What Is the Procedure for Refund of Premium in Motor insurance Policy?
Refund of premium in motor insurance can be done by the insurance company in the below scenarios:-
- If the customer is cancelling the car insurance policy and claiming refund
- If the customer has paid excess amount as premium for his/her car insurance policy.
The process for refund is quite simple, customer has to make declaration to the insurance company in writing to process the refund and submit the necessary documents such as Cancelled cheque leaf, Refund form etc. The refund may take 7-10 working days to be processed from the insurance company’s end.
How Much Refund on Car Insurance?
The amount of refund on car insurance depends on the type of policy you
have. For instance, if you have a comprehensive policy, then the refund is
calculated based on the cost of repairs or replacement. The other way is to calculate
it based on the percentage of your annual premium.
The first thing to do is to find out how much you are entitled. You can
do this by contacting your insurance company and asking for a refund
calculation for your specific situation.
How Much is the Insurance Amount of Car in Tamil Nadu?
The insurance amount for a car in Tamil Nadu varies based on factors such as the car's make and model, location, and type of coverage. The annual premium can range from Rs. 2,200* to 8000*, depending on individual circumstances and coverage choices.
How Much is the Insurance Amount of Car in Karnataka?
The insurance amount for a car in Karnataka varies based on factors such as the car's make and model, location, and type of coverage. The annual premium can range from Rs 3,000* to 9000*, depending on individual circumstances and coverage choices.
How Much is the Insurance Amount of Car in Telangana?
The insurance amount for a car in Telangana, like in other Indian states, varies based on factors such as the car's make and model, location, and type of coverage. The annual premium can range from Rs. 2,400* to 5,500*, depending on individual circumstances and coverage choices.
How Much is the Insurance Amount of Car in Maharashtra?
The insurance amount for a car in Maharashtra, like in other Indian states, varies based on factors such as the car's make and model, location, and type of coverage. The annual premium can range from Rs. 2,500* to 8000*, depending on individual circumstances and coverage choices.
How Much is the Insurance Amount of Car in Kerala?
The insurance amount for a car in Kerala, like in other Indian states, varies based on factors such as the car's make and model, location, and type of coverage. The annual premium can range from Rs. 2,000* to 5000*, depending on individual circumstances and coverage choices.