Insurance plans have a validity that is defined at the start. This is true for all insurance policies you buy, whether health, commercial, travel, or even car insurance plans. This defined validity enables the policyholder to change their insurer if need be.
For car insurance policies bought online, you have the option to change the insurer, and any benefits accrued with the previous insurer can be carried forward. This change of insurer is one real advantage offered by the regulator, the Insurance Regulatory and Development Authority of India (IRDAI). You can visit the official website of IRDAI for further details.
Car insurance plans are available in two types: third-party car insurance, the bare minimum, or a comprehensive plan, an optional upgrade to third-party coverage. If need be, you can change your insurance company for both these policies. This is generally done at the expiry of the current policy or even during the policy tenure in the event of a bad experience with the existing insurer. The following pointers will help to clear any confusion concerning car insurance transfer. Let’s have a look –
- Make a note of the premium charged. If you notice that you are paying a higher amount than what the competitors are offering for similar coverage, you can opt to change your insurance company. This can help save premiums in the long run for the same coverage provided by your insurer. *All savings are provided by the insurer per the IRDAI approved insurance plan. Standard T&C apply
- Confirm the quality of service. If you face concerns regarding the quality of service offered by your insurance company, you can opt to change your insurance company. Customer executives and their suggestions provided when buying or resolving concerns concerning the policy impact the quality of service.
- Familiarise the interface. In case the interface of your current insurance company has a confusing interface that is complicated to navigate, switching your insurance company can be an alternative. Before you finalize your new insurance, in that case, make sure to understand it before, or else you might end up having a similar experience.
- Check for additional coverage offered. For comprehensive car insurance plans, add-ons or other covers enhance the policy scope to include perils not covered under a standard complete policy. If you require additional covers that are not available with your current insurer, then a car insurance transfer is advisable. * Standard T&C Apply
Now that it is clear what you should consider before changing your insurance company, a step-by-step guide will make it simple to understand the process.
#1 Analysing your requirements
Like buying a new policy, analyzing your requirements remains the first step even for a change of insurance company. This step helps to confirm your needs before shortlisting any insurance company and its plans.
#2 Research and compare
Once you have determined your requirements, you can proceed with researching the available options. But your search must not end at finding plans that might suit you. You also need to compare and decide why a specific policy is better suited than others.
#3 Check for coverage
After shortlisting a handful of plans, you can check the coverage of each of them. Apart from the range, details of the insurance company, like the claim settlement ratio, can help you arrive at a decision.
#4 Fine tune your policy
When you buy comprehensive car insurance online, you have the option to fine-tune your coverage using add-ons and other policy details like the IDV.
#5 Know the terms and conditions and finalize the purchase
Once you are aware of the policy terms in detail, you can go ahead with completing the purchase. So, make sure to read them beforehand thoroughly.
These are the steps on how you can switch your insurance company. You can visit the official website of IRDAI for further details. Insurance is the subject matter of solicitation. For more information about benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.