When is the right time to change auto insurance?
Have you ever considered switching from your current car insurer to another? While the process can be tedious and renewing your existing insurance plan is much more convenient, sometimes it’s worth comparing other policies. With new innovations and features being launched in the auto insurance industry every day, you might want to take advantage of them and get extended coverage for your four-wheeled vehicle. As car insurance is compulsory to drive legally on Indian roads, you can always consider upgrading to a plan with more benefits or affordable rates. In this article, let’s dive into the right time to consider switching car insurance companies.
When to change car insurance company?
Many factors are considered when estimating the quote for a car insurance premium. This can include your vehicle’s age, make and model, your driving skills, type of insurance – whether it’s third party auto insurance or comprehensive, etc. Simply put, the insurance company tries to assess the risks associated with the claimant. Thus, these aspects differ from one insured to another, giving rise to variable premium rates.
The insurance company may even reassess the risk associated with the insured, resulting in higher premiums. So, it is obvious to compare auto insurance plans online to get the best deal for your quad. However, you shouldn’t let the best premium rates cause you to compromise on your insurance coverage.
As an insured, you may know that there are various additional coverages available in car insurance. Opting for these additional guarantees allows you to enrich the insurance plan and benefit from coverage for aspects that are not otherwise covered by the policy. These add-ons are not consistent among the car insurance companies available in India and this is all the more reason to consider switching if your insurance requirements are not met with the existing one.
For example, if you own a high-end car, you might want to protect yourself against any loss to the engine of the vehicle. If your current insurance provider does not offer engine protection coverage, you would not want to risk incurring heavy expenses while having insurance coverage. To ensure that your vehicle has sufficient cover against unforeseen risks, it is advisable to check the covers offered by other insurance companies in order to maximize your insurance plan.
- Better insurance features
Who wouldn’t prefer to get a better deal at the same price? Due to competitive online car insurance prices in India, you can easily get a better insurance plan for the premium you are paying today.
While some coverage features and benefits may change, enhanced insurance coverage is worth considering! As your auto insurance renewal due date approaches, you can compare other insurance policies with your existing plan on various aspects to consider a change.
- Problems with customer service
Most of us have dealt with client executives who left us with no resolution. If you’re having poor customer service with your current insurer, it may be time to switch insurers. Poor customer service can be related to in-house claims team, representatives associated with service centers or network garages, etc.
With a focus on a seamless digital customer experience in claims, many insurance companies have started offering better facilities and 24/7 customer service. And you might not want to miss this!
- Availability of network garages
When it comes to finding sufficient insurance coverage, cashless garages are at the top of the list, and they should be. The cashless facility offered by auto insurance companies removes the financial burden of initially covering the bill out of your pocket. That said, the network garage chain available under a certain insurer varies.
If you don’t have access to in-network garages near your residence, you may want to switch insurers to avoid losing the cashless benefit. Such a facility not only secures repair costs, but also reduces the waiting time related to reimbursement requests. Since the cashless claim is settled directly by the insurer, you also do not need to keep the original invoices and receipts!
Things to consider when changing car insurance company
Now that you know when is the right time to switch insurers, here are some things to keep in mind:
- Compare insurance plans online
With a large number of insurance companies available in the Indian market, there are endless options to choose from. It is therefore crucial to evaluate the different plans offered by insurers and take your time to finalize one. Comparing policies online ensures you get the right car insurance coverage and lets you choose an economical plan.
- Analyze insurance companies
If you are changing your current insurance provider due to customer service issues, a lack of cashless garages, etc., then you should thoroughly research the different insurance companies. To avoid similar problems with the new insurer, it is recommended to thoroughly analyze the company’s offers. This little exercise will save you unnecessary trouble in the future!
- Consider the practical features
With advances in technology, insurers have started offering services online through their websites or mobile apps. From reporting a claim and renewing your policy online to finding a cashless garage nearby, it can now be done on your phone. You can also calculate car insurance premiums online quite easily. Most major car insurance companies also allow policyholders to effortlessly contact a query through their 24/7 customer service. So, you must check out these handy features that can greatly simplify your life!
Comprehensive auto insurance is important coverage that helps protect your vehicle financially. It offers extensive coverage against many risks that can affect your car. However, to get the most out of the premium you pay to secure your prized possession, you should consider other options for better coverage. As long as you give your current insurance provider enough notice and make a change before your plan expires, you have nothing to worry about! But one caveat to keep in mind when switching insurers is to check your car insurance plan’s coverage conditions and exclusions.