However, there are cases where the customers have some issues, including claim settlement or policy coverage, regarding their insurance policies that are not being solved in time. This is where car insurance portability comes into the picture. Using this mechanism, every policyholder can switch their respective policies to the desired insurance provider.
What are the reasons for car insurance portability?Not all problems arise at the insurer provider’s end. Some insurance portability are done just to opt for better coverage available at lower costs.
- One of the most common issues is regarding the claim-settlement policy, which is usually very complex. Hence, the one who offers the simplest among the lot gets the customer.
- Add-on covers are one of the best alluring features for any insurance. So, when a car insurance policy has better options for add-ons that comeat the same premium, customers tend to port their insurance quickly.
However, it is important to remember that you can lose the NCB in case you forget to renew your insurance on time or if you make a claim.
Things to remember for car insurance portability
- When you have decided to port, wait for the right time - just before the renewal of your policy.
- It is imperative to search and finalise a policy beforehand so that you are not gasping for breath at the last moment of policy porting.
- Get your quotes from various insurance providers, so you have the option to choose the best from the lot.
Click here to apply for a two wheeler insurance.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
Disadvantages of Early Retirement - What Happens When You're Not Working?
Early retirement seems to be good, many people enjoy life without working especially with extra earnings. But they are not aware about the cons. Lets explore the disadvantages of retiring early to save your retirement life.
5 Benefits of Health Insurance that Makes it a Must Have Cover
Here are the 5 benefits of health insurance that makes it a must to cover
When Should You Withdraw Money from a Mutual Fund?
In case of a sudden change in fund strategy or an underperformance scheme for more than 3-4 years, it makes sense to withdraw money.
How To Apply For Personal Loan
Applying for a personal loan has become extremely easy these days. With the increase in applicants, banks and other financial institutions have made the process very simple.