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When is the Right Time to Change Your Car Insurance?

Introduction

Have you ever considered switching from your current car insurance provider to a different one? Although the process can be a hassle and renewing your existing insurance plan is much more convenient, sometimes it is worth comparing other policies. With new innovations and features launching in the car insurance industry every passing day, you might want to take advantage of them and get extensive coverage for your four-wheeler. As car insurance is mandatory to legally ply on Indian roads, you can always consider upgrading to a plan with more benefits or affordable rates. In this article, let’s deep dive into the right time when you can consider changing your car insurance company.

When Should You Switch Car Insurance Companies?

Numerous factors are considered while estimating the quote for a car insurance premium. This may include the age of your vehicle, make and model, your driving skills, insurance type — whether it is a third party for car insurance or comprehensive, and so on. In simple terms, the insurance company tries to gauge the risks associated with the applicant. Thus, these aspects differ from one policyholder to another, giving rise to varying premium rates.

The insurance company may even reassess the risk associated with the insured, leading to higher premiums. Thus, it is obvious to compare car insurance plans online to get the best deal for your four-wheeler. However, you must not let the better premium rates lead you to compromise on your insurance coverage.

As a policyholder, you might know there are various add-on covers available in car insurance. Opting for such additional covers enables you to enhance the insurance plan and gain coverage for aspects that are not otherwise covered under the policy. These add-ons aren’t consistent across car insurance companies available in India and that’s all the more reason to consider switching if your insurance requirements aren’t being met with the existing one.

For instance, if you own a high-end car, you might want to secure yourself against any loss affecting the vehicle’s engine. In case your current insurance provider doesn’t offer an engine protection cover, you wouldn’t want to risk incurring hefty out-of-pocket expenses while having insurance coverage. To ensure your vehicle has sufficient coverage against unforeseen perils, it is advisable to check for covers offered by other insurance companies in order to maximize your insurance plan.

  • Better Insurance Features

Who wouldn’t prefer getting a better deal at the same price? Due to the competitive pricing of online car insurance in India, you can easily get a better insurance plan for the premium you are paying today.

Although certain features and coverage benefits may change, enhanced insurance coverage is worth considering! As your car insurance renewal due date comes closer, you can compare other insurance policies with your existing plan based on various aspects to consider a switch.

  • Issues With Customer Service

Most of us have dealt with customer executives who have left us with no resolutions. If you are experiencing bad customer service under your existing insurance provider, then it might be time to switch insurers. Poor customer service could be related to the in-house claim settlement team, representatives associated with service centers or network garages, etc.

With a great emphasis being put on seamless digital customer experience in claims, many insurance companies have started offering better facilities and 24×7 customer service. And you may not want to miss out on that!

  • Availability of Network Garages

When it comes to seeking sufficient insurance coverage, cashless garages top the list, and they should. The cashless facility offered by car insurance companies eliminates the financial burden of initially covering the bill from your pocket. That said, the chain of network garages available under a certain insurance provider varies.

If you do not have access to network garages near your residence, then you might want to switch insurers to avoid losing out on the cashless benefit. Such a facility not only secures the repair expenses but also reduces the wait time involved with reimbursement claims. Since the cashless claim is directly settled by the insurer, you don’t have to hold on to the original bills and receipts too!

Things to Consider While Switching Your Car Insurance Company

Now that you know when is the right time to change insurers, here are some aspects to keep in mind while doing so:

  • Compare Insurance Plans Online

With a huge number of insurance companies available in the Indian market, you have endless options to choose from. So, it is crucial to evaluate various plans offered by insurance providers and take your time while finalizing one. Comparing policies online ensures that you get suitable car insurance coverage and allows you to choose a budget-friendly plan.

  • Analyze Insurance Companies

If you are switching from your current insurance provider due to customer service issues, lack of cashless garages, etc., then you must research thoroughly about different insurance companies. To avoid similar problems with the new insurer, it is recommended to extensively analyze the offerings of the company. This little exercise will save you from unnecessary trouble in the future!

  • Consider Convenience Features

With technological advancements, insurers have started to offer online services through their websites or mobile apps. Right from raising a claim and renewing your policy online to finding a nearby cashless garage, it can now be done on your phone. You can also calculate car insurance premiums online quite easily. Most leading car insurance companies also enable policyholders to effortlessly reach out for a query with their 24×7 customer service. So, you must check for such convenient features that can go a long way in simplifying your life!

To Conclude

Comprehensive car insurance is an important cover that helps financially safeguard your vehicle. It provides extensive coverage against numerous risks that may affect your car. However, to make the most of the premium you pay towards securing your prized possession, you must consider other options for better coverage. As long as you give ample notice to your current insurance provider and make a switch before the expiration of your plan, you have nothing to worry about! But a word of caution to keep in mind while changing insurers is to check the coverage terms and exclusions of your car insurance plan.

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