Smart Steps For Switching Car Insurance

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Having a car insurance has become a priority for all the vehicle owners in India, not only because of the Motor Vehicles Act but also because of the financial support that the insurance offers at the time of a mishap. The benefits offered by the insurer can change from time to time, so it is important that we decide on an insurer before going ahead and switching your car insurance. Here are few smart tips that will ensure you get the best when switching your car insurance policy:

• Know your insurance needs

Before you go ahead and switch your car insurance policy, it is important that you make a list of your insurance needs, this includes the kind of coverage, the benefits, the maximum amount you can pay for the insurance premium etc.

• Comparing insurance policies and insurers

Do a thorough comparison between different insurers and insurance policies that are offered. Shortlist the ones that match your insurance needs.

• Contact your insurer

Contact your insurer to inform them about the insurance policy switch you are about to make. Now, usually the insurer, after hearing your plan to switch, will offer you certain extra benefits and/or discounts to retain you as its customer. This could also help your case, as these benefits or discounts that they offer would match your insurance needs. If what they offer is not acceptable, you can go ahead and make the switch.

• Select carefully

Do a thorough research on each of the shortlisted insurer and choose the one that serves your insurance needs as well as has high claim settlement ratio and grievance settlement ratio. The higher the value of the ratios, the better the insurer.

• Look for additional benefits

Check for added benefits that are offered to you by the insurers and choose the one that offers the maximum benefits.

• Check the inclusions, exclusions and other features

Check for the inclusions and exclusions of the car insurance policy you are availing from the selected insurer before you go and make the switch. Also, go through the features the insurer offers and the policy guidelines before you commit to the policy.

• Make the switch to the new insurer

Once you have covered the above steps, you can go ahead and make the policy purchase, either online or offline, after cancelling the previous insurance policy.