Buying car insurance is compulsory, and it is possible that you may not be satisfied with your current insurance company. You can move from your current insurer to another, and the process is quite simple. Ensure that you do all the research needed and choose an insurer and a plan that brings the most value. Once you have made up your mind, here are some tips that will help you switch from your current insurance company to the new one:
Get your no-claim bonus transferred
If in the previous years, you have not applied for any claims against your four wheeler insurance, you may have an accumulated No Claim Bonus (NCB). It is a concession that your insurance company offers to reward you (policyholder) for not filing a claim. Make sure to check if you have any accumulated NCB towards your current car insurance policy. If you have any, you can get an NCB Transfer Certificate from your current insurance company and provide it to your new insurer. With it, you can enjoy the benefits of NCB in your newly bought car insurance policy. You can visit the official website of IRDAI for further details. *
You need to cancel your current car insurance
Transferring your policy differs from buying a new policy altogether. You must have already used your current policy and paid premiums for your current policy to keep its benefits intact. Hence, when you are planning to buy new car insurance, ensure that you cancel your existing policy and get refunds if any. These refunds help in providing some financial help. *
Research thoroughly before buying the new policy
In a world where we are constantly bombarded with advertisements of different insurance companies, it is easy to get lured and make a wrong choice. If you are changing from one car insurance to another, it is important to ensure that you take sufficient time to research. Compare different car insurance prices and their features before choosing one. *
Learn from the past
Why are you cancelling your current insurance? Remember the reason that compelled you to change your decision? Ensure that those unsatisfactory factors do not exist in the new insurance that you are buying. Switching from one insurer to another is quite an elaborate process. Ensure that your new insurer solves your problems, so the switch is beneficial. Good car insurance will ensure that next time your car insurance expires, you can opt for a hassle-free car insurance renewal online. *
Find the one that brings value
When you have cancelled your previous insurance, ensure that the new one that you have selected brings value. It is not about choosing car insurance at the lowest price but choosing one that offers the most value and meets your needs. Ensure that your insurance company holds an excellent reputation, offers a variety of features, and is known for its excellent after-services. *
* Standard T&C Apply
If you are unhappy with your current car insurer, do not hesitate to choose a better one. Keeping the above tips in mind will ensure that you get the best insurance in your budget that suits your needs perfectly. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.