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When is the right time to change Car Insurance Company?
Your Car Insurance premium is probably one of the most important expenses you regularly pay for your car (along with maintenance and fuel of course!).
Unfortunately, a lot of people feel that shopping around for a car insurance is a time consuming and difficult task. But we’re here to let you know that this doesn’t have to be the case always. 😊
If you are not happy with your current car insurance, or even if you have been considering switching your insurance company for a while, you should also ask yourself when is the best time to do this.
So let us take a look at some of the reasons to consider changing policies, when to do it, and how you can go about it.
Just remember, having a car insurance is mandatory*, so you must make sure that there are no gaps in your coverage in-between cancelling your existing policy and being covered under the new policy
*It is mandatory to have at least a Third-Party insurance according to the Motor Vehicles Act of 1988
Why should you consider changing your car insurance company?
It can often be convenient for you to just renew your existing policy. After all, you probably lead a super busy life. But, sometimes, it can be worth it to check and compare car insurance plans out there.
A car insurance is something that is legally required if you drive a car. So, since you need to have it anyway, it might even be beneficial for you to look around at different insurance options that are also actually beneficial for your car’s (and pocket’s! 😉) protection.
This way, you can see if you can find a policy at a better rate, or even one with more benefits. And, if you haven’t changed your insurance since you bought your car (and it has been a few years), it’s possible that your current car insurance plan may not be the best option for you right now – even if it was back when you first bought it.
Here are some reasons why you could consider changing your insurer:
- Better benefits – If you have found an insurance company that offers much better benefits at a similar cost. For example, with Digit you’ll get a completely digital claim and buying process with no paperwork involved.
- No network garages – In case your current insurance company does not offer you a wide range of network garages and cashless car insurance, you might want to look for one who can offer you more cashless garages where you can get your car repaired (due to any accidental damage) without paying out of pocket
- Increased premium – There are many reasons your insurance company might have increased the premium on your car insurance, such as if you made a claim in the last year, or because you’ve made modifications to your car or, simply because your insurer has changed its rates!
- Not enough add-on covers - Insurance companies offer many add-on covers with a comprehensive insurance policy. They are a way for you to maximize your benefits and get more coverage. However, if you feel that your insurance company doesn’t offer enough add-on covers or even the specific ones that you might want, then it could be time to do a little bit of searching.
- Problems with customer service – Customer service is a big part of getting an insurance policy. After all, if you’re in trouble you want to get help immediately right? So, if your car insurance provider has any issues with their customer service it’s possible it’s time to make a change.
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When is a good time to switch your insurance policy?
So, now that you know WHY you might consider switching your car insurance if any of these situations apply to you, you might be wondering WHEN it is a good time to consider doing this.
Generally speaking, the best time to consider changing your insurance is when you have had some big change in your life.
So, these are some situations which may lead you to change your car insurer:
- When your car insurance is up for renewal
- If you have just moved to a new city or state
- In case your vehicle will soon be getting a new driver (for example if you want to give your car to your kids and they’re much younger than you)
- If you have just turned 26 (most insurance companies regard drivers above 25 years old to be of lower risk than younger drivers)
- In case you have just bought a new car
- If you have just got married (a few insurers actually offer better premiums for people who are married)
- If you’ve just added a bunch of security features to your car, like airbags, and GPS tracking devices. This reduces the risk involved and can lower your premium.
What are the benefits of changing your policy?
There are actually quite a few benefits of changing your car insurance provider, like:
- You could get special discounts offered to new customers
- You can find a lot of different benefits
- You may find a wider range of add-ons
- You might get better customer service and claims services
How do you actually switch your insurance provider?
So, if this has helped you decide to switch your insurance provider, you will want to make sure that you are choosing the right policy for you.
With so many options out there, this can seem like it’s difficult, but if you follow a few simple steps, it does not have to be that way.
Here are some easy steps to help you in making an informed change to your car insurance:
- Explore online and compare different car insurance plans – The first thing you need to do is to compare different policies and see what coverage and benefits they offer as well as their premium rates. This way you can see which one is the most suitable for you.
- Check the company’s claim settlement ratio – Once you have narrowed it down to a few insurance companies, look at their claim settlement ratio (basically the number of claims settled by the insurance company against the total number of claims raised). Try to opt for an insurer with a higher claims settlement ratio. This is really important as if the insurance company doesn’t actually settle your claims, you’ve lost the whole purpose of buying an insurance policy. With Digit, you can be assured that 90.4% of the motor claims settled are within 30 days!
- Do they have a simple claims settlement process – Also look for an insurance company that has an easy online claim settlement process, as this will make it easier for any of your claims to be settled quickly. At Digit, we don’t make you fill any forms and the entire claims process, from registering your claim to inspection, all of it is digital and paperless.
- Look out for 24X7 assistance and other advantages – 24X7 customer assistance is something important to look out for as you never know when you might need help. Also, see if they have other conveniences like a mobile app or an easy-to-use mobile site.
- Make sure they have the add-on covers you want – Since insurance companies offer many add-on covers in addition to a comprehensive insurance policy, check which covers are being offered so that you can maximize your benefits and get more coverage. You can see all the add-on covers Digit offers here.
- See how many Network Garages the insurer has – Network garages are garages where you can go to get your car repaired after any accidental damage without paying out of pocket. So, the more network garages an insurer has, the more convenient it is for you. With Digit, you’ll get access to thousands of cashless garages. You can search and check Digit’s list of network garages here.
- Notify your current provider of the change – Once you have chosen a new insurance provider, you will need to inform your current insurance provider (after all you don’t want to continue being billed for it, right?). Just remember that unless you’re changing policies at the time of renewal, there will likely be some cancellation charges you will need to pay.
After you have cancelled your old policy, make sure you get your car covered under the new policy as soon as you can so that there are no gaps between your coverage. This is a very simple step, but it is also quite important, as driving your car with no insurance can lead to some traffic fines and penalties.
Switching to Digit Insurance
- Step 1: Go to www.godigit.com and click on the car.
- Step 2: Just type in your car’s Make, Model, and Registration Details and click on “Get Quote”.
- Step 3: Then you need to give a few details about your current or previous policy like it’s expiry date and your no claim bonus (if any)
- Step 4: Then all that is left is for you to choose your car insurance plan (i.e do you want a Third-Party Car Insurance or a Comprehensive Car Insurance) and pick some add-ons for even more customization (if you want)
- Step 5: And that’s it! Once you complete your payment and your policy will be sent to you online!