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View Full Version : Can I cancel my car insurance in the middle of the insurance period?



gokulr
30-06-2011, 08:05 PM
I am having my car insured with Bajaj Allianz and my car met with an small accident in Jan’2011 and I did not reported it. Now (In 15 June’2011) my car back bumper badly damaged, while I was backing my car in my society parking. Bajaj Allianz surveyor denied all the claims saying that all the damages were very old. So I want to move to another insurer and probably PSU insurer, who will pay my claims just not make excuses. I have following queries –
1-Can I cancel my car insurance in the middle of the insurance period?
2-Will I get back my insurance premium?
3-What about the NCB?

Minal
30-06-2011, 09:27 PM
I am having my car insured with Bajaj Allianz and my car met with an small accident in Jan’2011 and I did not reported it. Now (In 15 June’2011) my car back bumper badly damaged, while I was backing my car in my society parking. Bajaj Allianz surveyor denied all the claims saying that all the damages were very old. So I want to move to another insurer and probably PSU insurer, who will pay my claims just not make excuses. I have following queries –
1-Can I cancel my car insurance in the middle of the insurance period?
Yes, you can, just give an application to your insurance company.

2-Will I get back my insurance premium?
Yes, the prorata premium will be refunded to you.

3-What about the NCB?
If you have not completed one year, you won't get the NCB.

gokulr
01-07-2011, 11:21 AM
Yes, the prorata premium will be refunded to you.
If you have not completed one year, you won't get the NCB.
How the pro-rata premium will be calculated?
So I have to start from scratch for NCB.

Minal
01-07-2011, 01:34 PM
How the pro-rata premium will be calculated?
Example:
Cover on a policy or item start on 20 June. The monthly premium for the item/policy is Rs 500. The pro rata premium for June is calculated as follows:

Rs 500 divided by 30 (days in the month) and multiplied by 11 (remaining days in June). The pro rata premium would be Rs 183.33.

So I have to start from scratch for NCB.
Yes, I am afraid no choice.