Car insurance policy is an insurance policy that protects coverage for both damages to third person injury or any damage claims. Car insurance policy is taken out by both the employer as well as the contractor with other parties such as financing firms. Insurance Policy is that all parties are covered under damage to the car. For example, if the owner of a building & the contractor working on the same car insurance policy, and cost of damage to the building caused by the contractor can be recovered by the building owner when is claim process is to be settled. However, the insurer cannot recover fund from the contractor. In this article, we’re providing some tips on how you move with your car insurance policy when you are relocating.
Importance of Re-registration
When you move to another city, be it permanently or for a couple of few months, re-register your vehicle insurance with a local insurer to avail the local registration number. Always inform that your existing insurer, so that you can update your policy records. It helps us avoid any issue when you make a car insurance claim after relocating. This process compulsorily needs a No Objection Certificate (NOC) from the Road Transport Authority (RTA) where you used to live before moving to another city.
Saving Money When You Move
If you want to save money on your car insurance, then look for all coverage options in the new city. You may find companies you’ve never known or heard of before offering good coverage that meets your needs as well. You should check these options in case you are moving to a place where the insurance premium seems comparatively higher.
It is possible that your existing car insurance provider may offer you a good discount, but you should still look for other available options at a cheaper price in the market. Therefore, an online comparison can be your best strategy for saving money. By comparing the plans, you can decide on a fair deal and in this way you can save money as well.
Upgrade Your Plan
Place plays an important role while taking car insurance plan. Sometimes it happens that works well in an area may not work out as well, for other people. Therefore, relocating to a new city is necessary to consider your present car insurance requirements and mend the gap between them. Therefore it is strongly recommended that you get a comprehensive car insurance with your existing third party to protect your car from possible damage while standing on the roads. It helps to protect your car from theft, vandalism, man-made or natural disasters, terrorism, damage due to terrorist activities & many others things.
Avoid Coverage Gap
According to Motor Vehicle Act in India 1988, driving your car with an invalid car insurance is a legal offense in India. You may be caught by the traffic police which leads to a huge penalty. So, if anyone wants to avoid the gap in your car policy, never cancel the old one without buying a new one car insurance. For that you need a little speed and effort:
- Always make sure that your old car insurance policy is canceled normally.
- Contact your Insurance agent asking for start date of your new car insurance
- Don’t forget to print policy document or other relevant documents regarding your insurance policy.
- Always ensure that the new insurance company that your vehicle will be covered while you are relocating.
Give Intimation to the New Accommodation
It is always helpful to update the new address with your insurer. It is the best way of communication, along with your contact number, email & address. It helps the insurer to communicate with you regarding your car insurance to your new home address in another city. The reason behind that may be anything including car premium, renewal, coverage, NCB, claim settlement and many other things.
The Car insurance contract protects your car from loss or damage from the natural calamities as well as man-made calamities as long as the insured person meets certain conditions mentioned in the insurance contract. The policyholder or the insured person pays a premium to obtain car insurance coverage. Therefore, in case of any uncertainty while relocating to another city the owner can claim the insurance amount.