Switching Car Insurance Policies: How to make a smooth transition
Have you been paying your premium to the same old insurer for your car insurance for years? That might be a costly mistake you have made. Many industry leaders have observed and suggested switching car insurance policy after every 2-3 years, and it’s not that difficult to get it done. Switching insurers might help you save 5% to 50% per year, but it’s not always important that the switch will be beneficial.
Before you make your decision to switch your car insurance policy, we at Chola Car Insurance give you a few points to keep in mind to ensure a smooth transition in a car insurance policy:
Compare your options:
Different auto insurance companies provide various car insurance policies. Some provide coverage for 6 months while some provide a car insurance policy for a year. Make a good comparison analysis of your options with the prospective insurers and get a free quote as well.
Consider the respective coverage, benefits, limits, discounts and deductibles for an in-depth comparison of each insurer. This will help you understand different plans and how they will affect you all along the car insurance policy tenure.
Research and Analyse Your Coverage Needs
Your coverage needs get impacted when life-changing scenarios take place like getting married, shifting from one place to another, conceiving a child etc. But in the market, there are various options, deductibles and limits available for you. Now, this is when the step of research and analysis becomes an integral step as you will need to map your need to the different car insurance policy available in the market and obviously, you want the best and affordable coverage for you.
Inform your current insurer about the switch
Insurance companies are always willing to fight hard to keep their business with you alive. Some might as well quickly offer you competitive offers even if you drop a strong hint at switching. So, always make sure that you don’t miss out on such discounts that your insurer is offering.
Investigate your New Insurer
Before you come to a final decision, verify the experience, knowledge & financial position of the insurance company by looking up on websites and asking friends & family. Check their social media handles and understand their involvement with the community.
Check the company’s sales services like customer service, since you never know when you might need to enquire something about the car insurance policy that they sold you. Today, Companies generally set up online portals to provide online service and manage the policies, claims and queries. To manage your policy, you can also check if the company has a mobile application. And just for convenience, you can try finding the payment options of different insurers.
Switch and Cancel
Once you are done with your research, analysis and comparison, Switch your car insurance policy and cancel the previous one. Your new insurance must start before or from the same day when your old insurance ends. Let your previous insurer know that you have decided to end the car insurance policy with them and confirm it in writing. By doing this, you can make sure that the company will no longer bill you.
Identity Cards
The old insurance ID cards must be swapped with the new ones when your new car insurance policy becomes active. You can save a soft copy of your previous insurance card for emergency situations.
So, these were a few steps to save while switching your car insurance policy. We at Chola Car Insurance policies encourage you to research well and choose the best option for your car. Be smart, switch smart!