Anyone knows what PYP stands for in insurance???
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In the context of insurance, PYP stands for Previous Year Policy. It pertains to your vehicle’s insurance policy from the previous year.
The PYP certificate is frequently requested when you are endorsing, or making modifications to, your existing insurance policy. For example, if you’re moving insurance companies and want to transfer your No Claim Bonus (NCB) discount, you’ll need to bring your PYP and a No Claim Bonus declaration from your former insurer.
It means Previous Year Policy (PYP)- PYP refers to the insurance policy documents that you had issued for your car from the last insurer.
It signifies the Previous Year Policy (PYP) – in essence, the insurance documentation pertaining to your vehicle issued by your previous insurer.