In India, being in a relationship with a single insurance company for car insurance policy for a long time is not an advisable thing to do. Experts suggest that one should switch their car insurer in every few years which may result in them saving a good sum of money.
Before making the switch, a person should get all the information about the same to ensure he gets the maximum benefit. Talking to the insurance company who provides the present car insurance policy would make a very smart starting point.
Some steps a person can follow to make certain that he is on the right track are -
Once a person decides to switch from his current car insurer to a new one, the best thing for him would be to first compare the car insurance policies provided by different companies before finalising a single one. He can compare the same offline or online, but the online process is faster and easier. He can either visit the websites of all the different companies individually and then check the car insurance policies and quotes provided by them or he can visit websites where one can compare policies provided by different companies on one single platform. An online comparison can help him in finding the one which includes extra benefits.
While comparing, a person should always look for the best car insurance policy instead of searching for the cheapest one. Some policies are applicable for a period of six months and some for a year before they can be renewed. Coverage, limits, deductibles and benefits are important criterias to be kept in mind for comparing the product.
Check on Requirements for Car Insurance Coverage
A person should cancel their current car insurance policy by a company before buying the new insurance policy from another company to avoid gap in coverage. There are different things that impact car insurance policy coverage like parenthood, shift to another location etc. Not all insurance companies provide the same car insurance policies. Every policy has its own own features, benefits, deductibles and limits which are not the same. So, a person who figures out his own requirements first and does research ends up benefitting from switching his car insurance.
Contact Current Car Insurance Provider
Every company is very competitive in nature and hates to loose its customers. The same applies to insurance companies as well. When an insurance company realises that one of its customer is planning on ending business with them, they tend to understand the issue and tries to solve it by offering exclusive or special deals to the particular customer to change his decision. This makes it important for one to first contact their current car insurance policy provider and inform them about their decision to buy a new policy form another company.Select Carefully
A person should be very careful while selecting his new car insurance provider. He should do an in-depth research on the company before closing the deal with them. From their performance, financial stability to checking reviews written by their customers online, one should check it all and have a very good idea about the company. Seeking advice of relatives and friends also helps a lot while selecting the right company.
Look for added Benefits in Car Insurance
Apart from the benefits provided in the car insurance policy by the insurance company, a person must check what other services are offered by the company to satisfy its customers. One such benefit would be a 24x7 customer care service which would enable customers to contact them at any point of time. Nowadays some insurance companies provide online services to their customers to easily manage their car insurance plan and to keep a track on claims and repairs.
Make the Switch to the New Insurance Company
After the research and selection process is over, one just has to make the final switch which is buying a new car insurance policy from a different company. It is important that the new car insurance policy coverage starts on the day the previous policy ends. A person should inform his previous company and get the cancellation in written form. The policy get activated once the person gets his new identity card.
There are a few suggestions a person can use to smartly switch their car insurance provider.
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GST Update: GST of 18% is applicable on car insurance effective from the 1st of July, 2017