In this day and age where buying a product becomes as easy and efficient as a click of a mouse, it’s not uncommon for some of us to experience “buyer’s remorse.” perhaps buyer’s remorse typically strikes when he bought a new device online only to find that it didn’t work as well after it was delivered. this may be a little less painful than, say, a subscription that you would be committed to for a year, such as a telecoms contract or a car insurance policy?
In your rush to get car insurance so you can hit the road, you may have been tempted by one that promised new underwriting discounts. reviewing the details and then comparing with other insurers, she realized that she paid more than she should have. What can you do now? Do you need to stick with your wrong choice for a year, or do you have the option to switch insurance midway?
Reading: How to switch car insurance to new car
Many drivers may not know it, but yes, you can change your car insurance before the annual term ends. Here are some common questions we get from customers who want to switch their insurance to DirectAsia, and we hope you will too!
1. how will the change work? do I need to cancel my old car insurance first?
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It doesn’t matter if you get a new policy before canceling a new one or vice versa. you just have to inform the insurers of the correct cancellation and the start date of the new policy so that you enjoy continuous coverage.
2. Is there a penalty for changing car insurance before one year? what is the cost?
Some insurers charge an administrative fee for policy cancellation, but you may be eligible for a refund of some of your prepaid premiums on a prorated basis.
3. Will I get a refund for switching auto insurance from my old insurer?
If you cancel your policy before it expires, you should be able to get a refund for the remaining period of the insurance premium paid. Keep in mind that the reimbursement amount will likely vary between different auto insurers. however, there will normally be no refund if a claim has been made.
4. Can I change/transfer my auto insurance from my old car to a new car I’m buying?
See also: How Much Commissions Do Insurance Agents Earn?
Unfortunately, most insurance companies won’t allow you to transfer your insurance from your old car to a new car because the make and model of your next car will usually be quite different from your old one.
5. Will my ncd be intact if I change car insurance?
While you can’t transfer auto insurance from your old car to your new car, the good news is you can keep your ncd intact. Your new auto insurer will verify your NCD eligibility and quote you a premium accordingly.
6. Can I switch auto insurance in the middle of a claim (where I was at fault)?
no, as your current insurer will likely process your claims. If you cancel your policy right after an accident, you will also not be entitled to a refund (see point 3).
ready to switch to directasia? In fact, if you’ve been a safe driver and enjoyed NCD50 with your current insurer, you may be pleased to know that DirectAsia is the only car insurer in Singapore to offer NCD60. click here for an instant quote or call us at 6665 5555 for further assistance.
