Smart Ways To Switch To New Car Insurance Policy

Car Insurances 222 views

If you are buying the car for the first time, then don't get satisfied with its possession alone. You need to take insurance policy for your car as it provides a cover against the losses arising out of theft and damage to the car. You can choose from a list of car insurers like ICICI Lombard General Insurance Co. Ltd., Tata AIG General Insurance Co. Ltd., Oriental Insurance Co. Ltd., New India Assurance Co. Ltd., HDFC ERGO General Insurance Co. Ltd, etc. After choosing the insurer, ensure you make as much rightful gains as possible. But it has been observed that the continuation with the same insurer for a long period of time do not yield much gain and can deprive you from the savings that can happen while switching to the new car insurance company. But before you make your mind to switch to a new insurer, please ensure you follow the points stated below.

Do comparative analysis on car insurance before switching

Make a comprehensive analysis of your exisiting insurance policy with regards to the premium, claim settlement, etc, and compare the same with other insurers. The insurers now-a-days display the information online, making your search process more seamless and convenient. Comparing policies online may help you get extra benefits. Don't only look the cost factor alone, instead see the overall coverage, deductibles, limits, benefits provided by the same while switching to the new insurer.

Make in-depth research to choose the right insurer

You must carry out the research to check the performance, financial position, and customer views and reviews of the insurer you are looking to join. Following the same will give you a fair idea of the company, and if found not ideal, then do not leave your exisiting insurer. But if the overall benefits are better, then it is no harm to switch to the new insurer. Also you can seek advice of friends and relatives who might have taken the insurance of the company in which you are interested to switch to.

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Check for added benefits in car insurance

You can look for additional services like 24X7 customer care centre where you can resolve your query related to the policy any time in the day in addition to other benefits noted above. Moreover, you can take advantage of the online services provided by insurers to manage your car insurance plan seamlessly and keep an update on claims as well as repairs.

Ensure immediate roll out of new policy

Bear in mind to ensure the start of coverage pertaining to the new policy on the day after you finish with the previous policy. You must inform the previous insurer in advance and get the notification of policy cancellation in written.

Contact existing car insurance provider

At a time when the competition has gone manifolds up, companies are doing every bit possible to retain their customers and car insurance providers are no exception. If they get a hang of your intention to join hands with the new insurer, they will try to get you on the board by offering special and exclusive deals. So, it is not bad to contact the existing service provider and intimate about your decision to leave them even if you wish to join the other insurer.

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Bajaj Finserv 10.99% - 16.00%
Fullerton India 14.00% - 33.00%
HDFC Bank 11.25% - 21.25%
ICICI Bank 10.99% - 18.40%
IndusInd Bank 10.99% - 16.00%
Kotak Bank 10.99% - 20.99%
RBL 13.00% - 18.00%
Standard Chartered Bank 10.99% - 14.49%
Tata Capital 10.99% - 18.00%
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HDFC 8.50% - 9.15%
Bank of Baroda 8.45% - 9.45%
LIC Housing 8.45% - 8.90%
PNB Housing Finance 8.40% - 8.99%
ICICI Bank 8.50% - 9.05%
Axis Bank 8.50% - 8.85%
Citibank 8.40% - 9.20%
Indiabulls Housing Finance Limited 8.50% - 10.80%
Kotak Bank 8.60% - 8.70%
DHFL 9.05% - 9.95%
Reliance Home Finance 8.75% - 10.00%
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