The best part about buying a car insurance policy is that you are not bound by the same company for the rest of your life. In India, sticking to a single car insurance company for a long time is not advisable. Experts believe that you should change your car insurer every few years or when you notice these signs that warn you, it’s time for a switch.
1 - Improper Settlement of Claim
Your current car insurance company may offer you a good policy with even better premium rates but if it carries a bad settlement record, it’s time to wave goodbye to your present insurance policy. A poor settlement record increases the likelihood that your claim too might not get processed in the future. You need to look for a car insurance company that has a good reputation when it comes to claim settlement and which also offers good policy coverage.
2 - Costly Premiums
If your insurance company is charging you a high premium, you need to be wary. Different insurance companies offer different premium rates to customers. There should not be a vast difference between the standard market rate and the rate offered to you for a particular policy. In any situation, if you find that your premium rate is higher than the overall market rate, it is a sign that you need to look for another insurance provider as your current one is charging you exorbitantly.
3 - Bad Customer Service
A good car insurance company will have a good customer base owing to the impeccable service it provides. Companies put in a lot of time and effort to ensure that customer service is good at all times. If your insurance company fails to offer you prompt and reliable customer service, it means that it can lag behind in other areas as well. It is best to find a company that attends to your needs and wants properly.
4 - The Policy does not have a lot to Offer
Besides the Third Party Cover, if your car insurance provider does not offer any beneficial add-ons such as No Claim Bonus, Zero Depreciation Cover and Road Side Assistance, even when you are willing to pay for the protection you want, it is best to look for a different car insurance policy and provider.
5 - Poor Service Quality
Negligence in performing the required formalities and taking long durations of time to clear the claim process are signs that show you your insurer does not offer the required quality of service. Even when you finish all formalities, the slow processing speed causes a delay in proceedings; it is safe to opt for another car insurance provider.
Before you shift to another car insurance policy:
- See that your new policy begins after the old car insurance policy expires.
- Buy an insurance policy only when you research the new insurance provider thoroughly and get to know the services offered.
- Compare the insurance premiums of more than two insurance companies.
- Understand the features and benefits of the car insurance policies.
If you ever feel cheated when it comes to the service offered or cost incurred, know that changing your existing car insurance policy and insurer is always a good idea.