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Thread: Can I cancel my car insurance in the middle of the insurance period?

  1. #1
    PolicyWala Newbie
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    Angry Can I cancel my car insurance in the middle of the insurance period?

    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?



  2. #2
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    Quote Originally Posted by gokulr View Post
    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.

  3. #3
    PolicyWala Newbie
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    Quote Originally Posted by Minal View Post
    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.

  4. #4
    PolicyWala Fan
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    Quote Originally Posted by gokulr View Post
    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.


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