A. Cancelling your Car Insurance policy is certainly possible. Nevertheless, you will receive a refund only after you have submitted a copy of the replacement policy or the registration certificate for your vehicle that has been legally cancelled by the Regional Transport Office (RTO). Car Insurance is mandatory by law; hence your existing company needs to know that a policy has been bought in place of the current policy, to proceed with the cancellation. Car Insurance companies provide a minimum ‘cooling off’ period of 14 days to the customers in which they are free to cancel their policy. In case you change your mind about the current company or find a better deal from a rival company, you are entitled to go ahead within the first 14 days of your policy. After the cooling off period, the company will charge you a certain amount depending on the number of months which have passed from the policy period.(i.e. 10% charges within a month, 20% after 2 months and so on.) However, keep in mind that you are not eligible for a refund after 8 month of your policy period. The refund is possible only if there has been no claim during the policy period.
A. The documents required to cancel the policy by the customers are as follows:
A. Refund is possible only when the policy is cancelled. The refund essentially depends upon the company and would be on short rate period. You must check the short rate calculations before cancelling your policy. You need to provide alternate copy of policy covering TP risks to cancel the policy.
A. The documents required to cancel the double policy by the customer are as follows