Are you unhappy with your current motor insurance policy? Are you trying hard but still not getting any resolution by complaining against your insurance company? In that case, cancelling the policy might be a better option. However, before proceeding with the cancellation procedure, it's crucial to understand the process.
Ways to cancel your motor insurance policy
You must have stories from policy holders complaining against their insurance company. Now, policyholders have the option to cancel the policy and switch to an alternative one.
Check the terms and conditions: Before cancelling your policy, review the terms and conditions of your insurance agreement to understand the cancellation process. Insurance providers give 14 day cooling off period during which you can cancel the policy.
Contact your insurance provider: If you fail to cancel your policy during the cooling-off period, contact your insurance company and inform them that you wish to cancel your policy.
Provide the required information: To cancel your policy, you will need to provide them with some information, such as your policy number, personal details and the reason for cancelling.
Follow the cancellation process and return the documents: Fill out the cancellation form and sign the document. If you have received any documents related to your policy, such as a certificate of insurance make sure to keep them with you. You might need to return the documents.
Confirm the cancellation: Once you have completed the cancellation process, make sure to get a confirmation in writing.
Ask for a refund: Your insurance provider will explain you the process for receiving your refund either by cheque or electronic transfer. Follow the process provided and get your refund.
If your insurance company does not cancel your motor insurance policy even after following the cancellation process, you can approach the insurance grievance redressal cell and follow their process to resolve the issue.
Conclusion
It's important to remember that cancelling your motor insurance policy may have financial implications and there may be penalties associated with cancelling. It is to be noted that cancelling an insurance policy can be a challenging task. To make the process hassle free, you are advised to get in touch with subject matter experts for their advice.
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