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Reasons You Should Consider Switching Your Car Insurance Company

Updated On Oct 18, 2023

Reasons You Should Consider Switching Your Car Insurance Company

The convenience that is offered while travelling in a car is simply unmatchable. In fact, a significant number of people in India now own a car. However, it is important to note that if you are planning to buy a new car or already own a car, then having car insurance is an absolute must. A number of insurance companies now offer car insurance plans so that it becomes easier for individuals to pick a desired car insurance plan. Despite the many car insurance plans, it is important to keep certain things in mind before making a final choice. In case you forget to keep these factors in mind, there are chances that you may become dissatisfied with your current car insurance plan and would want to buy a new one. So, listed below are some of the reasons why you should consider switching your car insurance company. 

Reasons You Should Consider Switching Your Car Insurance Company

Top Reasons Why You Should Consider Switching Your Car Insurance Company

Car insurance is a legal contract between the policyholder and insurer that states that assistance will be offered to policyholders in case any uncertainty takes place on the road. There are different types of car insurance plans, however, third-party car insurance is a must-have for all owners. Since it is a legal requirement, sometimes there are chances that you end up buying the wrong insurance policy that may not be beneficial for you in the long run. So, if you are confused about whether to switch your car insurance company, then here are some reasons that you must consider for the same:

  • You are getting inadequate coverage: Sometimes, you end up buying a car insurance plan that does not provide complete coverage. In such a case, it becomes important to buy a new car insurance plan. However, while buying a new plan, make sure to check the coverage offered and understand whether it will satisfy your needs or not.
  • A number of network garages: A network garage is one where you can get cashless claim settlements and get your car repaired without spending anything from your own pocket. The greater the number of network garages, the more beneficial it will be for policyholders. A large number of network garages helps policyholders easily locate a network garage that is nearby and get the necessary assistance. So, in case your car insurance provider has a limited number of network garages, then it is time for you to change your insurer.
  • Premium: One of the most important things which are important in either buying a new car insurance plan or even switching from your existing insurer is the car insurance premium. For example, if you are getting a car insurance plan that offers all the required coverage at a lower premium, then it makes sense to buy that plan instead of one that has a higher premium. So, take a look at your car insurance plan and compare the plans offered by other insurers, and accordingly buy one that is reasonably priced.
  • Customer service: If your car insurance provider fails to offer much-needed assistance when you have a query, then it is time for you to switch your insurer. There are many car insurance providers that have a 24*7 customer support team. So, it is better to buy a car insurance plan with an insurer that offers 24*7 support rather than one where it is difficult to get timely customer service. 
  • Confusing portal: There are many insurers that do not have a user-friendly interface which makes it difficult for policyholders to avail of different services. Due to the lack of an efficient portal, many policyholders find it difficult to raise claims or renew their plans. If this is the case with your car insurance plan, then buy another car insurance plan. 
  • Add-ons: If there are limited add-ons provided by your car insurance provider, then you should switch your insurer. This is because, with a limited number of add-ons available, it becomes difficult for policyholders to enhance the benefits offered under their car insurance. So, whenever you are buying a new car insurance plan, then make sure to buy one with an insurer that offers a greater number of add-ons. 

Tips for Switching Your Car Insurance Provider

There are tips that you must ensure while switching your car insurance provider such as the following:

  • You should first analyse both your requirements as well as your budget before switching from one car insurance provider to another
  • You should finalise a car insurance plan only after comparing the different car insurance plans available
  • It is ideal to switch your car insurance provider when it is time to renew your existing car insurance plan
  • Before buying a car insurance plan, also check the reputation of the insurer. You can read the reviews posted by existing customers which will also help you understand the reputation of different car insurers.
  • Also, check the claim settlement ratio or CSR of your car insurance company. The claim settlement ratio indicates the efficiency of the company in getting its claims settled. The higher the claim settlement ratio, the higher will be the chances of settlement of your car insurance claim.
  • Read all the terms and conditions attached to the car insurance plan so that there is no discrepancy in the future. 

Take Away

Thus, switching your car insurance company helps in getting greater benefits. Just make sure to understand all the benefits that are available under your car insurance plan before arriving at any decision. In case you need any further assistance related to car insurance plans, then you can easily contact us at InsuranceDekho.

Also read: How IPA can help you?

Disclaimer

This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

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