Your work might demand you to relocate at any moment. While you might be super excited, you are equally concerned about managing things suddenly, right from packing to enquiring about a new place. This also includes your car insurance. It can be challenging at first, but there are ways to handle such scenarios.
Here are some tips on how you can relocate with a car insurance policy:
Inform your new accommodation
Intimate your insurer about the new address. It serves as a medium of communication along with the contact number and email address. This helps the insurance company to communicate with you concerning the insurance to your new house address. The reason could be anything like premiums, car insurance renewal, coverages, NCB, claim settlement, and so forth.
Re-registration is essential
As you move to another city, either permanently or for a few months, re-register the vehicle with a local insurance company for availing the local registration number. Do not forget to inform the current insurer so that they can update the policy records. This helps you avoid any hassles while settling claims. This process also requires a No Objection Certificate from the Road Transport Authorities. So, make the necessary arrangements.
Check the network garages
When buying online car insurance, the insurer assures their services are accessible anywhere in the country. However, when it comes to cashless claims, you can do so only under network garages. Therefore, check if the new place you move to has the desired network garages. If you need something to be fixed in your vehicle, repair parts in the network garage, they might be unavailable at the new location.
Influence on premiums and coverages
The change in your premiums depends entirely on the insurance company. Also, it depends on the risks covered. Besides, premiums get decided based on the zonal risks. Your insurer might ask to pay higher premiums when you relocate to a catastrophic zone such as flood-prone or earthquake. But remember, the insurance company does not aid with towing the vehicle to a roadside shop or other assistance. And, of course, if you have teenage drivers in your household, not every car will get you low rates. After all, insuring teenagers can get expensive! So make sure you buy them the right car that can be insured for a reasonable cost.
According to the place, your needs change. Sometimes what works well in one area might not for another. Hence, while moving to a new place, consider your ongoing car policy requirements and make the changes. It is recommended to get a comprehensive cover with your existing third-party plan. This protects you from all sorts of damages while standing on the road, such as thefts, vandalism, humanmade or natural calamities, etc.
No Claim Bonus
This is an essential aspect at the time of car insurance renewal. When you relocate, you might be worried as to what happens to your NCB. If you think you might lose it, remove that thought out of your mind. Insurers offer NCB for going claim-free in the previous policy year. This starts with 10% and increases to 50% if you go claim-free for five years. It follows wherever you go. If you move to a new city and buy a vehicle, it shifts to the new car.
Likewise, if you are not happy with the current insurer or seek to switch one, the earned NCB gets transferred.