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All You Should Know for Cancelling Your Car Insurance Policy

Are you one of those who are considering to cancel your car insurance policy? Chances are that one of the following things rings true for you

You are planning to sell your car

So you want to terminate the older policy, and get the due refunds, if any.

Your car has been stolen

We wish this never happens to you, but if it does, you’d obviously want to cancel the insurance policy on it. If you have a comprehensive cover, you can make claims on the theft and the insurance company will pay you the car’s Insured Declared Value.

You must place the cancellation request, after the claim request has been processed.

That car is Too Old

If you are planning to not drive your car, and dump it instead, then it makes no sense in spending on a comprehensive car insurance policy.

Disappointed with your Current Insurer

Although rare, it might happen that you are unhappy with your current insurer because of the changes in their product offerings or their services, or for some other reason. Thus, you are planning to cancel the existing policy and buy a new one from another insurer.

In case you are planning to cancel the car insurance policy, here’s what you need to know about the process involved.

Inform the Insurance Company/Broker

Immediately inform your insurance company/broker, once you have decided to cancel the car insurance policy. The company will begin the necessary process, which usually takes about 7 to 15 days.

Follow the Instructions of the Insurance Company

The insurance company will help you through the process of cancellation. Some companies ask the policyholders to sign a document cancelling the policy, while others may ask you to write a mail/letter to them.

You may also need to send a signed declaration giving the insurance firm a ‘Go Ahead’ for the cancellation. In most cases, the annulment of your motor policy will take effect only when the signed declaration has been received by your insurer. You will get a letter from the company confirming the cancellation. The refund due to you will also be mentioned in this letter.

Get Certificate of Car Insurance

Do not forget to contact your insurer to return your Certificate of your car insurance policy. This will come in handy while going for a new insurance policy and to keep your No Claim Bonus intact.

Check for Refund if you have some time left on the policy

It is advisable to check for refund, if there was some time left on the policy. This is applicable in cases where the auto insurance policy gets terminated suddenly, such as in the event of death. If the annual premium had already been paid and there was still some time left, then a refund is certainly due.

Make sure to get the amount refunded in your account.

Apply for a New Policy Immediately

It is mandatory for all car owners to have a comprehensive car insurance policy. If you cancel a policy without immediately putting in place the new one, you might face

  • penalties for driving uninsured,
  • liabilities for all of the personal injury and property damages incurred during an accident involving you, and
  • higher premium in future when you sign up for a new policy.

Besides this, you are likely to be seen as a high-risk driver if you have insurance lapses on your record. Need Help? We are here!

If you need any help in cancelling your insurance policy, and want to make sure that the process goes smoothly, you can always reach out to us. It doesn’t matter whether you had bought the policy through us or not, we are ever so happy to help.

Toll Free Number: 1800-209-9930 Email: info@coverfox.com

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Avail upto 60% discount on Premium.

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Ojaswi Indap
Written by Ojaswi Indap
From microbial slides to slideshows explaining complex financial products – Ojaswi has come a long way. One of the first to join the content brigade at Coverfox, she has been on a mission to simplify insurance since then.

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