Top 6 Reasons For Switching To A Better Car Insurance Company

In the past, only a handful of big players were active in the car insurance space. Policyholders did not have the convenience or a number of options for switching their insurer if they were not satisfied. This is not the case anymore. Thanks to the competitive market, several new and better car insurance companies have entered this space. 

Take a look at the following article if you are hesitant about switching your car insurance company. Here, we have top reasons that would help a policyholder decide on changing his/her car insurance company. Read on to know more:

Reasons for Switching your Car Insurance Company:

1. The Credibility of Your Current Insurer is Not Satisfactory:

Before the dawn of the internet, people had to rely on word of mouth for knowing the credibility of a car insurance company. The word of mouth completely depends on personal experience, there was no quantitative measure for knowing the actual credibility of a company. However, with the help of social media and rating websites, one can see a quantitative measure (in the form of stars or numbers) to better understand the credibility of a car insurance company. 

Additionally, users leave comments or testimonials that talk about their experience with the company. You should look for a better insurer before, having a bad experience, if the credibility of your current car insurance company is low.

2. You Are Getting A Limited Number of Services:

Some car insurance companies may offer a wide range of services while others may not. If you are a customer to the latter type of company, you need to consider switching to a better car insurer. Look for an insurer that provides multiple useful services.

3. Your Car Insurance Company Does Not Provide The Required Add-ons:

When you buy a comprehensive car insurance policy, you can buy additional coverages like Zero Depreciation, Roadside Assistance, Engine Protection, etc. However, not all car insurance companies offer every add-on. This can be problematic if you need a specific add-on and it is not offered by your insurer. In this case, switching to a better car insurance company is a good idea. 

Imagine you do not have a Roadside Assistance add-on for your comprehensive car insurance policy and you get stranded on the road due to a car breakdown. You will have to arrange all the required support all by yourself. Whereas if your insurer offered this add-on, you wouldn’t have to go through this hassle. Thus, look for an insurer that offers several add-on covers.

4. You Are Paying More Than Required:

In today’s time, car insurance prices have become competent. If you are up-to-date with the current car insurance prices, you will find a better deal. Thus, always keep an eye out for what is going on in the market when your car insurance policy is nearing expiry. 

You need to review your current car insurance coverage and match it with your requirements. You then need to find the right policy. Compare car insurance online to find your ideal car insurance policy. After comparing the coverage and services, take a look at car insurance prices and go for a lower one.

Check: How To Check Whether Your Car Insurance Policy is Genuine?

5. You Are Not Getting The Best Advice From Your Insurer:

Not every policyholder is an expert when it comes to car insurance. People need proper guidance to understand what they are buying. In this case, if your current advisor fails to understand your needs, you might end up either underinsured or over-insured. Both situations will lead to a monetary loss for you.

Look for an insurance company that is good at customer services and provides great advice regarding buying and renewing car insurance. An ideal insurer should have a decent turnaround time for addressing your queries. This will be helpful at the time of claims and you can have a smooth claim settlement process as well.

6. You Are Not Able To Set The Desired Idv:

IDV is the Insured Declared Value of a car. You, as a policyholder, need to set the right IDV for your car insurance policy. IDV is nothing but the approximate current market value of your car. Note that setting a higher amount will increase your car insurance premium while setting a lower amount will reduce your claim amount in case of a major claim like ‘total loss’. 

Insurance companies provide a range within which you can set the IDV for your car. If your insurer is not providing the desired range, you will end up setting a higher or lower amount than actually required. Both cases would mean a monetary loss for you. Thus, switch your insurance company if you are not getting the desired range of IDV for your car.

How to Buy Car Insurance Online?

Buying car insurance online proves to be more fruitful as compared to opting for other methods. This is because you get to compare car insurance online and find the most suitable policy at a lower rate. Here are the steps to get your car insurance policy online.

• Step 1 – Note your requirements

• Step 2 – Compare car insurance policies that suit your requirements

• Step 3 – Visit your preferred insurer’s website

• Step 4 – Enter the required details

• Step 5 – Review coverage, terms and conditions, exclusions, policy wording, etc.

• Step 6 – Make payment

Also, read: Used Car Valuation and Its Impact on Insurance

The Bottom Line:

Getting the best service in exchange for the premium you pay is the most satisfactory experience when it comes to car insurance. Be sure to renew your policy at least a week before its expiry date. This will enable you to review your coverage as well as the insurance company.