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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 to Transfer Motor Insurance Policy?

To transfer the motor insurance policy submit the below documents to the insurance company to make a transfer of the existing insurance policy.

  • Application Form.
  • Form 29.
  • Form 30.
  • No Objection certificate from the existing owner.
  • An inspection report from the insurance company.
  • Registration certificate in the name of the new owner.

What are the Benefits of a Motor Insurance Policy in India?

Motor insurance policy in India provides personal accident cover, a large number of network garages, IDV (Insured Declared Value), riders or add-ons, damage or loss to the insured vehicle, third party liabilities, no claim bonus, etc.

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.

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