Change of Address

[kartrak]

Hi,

I took my car insurance with ICICI Lombard, when I was in Bhopal two months ago. I have changed my job and ended up in Delhi. When I contacted ICICI Lombard to inform the change of address, they have asked me to deposit an additional Rs.****.

Is there any way of challenging this unfair increase in charge?

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[Expert]

Hi Kartrak,

ICICI Lombard will only have charged you the extra based on your new city, you have moved in because they now see extra risks based on their own statistics of claims and subsequent risks from your new area, they would probably have charged anyone the same increase, therefore they are acting fairly, although it seems a lot to you.

As long as they have not unfairly increased your premium, there is very little you can do except shop around for another company.

Areas that have more car crime, or are statistically more likely to have claims through accidents, are always going to be charged higher premiums than say, a quiet countryside village with a low risk assessment, based on previous lower amounts of claims.

[Jignesh]

I am sure Expert has advised correctly but I have to say that the increase, which is probably for a part year, is high.The trouble with these mid term changes is that it's very hard to evaluate what is the additional risk and the customer gets landed because there are penalties for changing insurer.Costs of cancellation and loss of potential no claims entitlement .

I faced a similar thing when the vehicle I owned was incorrectly classified as taxi instead of personal car.

I would be delving a bit more and questioning the insurer about the relative risk ratings they have applied, just to make sure there is no admin error.

[kartrak]

Thank you very much for the advice guys!