Everything You Wanted to Know About Car Insurance Portability Needs and Benefits

There can be times when you realise that you can get a better deal from a new insurance provider than your existing vehicle insurance plan. In such a situation, you can avail of the car insurance portability feature that allows you to switch your insurance providers.

3 Advantages of Car Insurance Portability

1. Finding a Better Insurer

You don’t have to stick to your old insurance provider against your wish. You can move on to a new insurer who you think can provide better services to you, such as an extensive network of garages, a better claim settlement ratio, etc.

2. Getting Better Add-Ons

Add-ons are the additional benefits you can include in your comprehensive car insurance by paying an extra amount to the base premium. Sometimes, you may require specific add-ons that your existing insurer does not offer. In such a situation, you can port to a new insurance provider that can offer you the right add-ons.

3. Preserving Your NCB

No Claim Bonus (NCB) is a type of discount offered on the comprehensive insurance premium for every claim-free year. You can get up to 50% discount on premiums by accumulating NCB for 5 years.

The car insurance portability feature allows you to carry the NCB earned in the previous plan to your new comprehensive vehicle insurance policy.

When Can You Port Car Insurance and How?

You can consider switching your car insurance at the time of the insurance renewal, which is within 45 days of the expiry date of the current policy. Porting your vehicle insurance during this period ensures that you keep the benefits from the existing plan, such as NCB, no physical inspection of the car, etc.

You can easily make the purchase by visiting the official website of the new insurer where you want to port.

  • Select the renewal section and provide the old insurance details.
  • Select the insurance plan.
  • Pay the requisite amount to buy the new insurance policy.

Things to Remember While Porting Four-Wheeler Insurance

  • Expiry Date

You can switch to a new insurance plan even if the previous policy has expired. However, you’ll lose all the benefits, like NCB, etc., as they would not be carried forward to a new policy from a lapsed policy. So, it’s crucial to renew your policy before the expiry date.

  • Car Insurance Quote

Compare quotes from different insurers to identify the car insurance plan best suited for your needs. You can get an insurance quote online by visiting the website of your shortlisted insurers.

  • Insured Declared Value (IDV)

Your car’s market value decreases each year due to various factors. The insurer calculates the IDV based on your car’s present market value and fixes the insurance premium accordingly. So, it’s important to check your car’s current IDV and see how it affects the premium amount of your new plan.

  • Claim Settlement Ratio

Apart from the price and benefits, the record of maximum claim settlement in a year is an important indicator of an insurer’s reputation and reliability. So, always check the claim settlement ratio of the new insurer to where you want to switch. A good and reputable insurance provider typically has a claim settlement ratio of over 96%.

Gone are the days when you had to stick to your old vehicle insurance due to a lack of options or inability to make the switch online. Today, you can easily port to new four-wheeler insurance online without any hassle. All that matters is your convenience and satisfaction as the policyholder.