Things you must know about Car Insurance Cancellation | Bharti AXA

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Things you must know about Car Insurance Cancellation

Things You Should Know About Car Insurance Policy Cancellation

There are certain instances wherein you might wish to cancel your car insurance policy owing to a number of reasons. You can easily cancel your motor car insurance policy at any time. However, the decision towards canceling a car insurance policy must not be taken on a lighter note. There are several factors that need to be considered while canceling your four-wheeler insurance policy. It is vital to take a decision that is well thought over on the given subject. In this article, we will cover everything that you would like to know about canceling your car insurance policy.

Reasons Why You Might Go for Car Insurance Policy Cancelation

There could be several reasons as to why you  may wish to cancel your car insurance policy. Here are some:

  • You Wish to Sell You Car: When you are determined to sell your insured car, you might wish to cancel its insurance policy as well. In the given case, you are definitely required to end the older insurance policy, take the proper refunds out of the same, and buy the new car insurance online policy which might be offering you a better deal on the overall insurance plan.
  • Car Theft: There are several rising cases of car thefts occurring throughout the nation. If your car has been stolen, then you definitely need to cancel the old insurance policy and apply for the new motor car insurance policy for your brand-new car (if you have bought one). In case your current car insurance policy is the comprehensive insurance cover, then you would be definitely reimbursed for the loss caused due to the car theft. However, this will depend on the IDV of your particular vehicle. Once you have received the total claim amount or the sum that was assured to you by the given comprehensive car insurance policy, you can go forward with the cancelation of the current insurance plan for your stolen vehicle.
  • Your Car model has Become Outdated: If you wish to get rid of your current car model because it is too old or has become outdated, then there stands no point of stretching your current car insurance policy. As soon as you get a brand-new car for yourself, go for buying the most effective car insurance policy after canceling the previous one.
  • You are Unsatisfied with the Current Insurance Policy: There are several car insurance companies in the market however, only some of them turn out to be effective and beneficial for your requirements. In case you are unsatisfied with the current insurance policy of your car, you can go forward with canceling the same and buying a new one. There could be several reasons for your dissatisfaction with the current insurance plan including higher premium rates, dysfunctional renewal process, increased waiting period, unresponsive customer caresupport, lesser sum assured, and so more.

Process of Canceling the Current Car Insurance Policy

Here are some important steps to follow should you wish to cancel your current four wheeler insurance policy:

  • You need to inform the current car insurer as soon as possible when you decide to go forward with canceling the particular insurance policy.
  • Then, you would need to follow the detailed process as prescribed by the given insurer. The process of your car insurance cancelation might vary from one insurer to the other.
  • Do not forget to ask for the car insurance company the relevant cancelation certificate issued by the car insurer.
  • Check the refund status before you go forward with culminating the overall cancelation process.
  • Buy a new car insurance policy as per your specific needs.

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