Motor insurance

Car Insurance Portability

Car insurance plays an important role in protecting you from a mishappening that can occur while driving on the road. When you buy car insurance, you ensure everything is covered according to your…

Car insurance plays an important role in protecting you from a mishappening that can occur while driving on the road. When you buy car insurance, you ensure everything is covered according to your expectations. However, as time passes, you may realise that your insurance is not meeting your expectations. So, what do to do? Well, nothing to worried about. You can switch to a new car insurer for a finer experience and better service via car insurance portability.

What is Car Insurance Portability?

Car insurance portability essentially means having the option to change motor insurance companies. You may transfer insurance companies for various reasons, such as improved value-added services, quicker claim processing, and identical coverage at a lower premium cost. In other words, this feature gives you a choice to look for better insurance deals if you are dissatisfied with your present insurer.

What is the Need for Car Insurance Portability?

There can be many reasons for you to go for car insurance portability. So, let us discuss them in detail.

  • To get better coverage
  • To get better prices
  • To get a better claim settlement ratio
  • To get better services
  • To get better Add-ons

What are the Advantages of Car Insurance Portability

Car insurance portability is a wonderful feature that lets you switch to a new motor insurance company according to your preference. Here are some advantages that come along with:

  • Switch to a new Insurance Provider: You can switch to a motor insurance company with a broader network of cashless garages and a better claim handling history by choosing car insurance portability.
  • Better Add-ons: Under your existing Comprehensive car insurance plan, you might not be able to receive the rider's insurance you need. However, car insurance portability gives you the choice of switching to insurers that provide a variety of add-on coverages that may be advantageous for you.
  • Carry Forward NCB: The main benefit of motor insurance portability is that you can receive a discount on the premium at the time of renewal if you do not submit a claim during an insurance year. This NCB will be carried over if you choose the portability of your car insurance.

Best Time to Use Car Insurance Portability

Your car insurance portability process is not time-bound. However, it is suggested that you change to a different insurer when your motor insurance is up for renewal. There is no requirement to inspect your vehicle if you renew the coverage before it expires and continues receiving the NCB.

The process is simple and hassle-free. So long as you buy car insurance online from a new provider before the policy expires and give the new provider your old insurance information, portability will be handled without any hiatus.

Things to Keep in Mind When Going for Car Insurance Portability

You must consider the following elements while looking for a new and improved car insurance plan to protect your vehicle with the best insurance policy possible.

  • Date of Expiry: The best time to begin the comparison, search, and insurance renewal procedure is 45 days before the policy expiration date. You will lose the NCB benefit if you don't renew the coverage within the required time frame.
  • Riders Availability: At the time of renewal, you should double-check all add-on coverages, including zero depreciation, engine protection, return to invoice, roadside assistance, consumables coverage, and loss of key. There may be free coverage that does not require payment and other add-on coverage that should be added.
  • Compare Insurance Plan Online: You might not have had the best experiences with your current plan. Therefore, it is advisable to do homework and get the best car insurance policy and insurance provider. To select the best insurance plan, you may compare motor insurance online.
  • Don’t lose NCB: Make careful to transfer the NCB benefit to the new plan when changing insurers. NCB can benefit you as you can get up to 50% if you do not file a claim.
  • IDV value: Check your car's IDV before switching to a new insurance policy. To acquire the correct automobile value in the event of theft or a total loss, make sure you choose the estimated IDV.

Steps To Follow When Changing Insurer

Follow the below steps to have a simple and easy process when switching your car insurance provider.

  • The Insurance Policy: In India, all car owners must have third-party liability insurance. However, One might go for a comprehensive policy when purchasing car insurance. The insurance should be sufficient to meet any financial obligations in case of a total loss or theft.
  • Claim Settlement Ratio: An essential consideration in the decision to switch is the claim settlement ratio and the company's reputation. It is not ideal to be in a scenario where the premium is low but the claim procedure is complicated. So, check the CSR before you go for your car insurance portability.
  • Right Time: You must know when is the right to switch to the new a new insurance provider. Ideally, the right time is before the policy expiration, as discussed in this post.

Conclusion

Owning a car requires motor insurance. The ability to transfer policies without losing advantages acquired under the prior coverage is known as car insurance portability. Therefore, if you are unhappy with your present coverage, you may look for and choose the appropriate car insurance online so that you get better benefits.

FAQs

Question: - What is Car insurance Portability?

Answer: - Even in the midst of the policy term, a policyholder has the choice to transfer to a different provider without losing the benefits of the present policy thanks to vehicle insurance portability.

Question: - What is the term IDV in a car insurance policy?

Answer: - IDV is the sum that the insurer will pay to you at the time of a claim in the case of total loss or if the vehicle is stolen. It is decided on the day of the commencement of the car insurance policy.

Question: - What is the term No Claim Bonus in a car insurance policy?

Answer: - NCB is the discount in premium that you can get if you do not make any claims during the course of your 4-wheeler insurance policy.

Question: - Is buying/renewing a car insurance policy online safe?

Answer: - Yes, online buying/renewing a car insurance policy is safe due to the secured payment gateway.

Question: - What are the important factors to consider when using the service of car insurance portability?

Answer: - The important factors are:

  • Policy Expiry Date
  • IDV
  • Add-ons Availibity
  • Don’t lose NCB

Disclaimer: The information published in this article is for the reader′s reference only. This information provides an overview of your motor insurance needs and should not be relied upon for personal, medical, legal or financial decisions. You should consult an appropriate professional for specific advice. It makes no representations about the suitability, reliability, timeliness, and accuracy of the information, services, or other items mentioned on this subject for any purpose whatsoever

 

 

 

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