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Inform the insurer immediately when you decide to cancel the policy. Insurers prefer at least 15 days’ notice to begin the cancellation process. The cancellation process is easy and can be done within a week.
Usually, insurers require a declaration letter from you(the policyholder) stating your intent to cancel the policy. Cancellation process can also be done via email, depending on the insurer. The insurer will approve the cancellation of your car insurance policy once you have completed the necessary steps as per the policy guidelines.
To avoid a gap in your car insurance coverage, apply for a new insurance policy (from a different/new insurer) simultaneously while you request a cancellation of your existing policy. Upon submission of the written request for cancellation, the insurer will send you the cancellation notice along with any refundable amount of the policy.
If you cancel the policy within the completion of a policy year, the insurer is liable to refund the remaining premium amount for the left-over period. For example, if you have paid Rs.30,000 for one policy year, and you decide to cancel the policy after 8 months, you are liable to receive a refund for the remaining 4 months.
Make sure that you collect all documents pertaining to the cancelled car insurance policy so there is no problem in the future.
Finally, make sure that you do not forget to transfer your no claim bonus, if any. The NCB discount can be availed on the new car insurance policy which will reduce the premium amount.
We caution you against shifting your existing car insurance policy to a new insurer just because the offer is cheaper. The decision to cancel your car insurance policy must not be taken lightly. Instead, it must be based on evaluating all factors involved such as enhanced coverage, upgrading to a new model, customer service offered, ease of filing a claim, etc.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A CIBIL™ Score is an indicator of an individual’s credit worthiness. It impacts the individual’s ability to borrow
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
There is really no number that can be established as the average credit score in India. Many people see regular
You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
First, it is important to note that there is no ‘Defaulters List’ that is maintained or circulated by CIBIL™ or any of the other
Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
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