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How to Terminate Your Auto Insurance Policy

Even though they are uncommon, cancellations of auto insurance are rather common in the motor

insurance industry. One could decide to cancel their auto after acquiring one for a variety of

reasons. Moving to a new place, for example, or

Reasons Car Insurance Is Cancelled

Every automobile owner must have a current auto insurance coverage in order to lawfully drive on Indian

roads, according to the country’s motor vehicle laws. There may be circumstances, nevertheless, in which

an insurer might like to revoke his or her four-wheeler coverage. The following are some of the

most frequent causes of canceled auto insurance:

1.Offering a Car

If you have a long-term auto insurance coverage and decide to sell your automobile, you should think

about canceling your policy. You need to terminate your previous policy and transfer your car’s paperwork

to the buyer even if your annual comprehensive auto policy hasn’t yet expired.

2.Dissatisfied with Current Insurer

If you decide to switch to a better insurer because you are dissatisfied with your present one, there is

another reason to cancel your auto insurance. In these situations, you must cancel your auto

with the prior insurer while switching to a new one.

How do I cancel my auto insurance?

The procedure of canceling auto insurance is rather simple. If you want to cancel your four-wheeler

insurance for any of the reasons listed below, use the methods listed below:

Remind the insurer.

You must notify the insurer that you intend to terminate your auto coverage as soon as

possible. You can email or contact your provider to request that they begin the cancellation

procedure for your coverage.

Follow Their Advice

Take your insurance provider’s advice before canceling the coverage because they can assist you with the

cancellation procedure. The provider can want you to provide a declaration outlining your

decision to terminate the policy. In order to cancel your , you might also need to sign a

paperwork. Typically, this procedure varies for various businesses, so be sure to consult your .

Get the insurance certificate

A vehicle insurance certificate with the specifics of the canceled policy as well as the accrued NCB up until

termination will be provided to you by the insurer after your auto is terminated. Collect this

certificate as soon as possible since it will enable you to recover your accrued NCB when you buy a new

auto insurance policy.

Verify the amount of the refund.

According to the terms and conditions of the policy, the insurer may return your money if you cancel a

vehicle policy midseason or soon after buying it.

You are probably going to get a full refund if you cancelled the coverage before it began.

If you cancel your auto insurance after the policy has begun, you will receive a prorated refund

because you have utilized your coverage for a portion of the time.

Purchase a New Auto Insurance Policy Right Away!

If you cite “Switching insurer” as the cause for cancellation, your provider could request a new

auto policy. In any event, make sure to get a new automobile plan with the new

insurer. You must have of some kind, even if you are selling your old automobile and buying a

new one. Third-party insurance is the minimum need.

Make sure to compare third-party and comprehensive auto online from Policybazaar.com if you

had a bad experience with your prior insurer so that you may choose the best one this time.

Cancellation of Long-Term Auto Insurance

Standard terms will apply to the cancellation of long-term insurance with a 3+1 year duration. Such

policies must have a 30-day free-look-up window starting on the day the policy began. If a policyholder

cancels the policy within this look-up time, they are eligible for a pro-rata return.

By providing a notice of cancellation, the long-term own damage policy may be canceled at any time

throughout its duration. In such cases, the following premium will be refunded:

a complete reimbursement of the premium for the following year

For the year when the insurance was terminated:

If there are no claims filed: Pro-rata premium refund

If claims are filed, the premium will not be refunded.

To the extent that it is permitted by the relevant authorities, GST and other government taxes will be returned.

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