What are the Pros & Cons of Changing Your Car Insurer?

Your car insurance premium is one of the important expenses that you regularly pay to protect your car from road emergencies. There might be a case when you are not happy with your current insurer and want to change your car insurance provider. To help you make a better decision let’s have a look at the pros & cons of switching to a new car insurance company.

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  • Covers damages to third party property
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New India Assurance

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Above-mentioned prices are for a 7-year-old Maruti WAGON R AVANCE LXI (998 CC) registered in Gurgaon and 15 days before expiry of previous policy

Reasons You Should Switch Your Car Insurance Company

A car insurance policy is a mandatory certificate that all car owners’ must-have. Since it is a legal requirement, you might look around at different options to get the best deal and offers you the maximum coverage at an affordable price.

Here are some reasons that you might look to switch your car insurer-

  • Better Coverage & Benefits- It is always better to switch to another car insurance company that offers more coverage benefits at a similar premium. You can visit the official website of the Policybazaar Insurance Brokers Private Limited, where you get an option to compare multiple car insurance plans offered by different insurers. It helps you select the one that suits your budget.
  • Limited Network Garages- If your existing car insurance company does not offer you a wide range of network garages, you should explore other options that include a wider network of cashless garages to help you with emergency repair services.
  • Change in Location- In case you have just shifted to another place, you can explore various car insurance plans offered by motor insurers and switch to a new car insurance company.
  • Poor Customer Service- Another common issue is the poor customer service from their insurers. After all, if you are in an emergency, do you want to get immediate assistance? So, if your car insurance provider is unable to satisfy you, you always have the option to change your insurer.

All the above reasons for changing or switching to a new car insurer are valid. Also, you must explore and compare multiple plans until you get a better deal.

Tips to Change Your Car Insurance Company

Listed below are some tips you must follow to get a successful deal- 

  • Compare Multiple Car Insurance Policies- The very first tip to catch the best car insurance plan would be to compare car insurance plans offered by multiple insurers on our website.
  • Know the History of the Car Insurance Company- Before sealing the deal; you must know the claim settlement history of the insurer. For a better understanding, visit their social media pages and get an idea about their claim settlement process through customer feedback & reviews. Never run behind 'cheap or free' insurance policies. Instead, pick a company and plan that suits you and is under your budget.
  • Obtain Maximum Coverage- Buying a third-party cover will help you to stay on the safe side but it will not be enough to protect you adequately after anything happens to a vehicle in an accident. Therefore, opt for comprehensive car insurance, so you get the maximum coverage, and you can also buy add-on covers if needed.
  • Cancel Your Current Policy- The last step while switching to a new insurer is to inform your current insurer through a written notice. This will make sure that you have notified your insurer to cancel your existing policy.

When is the Right Time to Inform Your Current Insurer?

When you have planned and decided to switch to a new insurer, you must give a notice 30-days before the cancellation. Moreover, they might give you a better deal on car insurance renewal premium, and might let you reconsider your decision to switch.

Are There any Cancellation Charges?

If you are planning to switch during the policy renewal, you will not pay anything to your current insurer. However, in case you are cancelling the policy in the mid-term of your policy period, your insurer is likely to reimburse your premium amount on a pro-rata basis.

Cons of Changing Your Car Insurer

There are some disadvantages associated with changing your car insurance company

1. Some insurers lower your premiums that you might miss out on if you switch to another insurance provider

2. In case you are changing your insurer, you might lose out on some exciting deals.

3. It will take time to build a trusted relationship with your new insurer.

Therefore, you must consider both pros and cons of switching to a car insurance company and make a wise decision without hurting your pockets.

Final Thoughts

With the multiple car insurance companies and plans available in the market, it is better to explore and shop for the best option. Remember, avoid leaving your car uninsured in the search of finding a suitable plan, this might leave you paying heavy penalties to the traffic police.

Written By: PolicyBazaar - Updated: 28 June 2022
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