It’s natural for anyone to change their insurance provider and explore other options. It could be because of bad service, unmet promises, or just because much attractive offers elsewhere.
Even many industry experts recommend you change your policy provider every 2-3 years because there’s a new policy coming up every day with a much more attractive offering due to hyper-competition in the market.
So, if you are someone who’s looking to change your service provider for your car policy, you’re at the right place.
Whether it’s for car insurance renewal or two wheeler insurance renewal, here are a few things to keep in mind before you change your service provider.
Policy Coverage and Benefits:
This is a no-brainer. The ever-evolving market pushes service providers to improve their coverage and offer greater benefits to attract new customers and retain older ones.
So, make sure you compare policy coverage and additional benefits in great detail before you make the jump.
Premium Costs:
It’s human nature to want more for less, which is, of course, not bad. And many customisable policies will only cost as much as you would like it to be.
So, instead of only focusing on the cheapest one, find something that lets you choose what you want to pay for and delivers great value.
Deductibles and Limits:
Oftentimes, lesser insurance premiums come with higher deductibles (the amount you’ll have to pay before insurance kicks in). If it’s an older car or a two-wheeler that you can take care of, then fine.
But if it’s not, be vary of insurance limits and get a policy with lower deductibles.
Policy Exclusions:
Insurers are known to hide exclusions from customers while selling their policies. So, make sure you understand what’s covered and not covered and go with the one that fits your needs.
Customer reviews and reputation:
One of the most critical aspects of any policy. A customer tells 100 times more about a policy than the salesman.
So speak with as many people as possible and make a well-informed decision after checking the brand’s reputation. You’ll thank us later.
Claims Process and Network of Garages:
Evaluate how fast the new insurer handles their claims and if they have a good network of garages for cashless claims.
It’s very important in this day and age to prioritise your convenience. No one’s got time to wait for 10 days before your claim is honoured.
Remember this: A good insurer has a good network of garages.
Policy Terms and Conditions:
Go through the policy provider’s terms and conditions very carefully and study their litigations. Find out if there are any secret fees, cancellation fees, or other important facts that could change your mind.
Cancellation Process:
For instance, if you are unsatisfied with an insurer’s service and opt to cancel the policy, a few providers will impose a cancellation charge. So, keep an eye out for such conditions with new providers and choose one with no charges.
Online convenience:
As a customer, it’s important to prioritise convenience and have everything ready at your fingertips. Find a provider that offers their services and lets you manage your policy online. This saves a lot of time and effort.
Regulatory Compliance:
Confirm if your insurer is free of any allegations in the market, meets government requirements and holds appropriate licences.
Make sure they have a clean record and check for govt directives that address your policy providers so you won’t run into difficulties in the future.
Compare apples to apples:
After you check for all the above, make no mistake of missing out on evaluating your current policy. Make sure you only compare similar coverages to make an accurate comparison.
Few alternatives may seem attractive but will fail to deliver what you’re already getting currently, not just in terms of policy but also with respect to service, transparency, flexibility and convenience.
Conclusion:
Finally, no matter which provider you go through, understand the cancellation process with your current insurer and take care of your NCB transfer to get attractive premiums. Always stay informed of renewals and monitor for any changes in your premiums.
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