How do you manage car insurance while relocating within India? When you relocate to another place in India, you need to inform the insurer of your car insurance online so that your policy is changed to reflect your new location.
Relocating is tough, as you need to pack all your belongings and move them to the new location. Relocation becomes even more difficult when it happens to another city or state. In the middle of the hectic relocation, you must not forget about your car insurance.
If you have a car, you will have a car insurance policy. Car insurance is applicable throughout the geographical territory of India. However, the policy document contains your address. When you relocate your home, you need to get the new address listed in the policy document. Apart from this, there are other things you need to manage while relocating.
The following are a few points related to your car insurance that you need to manage when you relocate:
1. Consider upgrading the policy
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When you move to a new location, there is a possibility of a higher risk. For instance, if you live in a small town or district center and are relocating to a metro area, things change. In a metro, there are higher risks of accident/theft. This may want you to consider upgrading your insurance policy. You can consider the following while doing this:
- If you have third-party insurance, you can consider getting comprehensive insurance. This will provide you with more coverage and thus minimize your risks. You can easily upgrade your car insurance online.
- You can consider add-ons for your policy. For instance, you can get the engine and tires included through an engine/tire protector add-on. Depreciation reduces the value of your car parts and reduces your claim amount. You can consider a zero depreciation add-on to get bumper to bumper car insurance, so you can get a higher claim if there is an accident.
2. Inform the insurer
You need to inform the insurer of the change in location. This is mandatory. Doing so will help you get your new address included in the policy. This is required to prevent problems later.
3. You may need to re-register
If you move to a new state, you need to register your car with the state transport authority within a year. You can either transfer the registration or get a new registration number. You need to keep the insurer updated, so your records are correct. You need a NOC (no objection certificate) from the RTO of the state you lived in previously.
4. Ensure there is no gap
Relocating may take time during which period you may not use your vehicle. Ensure your policy does not expire and get it renewed. This can affect your NCB discount and leave you without cover.
5. Planning a change?
In case you plan to buy a new car, then ensure the NCB is transferred. This will allow you to get a discount on the premium for your new car.
Keeping the above points in mind ensures that you manage car insurance while relocating within India effectively. It ensures your policy document is updated, avoiding any future problems in case of a claim.
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