Proceed With Caution: If You Are Thinking Of Changing Your Car Insurance Company, Read This

Proceed With Caution: If You Are Thinking Of Changing Your Car Insurance Company, Read This

Insurance, in general, is something that no one should ignore. Be it for their loved ones, or even for their property. Whereas Life insurance takes care of your loved onesCar insurance is what you need to protect your vehicle from the risk of loss, theft or damage. However, unlike life insurance, which covers you for a longer period of five years or more, car insurance policies usually expire every year. This means that one has to get his motor insurance policy renewed every year.

However, when it comes to car insurance renewal, policyholders can choose between two options. The first is to continue your car insurance policy with the same company, while the second is to get a completely new car insurance policy. Thanks to the internet, it is now very easy to not only compare car insurance plans online, but also apply for policies online.

If you have decided to go with the option of changing your car insurance provider, there are a few things you should consider before doing so. Read on to find out more.

Ignore the Premium

While buying car insurance, do not make premium the primary basis for taking the policy. yes you can be take out car loan Buy more car and you have a liability to pay monthly car loan EMI. But, still do not opt ​​for a lower premium on your car insurance policy. This will get you a small claim amount. Take a plan that suits your needs, even if it is a little more expensive than what you paid earlier.

consider the big picture

Third party cover is the original cover which all car insurance policies To give. However, apart from this, there are many other covers which are equally necessary, such as zero depreciation cover, no claim bonus, roadside assistance, etc. When switching to a new insurance provider, you need to make sure that the potential provider you plan to switch offers the one you are looking for and also at what premium.

claim settlement ratio

Claim settlement ratio is a very important part of every insurance agreement. That your car insurance provider offers comprehensive cover at a low premium will be of no use if they cannot honor your car insurance claim. The claim settlement ratio is a very important aspect that every policyholder should pay close attention to. Does your insurance provider have a high claim settlement ratio? If not, you might want to stay away from them and see what they can offer. To learn more about an insurer’s claim settlement ratio, do your research online, or ask around.

Convenience is always welcome

Convenience is something that will always attract customers. When choosing a new insurer, opt for a well-set-up claim settlement process, extensive network of partner garages for cashless repairs and a well-established customer support system. Also, if the insurer has a mobile app where you can access policy related services from your mobile device, it will help a lot.

a little patience goes a long way

If you are not satisfied with your car insurance provider but your policy with them is about to expire, it would be wise to wait. The advantage here is that once your old policy has expired, you can switch to your new policy immediately. Doing so will ensure that there is no shortfall in your policy coverage and that gap-free coverage will continue. Also, if you have not filed a claim on your existing policy, you will be eligible for a substantial amount for your No Claim Bonus. No Claim Bonus can be transferred from your existing insurer to the new one subject to the condition that it is received within 90 days. So, don’t forget it.

shop around

If you’re in the market for a new policy, take your time and look around. There are many options that one can opt for under car insurance. The ideal time to look for a new car insurance plan would be when you have purchased a new car, your policy is due to expire within a month or two, or when you are about to move. When searching, make sure you get quotes from at least three providers. If you have looked into a plan, make sure you have a thorough understanding of the scope of coverage provided by the plan, what are its exclusions, inclusions, terms, conditions etc. Then proceed to buy the plan which is suitable for you. Requirements. later, you can Renew your car insurance online.

Don’t forget your existing insurance company

In today’s times, it is quite clear that insurance is a very competitive business. With this in mind, opting out of your policy would mean bad news for your existing insurer’s business. Keep this in mind when you are looking for a new plan. It may sound strange, but if you indicate to your insurer that you are looking for a new plan with another provider, the chances are strong that they will give you an equal, if not higher, rate than your competitor. So will give discount. is presenting to you. In addition, insurers give preference and discounts to customers who have purchased more than just one policy from them. So, if you have a home insurance plan from XYZ Insurer, inquire from them for a car insurance plan and you may get a marginal discount on the premium for it.

check penalty

At times, insurers may impose a penalty if the policyholder breaks the policy agreement before the end of the coverage period. Though this is not usually the case with car insurance policies, it is always wise to check beforehand. If there is a penalty associated with cancellation before your policy expires, it would be prudent to wait to avoid any monetary loss.

Make sure your old policy is canceled

When it comes to car insurance, it is extremely important that you get a written confirmation from your existing insurer that you are no longer a customer of their car insurance policy. Stopping premium payment on your existing policy is not enough. Make sure you get a written confirmation from your existing insurer that your current policy has been successfully canceled and no further payments are due on it. Doing this will ensure two things. First, you will no longer be billed for a canceled policy, and second, it helps protect your credit score and any charges for non-payment on the insurance policy.

See the specifics of your new policy

When you have selected a new car insurance policy, be sure to go through the fine print of the policy to ensure that you are getting exactly the cover you asked for. Also check the details of premium and add-on cover (if any) covered under the plan.


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