Tips on how to carry your car insurance while relocating
There is always something you will forget to do while shifting homes. Some of us forget to empty the refrigerator a few days in advance, and then have to frantically clear the contents and send a damp and unclean refrigerator to the new home. Others may forget to reorganise mail or misplace their spare keys.
One task that you many forget, however, has nothing to do with general administration or the actual transfer of goods, it has to do with your car. Updating information on the car insurance policy often is among the last items on the priority list, despite the risk of facing a challenge while settling claims, and/or renewing policies.
Though one’s car insurance policy is valid all over India, including during transit, it is best to inform the car insurer in advance about your change of address. Remember, insurance premiums may vary from city to city — you are likely to pay more in metros than in non-metros. Therefore, if you are shifting to a non-metro city, you may actually save on your premium by informing the insurer about your new address. So here are some handy tips:
1.Address Update – To ensure all communication from the insurance company reaches you about coverage, renewal, change in premium, no claims bonus etc.
2.Re-registration information – If your stay in the new city goes beyond 12 months, re-register your car to get a local registration number. Inform the car insurance provider about this so it reflects in their records. However, the re-registration process will need a ‘No Objection Certificate’ from the previous Road Transport Authority.
3.Network of Cashless Garages - Your car insurance policy will provide cover throughout India. However, a cashless claim will only be possible at the garages/service centres that are in the insurer’s network. Therefore, it is important to have information about the garages/service centres in your new city.
4.Premiums and Cover – It is a possible that your premium may not change. But if you move to a non-metro you could save on the premium as compared to a move to a metro city.
5.Upgrading Cover – You may consider upgrading from a third-party insurance cover to a comprehensive plan, so that you are covered.
6.No Claims Bonus Transfer – If you buy a new car in the new city, the no claim bonus gets transferred to your new car.