What is Car Insurance Portability?
Car insurance portability refers to switching your car insurance provider if you are not satisfied with your existing insurer. Just like you port your mobile number with upgraded benefits, you can also port your policy and choose an insurer that offers you better services.
Moreover, benefits like NCB (discount for not raising a claim), cashless services, etc, are also transferred to your new motor insurance policy.
Why Port Car Insurance Policy?
Porting your insurance provider is not compulsory but can be helpful in the following cases:
- To get better coverage
- For better cashless claim settlement services
- To receive more policy-related features
- To get coverage at a lower premium
- For improved value-added services
When Should You Port Car Insurance Policy?
You can switch your existing car insurance policy whenever you are unsatisfied with your current insurer. However, make sure to port car insurance at the time of car insurance renewal.
Not many insurers will allow you to port your policy in between your policy tenure. So, ensure that you switch your insurer at the time of renewal only to avoid any inspection.
When you port your policy within the expiry date, you can easily transfer your No Claim Bonus to your new motor insurance policy. Also, there is no need to get your vehicle inspected.
Things to Keep in Mind While Choosing a New Insurer
Before porting your car insurance policy, there are some essential things that you need to keep in mind while choosing a new insurer. These are:
Choose New Insurer Wisely
Before porting your car insurance policy, make sure to do proper research on the coverage offered by your new insurer. If you are looking for the same coverage at a lower premium, try comparing plans based on their car insurance price.
However, if you want better coverage, compare insurance plans based on the coverage offered. Thus, before porting your policy, choose your new insurer after full consideration. Also, check your new insurer’s Claim Settlement Ratio before finalising an insurer.
Don't Lose Your NCB
No Claim Bonus, if accumulated, can give you a great discount on your car insurance renewal premium. Thus, make sure to also get your existing NCB reward transferred to your new insurer while porting your policy. To transfer your NCB, you will have to show an NCB Certificate to your new insurer. An NCB certificate can be received from your existing insurer.
Port Before Expiry Date
The best time to port your car insurance policy is before your policy expiry date. The option to port is mostly offered during the car insurance renewal period and not throughout the year. Also, porting your car insurance before expiry will help you easily transfer your NCB as well. If your policy expires and you do not renew or port it, you will be required to get your car inspected. Your NCB will also get nullified if it exceeds the grace period of 90 days.
Select Proper IDV
Before porting your four-wheeler insurance, make sure to also carefully consider your car’s Insured Declared Value. To get the best coverage at the time of total loss due to theft or fire, make sure to select an IDV close to the market value of the vehicle.
How to Switch Car Insurance Online?
If you are not happy with your current insurer and wish to switch your car insurance, you can port your car insurance online by following these steps:
- Visit Policybazaar.com and click on the “Car Insurance” tab from the homepage
- Now enter your car number in the given form
- Select your car’s RTO
- Select your car details like make, model, variant, fuel type and registration year
- Enter your previous policy claim and expiry details
- Now compare and choose a car insurance plan from a new insurer
- Fill in the proposal form and proceed with the premium payment
- Pay the final premium using the online payment mode
- Once you have paid the premium, your car insurance policy will be ported. You will receive your policy details in your mail.
FAQs on Car Insurance Portability
Ans: Yes, it is possible to port your existing car insurance policy. If you are unsatisfied with the previous insurer, you can easily port your policy to the new insurer.
Ans: Yes, you can transfer your NCB from your previous insurer to your new insurer while porting your car insurance.
Ans: IA car insurance policy can be ported online from Policybazaar.com at the time of renewal. Simply go to the “Car Insurance” section, enter your car number and your car details, select your previous insurer and select the plan from your new insurer. Pay the final premium, and your new car insurance policy will be mailed to you.
Ans: A car cannot be insured twice. Whether a car is insured for one or more policies, the compensation can be claimed from one policy only. An increase in the number of policies won't increase the value of your insurance coverage. So, insuring your car twice will only lead to unnecessary complications and a higher premium.
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