Few steps to follow when switching insurance companies

You’ve been with your existing insurance provider for at least a year. And after all this time, you now have the choice to either renew your insurance policy with the existing company or opt for a new one. However, you might get perplexed because of a plethora of options available in the market. But if you have made up your mind that you want to switch to a new insurance company then this article will ease your process. We will be highlighting a few steps which will help you buy car insurance from a new insurance company:

  • Look around for the best rates: In India, there are a number of insurance providers providing the services. Thus, looking around and comparing insurance policies is a must before switching companies. When you compare, don’t just look at the premium rates that you will have to pay. Things such as the claim amount provided by your policy, the company’s claim settlement ratio, etc. There might be a chance that you could even find the company that provides all the services and benefits at lower premiums.
  • Add-ons and other features: The new car insurance company that you are eyeing could be better or worse. But how would you know whether it’s the former or the latter? Well, these few pointers will help you with that: insurance company’s reputation; for that, you need to scrutinize other customer’s feedback and read reviews, companies claim-settlement ratio, etc. Add-ons are the extra security measures taken by people to overcome the gaps in the protection provided by comprehensive insurance. The different types of add-ons provided by the companies are engine protection cover, key replacement cover, etc. Thus, choose the company which provides your choice of cover.

  • Contact your current insurer: Before you opt to switch to a new car insurance provider, make sure that you contact your earlier one. This is because there is a good chance that the previous one might give you exclusive offers in order to retain business. You might also get your existing insurance policy at a lower premium with added benefits.
  • Don’t forget to cancel your existing policy: This might be something that’s a given; however, many times, people forget to cancel their earlier policy or assume that it will be canceled on its own. But you need to make sure that you cancel it and have a record of it in writing. Thus, avoiding paying the premiums for that policy. There is also a good chance that you cancel your policy but the new one is not enforced. This too will have a disastrous impact- you might end up driving without a policy and get in trouble. Thus, timing the switch from one insurance provider to another is one of the most important factors to keep in mind.

Hope this article will help you switch car insurance companies easily. Good luck and all the best!