5 Things to Note While Switching a Car Insurance Company

Published: 07th December 2017 05:28 PM  |   Last Updated: 08th December 2017 12:34 PM   |  A+A-

By Online MI

Switching your car insurance needs to be a well-researched decision. After all, we are talking about the insurance of your precious four-wheeler here. To help you make the right choice while switching your insurance for car, here are five things to note while doing so.

1.    Why?

Many of us will switch insurers without thinking it through. Is it the poor customer service? The lack of add-ons? Or was it the poor website interface when you tried to go for online car insurance? You should have a solid reason for switching your car insurance company.

2.    Claim Settlement 

The most important aspect of insurance is the claim settlement. If the insurer does not accept your claim, the premiums you paid do not make any sense. Therefore, when looking at other insurance companies, check their claim settlement ratio. The higher it is, the more the number of claims they have settled. A good sign for a prospective customer.

3.    Premium is Prime

At the end of each financial year, you pay a premium to reinsure your car. However, there may be events such as a loss of job or a medical emergency which can constrain your finances and limit your ability to pay the premiums. Talk to your insurer regarding this scenario and if there is no solution, look for new insurance companies who offer the same services as your existing insurer or more at an affordable rate.

4.    Look for smart add-ons

When you are searching for new insurance for car, one aspect to keep an eye on is the add-ons offered by the insurance provider. Make sure any new insurer you choose offers add on covers which are prudent and useful and not a waste of money. Some examples of prudent ones include NCB protector, depreciation waiver cover, and windshield glass cover.

5.    Keep Your Existing Insurer in Loop

While you search for new insurers, keep your existing insurer in the loop; it’s an advantage to you. The company will talk to you and try to offer you better deals in order to meet your requirements.

Stay up to date on all the latest Auto news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp