How to Cancel A Car Insurance Policy Online/offline and Get A Refund?

How to Cancel A Car Insurance Policy Online/offline and Get A Refund?

Dec 10, 2021, 1:21:35 PM Business

Ravi, an IT professional, was working in Chennai. He suddenly got to know that he would be getting transferred to the Chicago office within a month. Among other things to wrap up, Ravi had to sell his expensive car. Along with that, he also wanted to cancel his car insurance policy that he had purchased just a couple of months back. He did not intend to return to India any time soon, so the car insurance cover wouldn’t be of any use. Thankfully, he completed the simple process and got the four-wheeler insurance plan canceled. What is the process and how to go about it?  Let’s find out.

How to cancel your four-wheeler insurance online?

The process to cancel a car insurance policy is very simple. If you choose to do it online, all you have to do is:

  • Visit the portal your insurance provider
  • Click on the cancel policy link
  • Submit the application

Once that is done, your insurer will get in touch with you. Most motor insurance companies in India ask you to give a written declaration about your intent to cancel four wheeler insurance online. Submit the written declaration and the insurer will process it.

Getting a refund

If you have a few months of the policy coverage remaining and you do not wish to transfer the cover, you can get a refund. The insurer will calculate the remaining pre amount and give the sum back to you. This can happen in the case of a regular policy or a long-term car insurance policy.

How to cancel your four-wheeler insurance offline?

Whether you buy online or offline car insurance, you can cancel the car insurance in both ways. The process to cancel a car insurance policy offline is similar to that of the online process. However, rather than visiting the portal, you can contact your insurance agent. He or she will help you with the process. In the offline method too, you will have to submit a written declaration about your intent to cancel the policy. After reviewing your application, the refund will be initiated.

Things to remember when cancelling a car insurance policy

When you buy a fresh policy, you always compare car insurance plans. When you cancel your plan, then also you should be careful and keep an eye out for the following:

  • Get the certificate

Ensure you get the certificate of car insurance policy from the insurer after you cancel the policy. This will help you to get the NCB if you transfer your plan.

  • Get another cover

If you are canceling the plan because you are dissatisfied with the insurance provider, you must compare car insurance plans and get another policy at the earliest. Do not stay uncovered as that may prove to be very dangerous.

  • Get a full refund

Do the match and know what your dues are. Make sure you get the entire refund amount that you are eligible to get.

Keep these points in mind and you will be able to smoothly cancel your car plan and get a fresh one as and when needed.

Published by Doreen Burger

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