I am unhappy with the service by my car insurer and want to move to a PSU insurer. Can I cancel my motor insurance and get a refund during the policy period?
Gurpreet Chaddha, Jalandhar
Yes, you can cancel your existing motor policy during the policy period. Generally the cancellation is based on two conditions; one you are able to show that your vehicle has been insured elsewhere, for at least the third party cover or you are able to prove that the vehicle was sold or re-registered. On cancellation of policy, the insurance company retains the premium on short period scale and refunds the balance premium. Also you are eligible for refund only if there has been no claim during the policy period. In case you have already taken a claim amount, you shall not be entitled for any refund of premium.
