Two important things for motorists to know is that car insurance in India is mandatory for everyone, and most people are clueless that they’re paying more than they should for their existing coverage. Thankfully, swinging the situation in your favour is not all that difficult.
If you want to learn how to switch car insurance plans like a pro, then read on:
The first step is to find out how much are you paying for insurance & what all does the coverage include. Basis this, you can then move along to the next part of the plan. The key is to make an informed switch, and not just change insurers blindly. Understand the various policies out there & the conditions governing their coverage against your existing policy.
The key here is to try and negotiate the best deal with your existing insurer yet. The reasoning behind this is that it is better to deal with a known devil than an unknown one. And you can’t start negotiating unless you know what the others are offering. So get out there & work the keyboard. All major insurers now offer policies online, so utilize the convenience of that service. Map each insurer against their policies and rates, then compare it to yours, before sitting across the table with your existing insurer.
The rule of thumb here is to get comprehensive coverage for as long as you can afford it, particularly up to the first 3-5 years of ownership. If you for some reason want to pick & choose, then evaluate the offering carefully before signing off that cheque.
Most insurers will go out & match the terms of coverage, including the premium to be paid for their existing customer. Allow them. You can either then go with your existing insurer or ask the new one to better the deal. It is profitable both ways for you.
Check for penalties when you consider a switch. Not every insurer levies them & with those that do, you can always have them to waive it off.
There’s no space for blind faith when it comes to car insurance in India. Get everything in writing, clarifying all doubts before signing off on the switch.
Negotiating for add-ons & freebies is an art that is best mastered when learning how to switch car insurance plans like a pro. Get it right & watch the insurer offer flatbed pickups, 24 hours roadside assistance and more, without any corresponding rise in premium.
Remember, it is your car, your money & your life in the end. So evaluate wisely & decide well.