There are numerous cases where customers are not satisfied with their current insurance companies. In that case, you can switch to other insurance companies under the car insurance portability feature. With the increase in the number of cars on the roads, it is getting difficult to protect your vehicle from unwanted adversity that can take place at any time. The huge cost of repairing, along with the spare parts cost, can easily create a immense loss to you.
So, now it has become mandatory to invest in an effective form of car insurance. If you are not satisfied with the current insurance provider, you can switch to other at the time of renewal by comparing other car insurance policies.
Why go for portability?
- A car insurance policy is available with more comprehensive coverage at an affordable price.
- Claim settlement experience from the current insurance company is not flexible.
- Another car insurer is providing superior add-on covers for the same premium.
When can you port your motor insurance?
There is no restricting clause regarding the timing of porting your motor insurance policy – you can choose to do it any time while your policy is still in effect. The ideal time to port your policy would be when your existing policy is up for renewal, i.e., a period of around 45 days before the policy expiration date. This will, in short, ensure that you avail all the benefits from the existing insurer and then smoothly switch over to another insurance company.
Will you get to claim the No Claim Bonus as well?
The answer is yes, you can, as per the Insurance Regulatory and Development Authority’s regulations; you can transfer your NCB benefit along with your insurance policy. All you need is proof of your NCB from the previous insurer. In case of evidence, it can be the confirmation of the NCB from the last insurance company or a notice of policy renewal.
A list of few essential points to keep in mind regarding the portability of motor insurance:
- Look before you leap; a lower insurance premium cannot be the only solitary reason for porting your car insurance. You should also examine factors another than premium. These can claim agreement ratio, claim settlement procedure network of cashless facilities, smooth web interface, quality of value-added services, and the likes.
- Compare your quotes if you wish to switch your motor insurance policy; it would be a wise step to compare the policies and various add-ons offered by different insurers.
- If you decide to port your insurance, you should do it at the time of renewing your policy. Hence, searching for a suitable alternative, say a couple of months before policy renewal, would serve the purpose.
In case the policy ceases while you are still in the process of finalizing the new insurer, it would identical to taking out a new policy – which might prove expensive.
So, armed with this knowledge about motor insurance portability, make wise choices and avail the best possible insurance cover that fulfills your needs.