How to Switch Your Motor Insurance Smartly

IDV (Insured Declared Value)

Paying premiums for motor insurance to the same insurance company in India for a very long time can be a big mistake. Switching insurer after few years is generally suggested by many industry professionals. By switching insurers, policyholders can save some handsome amount of money. But, insured should know that not every switch results to be productive. Following steps help you in making an informed switch:

  • Compare Online and Shop Around

Some motor insurance companies in India offer coverage for around six months and some insurers give coverage for a year before their respective renewal. Therefore, online comparison with prospective insurers is very necessary. Customers can also get free online car insurance quotes to make a better decision. Compare products in terms of respective coverage, limits, deductibles and benefits. Online comparison is essential to know how various policies are going to affect them all along the term period.

  • Review the Coverage Need

Marriage, becoming a parent or relocation is some of the scenarios that impact the coverage requirements. But, there are various plans that offer different deductibles, limits and features. So, select a plan to avail the best cover which you can easily afford. Mapping your requirements and thorough research are two important steps involve in the process of buying online motor insurance.

  • Contact Your Existing Insurance Company in India

All insurance companies in India want to continue the business with their clients and will be willing to compete really hard. Hence, some insurers instantly give special deals to customers if insured hint strongly at leaving. Therefore, ensure that you are not missing anything.

  • Be Careful While Selecting the New Insurer

Check the performance, financial strength and experience of the insurer you select through websites. Ask your relatives and friends about the same. Do not forget to check online reviews.

  • Check Extra Benefits and Convenience

24*7 customer service is a main factor because you never know when you might seek help. Some insurers offer online services to manage the car insurance plan, track repairs and claims. For customers’ convenience, you can check the payment modes of each insurance company in India.

Complete the switch and cancel your previous motor insurance plan

When you finish the ground work, make the switch. Make sure that your new vehicle insurance coverage starts before or on the same day when your previous plan ends. Rather than canceling the previous plan, some policyholders just stop the payment of previous plan’s premiums. But, it is not the right way to exist a plan. Contact your existing insurer and inform that you are closing the policy, and then confirm the same in written.

  • Get Your Identity Card

When you get your new identity card, the policy becomes active.

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