Updating Your Acko Insurance Policy: A Guide To Name Changes And More

Changing the name on your Acko insurance policy is a straightforward process that can be done through their website or mobile app. This process is necessary if you are looking to transfer ownership of a vehicle, such as a car or bike, to a new owner. It is important to note that as per the insurance company's terms and conditions, a car or bike insurance policy is attached to a particular vehicle and not the owner. Therefore, when the ownership of the vehicle is transferred, the insurance must be transferred as well.

To change the name on your Acko insurance policy, you will need to submit certain documents, including Form 28, 29, and 30 from the respective RTO's website or office, the Registration Certificate, and the bike or car insurance policy. Additionally, you will need to provide proof of sale and a No Objection Clause (NOC) from the previous owner. Once you have gathered all the required documents, you can submit them to the RTO and then to the insurance company. After paying the required fee, you will receive the updated policy with the new name.

It is important to note that transferring the insurance policy within 14 days of purchasing the vehicle is crucial. Failure to do so may result in the insurer not covering any losses sustained by the new owner.

Steps to change the name on a two-wheeler insurance policy

The process of changing the name on a two-wheeler insurance policy is relatively straightforward and can be done online or by visiting the Regional Transport Office (RTO). Here are the steps you need to follow:

• Visit the RTO office: Go to the RTO office where your bike is registered. This is typically the same office where you registered your vehicle.
• Submit the required forms and documents: You will need to submit Forms 29 and 30, along with the Registration Certificate (RC), two-wheeler insurance documents, emission test papers, and other relevant documents. Don't forget to include your passport-size photo as per the requirements.
• Wait for verification: Once you have submitted all the necessary documents, the RTO will verify them. If everything is in order, they will approve the request.
• Receive the updated policy: After the RTO's approval, the insurance company will transfer the policy to the new owner, and you will receive the updated policy document with the new owner's name on it.

It is important to initiate the name change process within the stipulated time frame. If the new owner lives in the same state, the transfer should be done within 14 days. If the new owner lives in a different state, you must report the insurance transfer within 45 days.

In addition to changing the name on the two-wheeler insurance policy, you may also need to update other details such as your address. Most insurance companies, like ACKO, allow you to make these changes online through their website or mobile app. Simply log in, select the option to edit your policy details, and follow the instructions to update your address or other relevant information.

Common mistakes made when changing the name on a policy

When changing the name on an Acko insurance policy, it is important to be mindful of common mistakes that can create issues and lead to undesirable consequences. Here are some of the most frequent errors to avoid when making changes to your policy:

Not updating nominee details: It is crucial to ensure that the nominee details are updated accordingly when adding or modifying the policy nomination. In the unfortunate event of the nominee's death during the policy period, the nomination should be updated promptly. Acko allows policyholders to update nominee information at any time without restrictions.

Not informing the nominee: As the policyholder, it is essential to inform the nominee about the bike insurance policy and share a copy of the policy document with them. If the nominee is unaware, they may fail to request a claim when needed. While insurance companies make efforts to identify and locate the nominee, it is advisable for the policyholder to proactively inform the beneficiary.

Incorrect/wrong nominee information: Providing incorrect or inaccurate nominee information is another critical mistake. Spelling mistakes in the nominee's name or incorrect relationship information can cause problems and delays during the claim settlement process. Therefore, it is recommended to review and verify the nominee details periodically and make necessary changes to ensure accuracy.

Not declaring changes in personal circumstances: Failing to inform Acko about changes in personal circumstances, such as address changes, can have negative consequences. Not only may your policy become invalid when you need to make a claim, but you could also be committing fraud. It is important to understand that your location, including the pincode, is an important factor in determining your insurance premium.

Incorrect name spelling: A simple typo or misspelling of your name on the insurance document can lead to issues with coverage. It is your responsibility to review and ensure that your name is spelled correctly. If the error is on the part of the issuer/broker, they should correct it without incurring any fees. However, if the policy was purchased online, it is your responsibility to input the correct information.

Delay in updating name change: When you experience a significant life event, such as marriage, divorce, or the birth of a child, it is essential to promptly update your insurance policy with the new information. Many people forget to make these changes, and it is not uncommon for an ex-spouse to remain listed as the beneficiary. Remember, your insurance policy is a contract, and the beneficiary named in the contract will receive the proceeds, regardless of any changes in your personal life.

How to change the name on a car insurance policy

Changing the name on a car insurance policy is a critical process and is often required when a vehicle is sold or transferred to a new owner. While the specific steps may vary depending on your location and insurance provider, here is a general guide on how to change the name on a car insurance policy:

Step 1: Gather the Required Documents

Before initiating the name change process, ensure you have all the necessary documents. These may include:

• The original Registration Certificate (RC) of the vehicle.
• The original car insurance policy document.
• A No Objection Certificate (NOC) or No Objection Clause from the previous owner.
• Address proof of the new owner.
• Passport-size photographs of the new owner.
• An inspection report of the vehicle by the insurance company.

Step 2: Contact Your Insurance Provider

Get in touch with your insurance company to inform them about the name change. They will guide you through the specific steps and requirements for updating the policy.

Step 3: Submit the Required Documents

Provide the insurance company with the necessary documents to support the name change request. This may include completing and submitting specific forms or applications.

Step 4: Pay Any Applicable Fees

In some cases, there may be a fee associated with changing the name on your car insurance policy. This is typically an administrative fee and can vary depending on your insurance provider.

Step 5: Receive the Updated Policy

Once the insurance company has processed your request and all necessary documents have been submitted, you will receive the updated policy document with the new name. This may be sent to you via email or through a courier service.

It is important to note that the process of changing the name on a car insurance policy may vary depending on your location and insurance provider. Always refer to your insurance company's specific guidelines and requirements. Additionally, keep in mind that failing to update your car insurance policy with the new name can lead to issues with filing claims and may result in legal consequences.

Documents required to change the name on a two-wheeler insurance policy

The process of changing the name on a two-wheeler insurance policy typically involves submitting an application to the relevant Regional Transport Office (RTO) and providing various documents. Here is a list of the documents that are generally required for this process:

• Registration Certificate (RC) for the bike
• Pollution and Insurance Certificate
• No Objection Certificate (NOC) or Form 28 from the seller
• Form 29, which states the selling and buying of the bike by two parties
• Form 30, which needs to be submitted by the buyer
• Chassis print (in case of the owner's death)
• Death Certificate (DC) of the previous owner (if applicable)
• Affidavit from the successor or succession certificate (if applicable)
• NOC from the bank or financer (if the vehicle was under hypothecation)
• Valid bike insurance policy document
• Passport-size photographs of the buyer
• Address proof of the buyer
• Proof of sale or receipt from the RTO for Form 28, 29 and 30
• Inspection report of the vehicle by the insurance company

In addition to these documents, there may be other requirements or forms specific to the RTO in your region, so it is recommended to check with your local RTO office for a comprehensive list of requirements.

Contacting Acko to change the name on a policy

If you need to change the name on your Acko insurance policy, there are several ways to get in touch with the company.

Firstly, Acko has a 100% digital infrastructure, meaning you can make changes to your policy via the website or mobile app. Here is a step-by-step guide to changing your policy details:

• Log in to www.acko.com or the ACKO mobile app.
• On your policy card, select 'View Details'.
• Click on 'Edit Policy' and select the 'Edit/Add Your Address' option to change your address.
• Follow the instructions to submit your new details.
• Once you submit the changes, a new policy document with your updated address will be generated and sent to you.

Alternatively, you can contact Acko by phone or email. The customer support team can be reached on 1800 266 2256 (toll-free) or at [email protected]. When contacting the support team, you will need to share details such as your name, policy number, and the changes that need to be made. After your request has been approved, you can download your new policy by logging into your Acko account.

It is important to inform Acko of any changes to your personal details to ensure that your policy remains valid. If you do not update your address, for example, your claim could be rejected due to discrepancies in your personal information.

Frequently asked questions