After years of waiting and saving up enough money, you can finally afford to buy the car that you wished to. However, your work doesn’t end there. After completing the purchase of the car, you must get coverage for your car by purchasing an insurance policy for it. Once, you do that, you can drive with a sense of safety and security.
Many times, it happens that your car insurance does not live up to your expectations. This can make you wonder what you can do about your car’s insurance coverage. In such a situation, you can choose the option of switching your policy to another company with 4 wheeler insurance portability.
What is car insurance portability?
Under car insurance, portability allows the customer to switch or change from his current insurance plan. You can contact your insurance provider and port your plan to another car insurance provider. Once you have successfully ported your car insurance plan, benefits such as the existing plan’s No Claim Bonus (NCB) will be forwarded to the new policy.
The car insurance plan involves two different concepts of car insurance portability and car insurance renewal. While both these benefits are different, both apply to the customer for the duration of their policy. To make full use of these concepts, it is equally important to understand each word separately.
Benefits of porting your car insurance policy
Portability allows you to modify the policy to suit your coverage requirements. For example, you can include or exclude add-ons from your coverage or select a different option in the types of insurance.
- New sum insured
When you port a car insurance policy, the new sum insured is calculated by adding the previous value along with the accumulated bonus. This can be very beneficial in providing a higher amount at the time of insurance claim. This is especially helpful if you have an expensive car. *
- Continuation of past benefits
Retaining existing benefits such as no claim bonus, accrued bonus, etc. when you move to a new insurance company is the best part of the portability of a car insurance policy. *
- Low premium rates
The increasing competition among insurance companies in India means insurance providers other than your own always offer better offers for the same coverage. Selecting the right insurance company at the time of porting ensures that you can avail the current benefits of your policy at lower car insurance prices. *
- Improved service
One of the important reasons why people port to a new insurance company is the poor service quality of the current insurance provider. Therefore, good research can help you find a good and reliable insurer for your new car insurance policy. *
- Better claim resolution
The slow claim settlement process can be very annoying, especially when you need money. So, make sure you choose an insurance company that has a good claim settlement record. *
Hidden terms and conditions in the insurance policy are the main reasons for people who want to leave the insurance company. With car insurance portability, you can switch to an insurance company that has a more reliable and transparent insurance process. *
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.