Here’s what to keep in mind while switching your car insurance provider
Posted: Dec 19, 2019
While driving your car, safety is of paramount importance. Apart from adhering to traffic rules, you also need to have an effective car insurance policy. A comprehensive car insurance policy protects you from losses due to natural or man-made calamities, any third-party liabilities along with a personal accident cover. Besides, having valid car insurance is mandatory as per the Motor Vehicle Act. In a nutshell, an effective car insurance policy keeps you on the right side of the law, besides allowing you the peace of mind to drive without worrying about any mishaps or accidents.
If you want to renew car insurance or purchase a new policy, you can consider Bajaj Allianz car insurance, available on Finserv MARKETS, which provides affordable, convenient, flexible and value-added features to give your vehicle a long life. What’s more, you can avail of this hassle-free online policy at one click.
If you want to renew car insurance, you always have the option to switch to a better insurer. Here is a list of steps you must take before switching your policy.
- Compare rates of different insurance companies: You should compare the premium rates with various insurers, and get free quotes. You should check the coverage of the policy along with the exclusions and inclusions. The cost of coverage along with discounts, benefits and deductibles should be calculated before switching your existing policy.
- Check additional benefits and other features: You should evaluate the features and coverage plans of various insurers before zeroing in the policy of your choice. Here, you must look for key benefits like 24x7 customer support or roadside assistance along with cashless claim settlement, no claim bonus and add-on covers. You should also check whether the insurer provides the option of convenience features like online service to manage the policy, pay premiums and settle claims. Bajaj Allianz Car Insurance provides you with several add-ons covers like engine protector, consumable expenses, conveyance benefit, key and lock replacement, personal baggage cover, and round-the-clock, pan India assistance.
- Look for the insurer’s claim settlement ratio: You must select an insurance company that has an excellent claim settlement ratio. If an insurer has a good claim settlement ratio, it means that they have settled a large number of claims, thereby honoring the premiums paid by customers. You should never compromise on the reputation of the insurance company in terms of claim settlement.
- Cancel your existing policy within the stipulated time: You must inform your existing insurer about canceling the policy at the earliest. You can consider informing the existing insurer a month before the date of renewal. After informing the existing insurer, and receiving the confirmation, you must switch car insurance before your old insurance ends. If you delay the process of cancellation and renewal, the policy could lapse. This would not only mean paying a higher premium amount for coverage but also put you to risk from any unforeseen accident. Driving a car without valid insurance would also attract a stiff traffic fine.
- Have a copy of the new insurance policy: After switching to a new policy, you must take multiple printouts of the new car insurance policy and swap it with your old documents. You must also keep a copy of the old insurer’s policy and other associated documents so that any future claims are sans any hiccups. There should be no room for confusion while switching your car insurance.
Benefits of switching car insurance: Paying the premium amount to the same car insurance company for several years can be expensive. Market experts suggest switching car insurance every three years to avail discounts and additional benefits. Not only switching car insurance saves you on premium payment, but it also ensures that you are not overpaying for an outdated policy.
To avail cheaper premium rates along with receiving added benefits to increase the scope and coverage of car insurance, you can consider a car insurance switch. You must, however, provide sufficient notice to your existing insurance company, and ensure that there is no lapse in the policy. If you want to renew car insurance, you can switch to Bajaj Allianz Car Insurance, available on Finserv MARKETS, which provides the best value for money. A key feature of this policy is the award-winning Motor-on-the-spot feature, which allows you to conduct a self-survey of your vehicle in the case of an accident and settle claims on the spot. You also get access to round-the-clock spot assistance along with cashless claim settlement at more than 4,000 network garages. Your convenience is a priority on Finserv MARKETS.
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