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Car Insurance

Switching your motor insurance provider? Follow these steps

20 August 2015
Selecting the perfect policy is one thing, but if filing a claim takes up a lot of your time, energy and effort, you should reconsider.
 

The good thing about picking a motor insurance provider is that you aren’t bound to them for longer than a year at a time. You can explore your options, choose the best fit, and even if you aren’t comfortable at the end of it, jump onto a different wagon.

What we’re here to tell you is what you should know before you switch. Much like making the decision for the very first time, choosing to switch also requires some thought and research. Below are the main points of contention you should be clear about before you make the switch.

Look beyond the premium

You don’t buy a car just because it’s cheap, do you? You’re willing to spend a bit more if the car looks better, has a more powerful engine orhas state of the art safety features like an Anti-Lock Braking System or Electronic Brake Force Distribution. Similarly, for insurance policies; the lesser premium you pay, the smaller the amount you can claim. There are some inextricable parts of any robust policy you shouldn’t do without, even if they cost a little more.

Related: Everything you ever wanted to know about car insurance

Look at the whole picture

Besides the mandatory Third Party Cover, you need to analyse if the particular insurance provider you’re considering switching to matches your requirements. There are several productive add-on covers like Zero Depreciation Cover, Road Side Assistance, No Claim Bonus, etc. that fortify your insurance policy, so it’s essential you make sure your new motor insurance provider understands the costs you’re willing to pay and the protection you want.

Related : 6 motor insurance terms you must know before you claim

Claim settlement

Your new insurance company may provide you a comprehensive policy at a low premium that seems to be a good fit for you. But what if it has a bad claim settlement record? Going through online reviews, speaking to friends and relatives, and staying abreast with financial news can help you keep track of the motor insurance company's reputation and its ability to settle claims.

Convenience

Selecting the perfect policy is one thing, but if filing a claim takes up a lot of your time, energy and effort, you should reconsider. The company you opt for must have a well-established online system as well; a convenient mobile app is a huge plus.

In addition, the insurer must have an extensive network of garages that you can go to for repairs and thus save yourself from spending money from your own pocket to fix damages.

Last but not least, 24 x 7 customer assistance is a must considering the importance of having your questions answered as and when you have them.

Timing the switch

You might be annoyed with your existing motor insurance provider but persisting with the provider for a while might be fruitful if you areclosing in on your policy's expiration date. That way you can availa new policy immediately after the old one expires and be insured instantly.

If you haven’t filed a claim in the entire year, you become eligible for a substantial No Claim Bonus, which is transferable from one insurer to another as long as it’s availed for within 90 days, so make sure you ask about that.

If you have any other questions, and for something as important as motor insurance it’s only understandable if you do, make it a point to talk to an expert clarify your doubts before you confirm anything. 

 
 
 
 

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