What is Car Insurance Portability?

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Car Insurance
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What is Car Insurance Portability?
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Motor Insurance, in general is something that one
must never ignore. Just like a life insurance
policy takes care of your life, a car insurance
policy take care of what you need to keep your
vehicle safe from the risk of damage, theft or
any other loss. However, unlike life insurance
policy, which covers you or your loved ones for a
longer duration, usually of five years and more,
a car insurance policy is renewed every year.
This means that an individual would have to get
his or her car insurance policy renewed each
year. Now, when it comes to car insurance
renewal, you have two options, either to continue
the policy with the same insurance company or
switch to a new one. Thanks to the internet and
technology, now it is lot easier to not only look
for the insurance product feature, but also apply
for a car insurance policy online as well.
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• So, car insurance portability is when you are
  unhappy with the current car insurance provider,
  and you switch to another insurer. As mentioned,
  you can switch to new insurance company at the
  time of car insurance renewal. That is, when the
  insured policy expectation is not matching with
  the current service provider, a customer can
  avail the option of car insurance portability.
• Reasons to opt for Car Insurance Portability
• A car insurance policy with a better coverage
  and at a lower premium is available.
• Poor claim settlement experience from the
  previous insurer, or
• Another insurance company who is offering better
  add-on for your car at the same premium.
• So, if you have decided to go with the option of
  switching your car insurance provider, there are
  few things that you need to keep in mind--

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Convenience This is something which always
attracts customers. When you decide to switch to
a new insurer, opt for the one who has a well set
up claim settlement process, a widespread network
of partner garages for cashless repairs, with a
well-established customer support system to solve
your queries. In addition to this, check that the
insurer has a digital footprint-I.e. either a
website or a mobile app where you can access your
policy related services within few clicks.
Expiry Date The ideal time to start looking for
a new insurer is 45 days prior your policy
expires. If policy lapsed, then it requires the
vehicle to be inspected by the authorized
surveyor and an insurance company can levy an
additional charge for this- charge for a break-in
car insurance.
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Make sure that your old policy is cancelled When
it comes to car insurance portability, it is of
utmost importance that you receive a written
confirmation from your existing insurer that now
you are no longer subscribe to their car
insurance policy or services. Just make sure that
you get a written confirmation regarding this
from your existing insurer that your current
policy has been cancelled and no further payments
are due on the same. Well, doing this will ensure
two things- firstly, you will not get billed for
the cancelled insurance policy anymore, and
secondly, it will safeguard your credit score
from any allegations of non-payment on a motor
insurance policy.
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Add-on Covers One must check for all the add-on
coverage like zero depreciation, road-side
assistance, engine protection, consumables cover,
etc. at the time of car insurance portability.
Claim settlement ratio a very important
parameter or you can say a part of every
insurance agreement. If you plan to switch your
car insurance service provider, make sure that
your new insurer has a good claim settlement
ratio, because an extensive policy at a low
premium will be of no use if they cannot honour
your vehicle insurance claim. So, claim
settlement ratio is a very important aspect which
you should pay attention to. Well, these were
some of the common points that you need to keep
in mind, during car insurance portability. Hope
this information has been helpful in clearing the
concepts related to what is car insurance
portability.
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