit
Modification of car chassis number
Addition or elimination of any electrical accessory in your car
Changing the fuel type of your vehicle
Modifications in the NCB
Decreasing or increasing add-on services in your car insurance policy
In case of any mismatch in the premium amount
Changes in the vehicle’s cubic capacity
In case you change the make, model or variant
Changing the vehicle’s seating capacity or the passengers covered
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Importance of IndusInd Car Insurance Endorsements
Endorsements are essential as they help keep your Reliance General Insurance policy up-to-date and accurate for seamless claims at the required hour. Here’s how you benefit from various endorsements in car insurance:
Claim Settlements
Keeping your insurance details accurate ensures a smoother process. Endorsements help you to rectify or change any information that you had submitted initially to keep your file up to date.
Legal Compliance
Having an updated policy ensures that you are legally compliant with the insurance regulations.
Flexible Adjustments
Car insurance endorsements allow you to modify your existing by adding or eliminating add-ons based on your requirements.
Updating your Details
Endorsements allow you to update or rectify your details in regards to your name, address, email address, phone number and more.
IndusInd General Insurance Endorsement Validity
The insurance endorsement is activated just as your Reliance General Insurance policy is active and is valid throughout the term of your policy unless cancelled or modified. If you haven’t made any changes since your policy, then the endorsement will remain active till your policy expires.
However, you should check the terms and conditions of your policy from time to time to ensure that they still align with your current situation. Circumstances such as a transfer of ownership may automatically modify or extend your endorsement.
Frequency of Car Insurance Endorsement Validity
A very common misconception is that you can make as many endorsements a year as you want, but that is certainly not true. Multiple endorsements can only lead to more mistakes that would not be favourable for the policyholder, especially when filing a claim.
You can make endorsements either at the very beginning of purchasing or renewing a policy or mid-term and stick to only one or a maximum of two endorsements a year. This reduces paperwork and minimises all clutter during an insurance claim.
What is the Endorsement Process With IndusInd General Insurance?
Process
Raise A Request
The first step is to raise a request for endorsement with your insurance company. You can proceed by:
Contacting us – +91 22 48903009
Reaching us via email – [email protected]
Personally visiting our insurance branch office.
Document Submission
The next step is submitting the necessary documents. The need for documents depends on the nature of the endorsement.
Payment
After submitting the document, we will examine the endorsement request and determine if it is a financial or non-financial endorsement.
Endorsement Certificate
Once you have paid for your endorsement fee (if applicable), we will make the changes in our database and send you a letter with the new details made after the endorsement.
Note: This letter is known as the endorsement certificate and helps you keep track of the changes you have made in your policy. You should store all the certificates safely. In case of any confusion at the time of a claim, you can easily refer to the certificate(s) to avoid confusion.
Auto Insurance Endorsement Turnaround Times
Endorsement Turnaround Time or TAT is the time taken by the insurance company in making the said changes to your policy. The TAT depends highly on the type of endorsement you wish to carry out. Ideally, a financial endorsement takes longer to be made compared to a non-financial one. Here’s roughly how much TAT is taken by insurance companies
Type of Endorsement | Turn Around Time |
|---|---|
Financial Endorsement | 5-7 working days |
Non-financial Endorsement | 24-48 hours |
Conclusion
Car insurance endorsements provide flexibility to Reliance General Insurance policyholders, who can modify their insurance premiums as they choose. It also allows them to rectify their mistakes at the time of purchase or renewal. Always consult your insurer to understand how a car insurance endorsement might impact your coverage and premium.
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Frequently Asked Questions
What is an example of an endorsement in car insurance?
An example would be adding coverage for an anti-theft system installed or introducing a new LPG kit to your car. This requires an endorsement to update the policy coverage and adjust the new premium accordingly.
What is an endorsement certificate in insurance?
An endorsement certificate is an official document registered by the insurance company that outlines the details of the endorsements made on your end.
What documents are required for an endorsement?
The documents required for endorsements vary from one to another. Commonly asked-for documents include a registration certificate (RC) for your car, address proof and receipts for any newly purchased accessories.
Can I add a new driver to my car insurance policy through an endorsement?
Yes, some insurers allow you to add additional drivers to your policy. However, it is likely to affect the price of your premium.
What should I do if I want to remove an endorsement later?
To remove an endorsement, you need to contact your insurer and submit a formal request. Depending on the type of endorsement, the premium might go down.
What is an endorsement copy in car insurance?
An endorsement copy is an updated version of your policy that records all your endorsements, including the recent ones.
Disclaimer:*T&C Apply. For more details on risk factors, terms conditions, brochure, and exclusions, please read the policy wording and CIS carefully before concluding a sale.>The total no. of customers insured data is for FY24 and has been picked up from the number of lives insured for Health, Personal Accident, Overseas Travel, Domestic Travel, Workmen Compensation and Crop Insurance, Weather LOB & Fire LOB provided by IRDAI count that is master policy count. Other than these LOBs, we have also provided data for the number of certificates issued. The premium mentioned for car Insurance excludes taxes for the private car model Maruti Suzuki Alto 800 with a cubic capacity of less than 1000 cc for a 1-year Own Damage Insurance policy for an IDV of ₹2,34,728. The premium used is 2,853/year as of 1 March 2023 and then converted into a per-month basis, which gives us ₹238/month (2,853/12).The discount varies basis vehicle specifications, No Claim Bonus discount and Geographical location of the vehicle to be insured. Discounts have been calculated on the basis of the rates prescribed under erstwhile Indian Motor Tariff. Discounts are applicable only to the Own Damage section and discounts may vary as per the vehicle make, model, RTO, age of the vehicle and addition of add-ons like InduInd Limit Sure-Pay As You Drive.
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