Car insurance is an important policy that every vehicle owner has to mandatorily keep with themselves, at all times. However, instances of customers not being satisfied by their present insurance policy or their company itself are quite common, which is where motor insurance portability comes into the picture. Here are some of the most common reasons to switch insurance providers.

Reasons to Opt for Motor Insurance Portability

  1. Not all portability is due to dissatisfaction; some are also because customers may get a policy which has affordable premium for the same coverage.
  2. Another instance can be when better coverage is available in the same premium cost or even lower.
  3. Issues with the claim settlement are one of the most common reasons for switching insurance companies because claim settlement is the process one actually gets their money back.
  4. In some, there are insurance companies that may offer similar insurance covers in the same premium but might have some add-ons to entice the customers.

Basic Tips for Changing Insurer

Any policyholder can switch the insurance company right before the policy renewal. Here are some basic tips that can help you in this regard.

  1. Policy Coverage Details:
  2. When it comes to insurance cover, the law in India is specific about having, at least, a third-party coverage plan. However, for a total coverage of all aspects, including theft, damage, personal accident cover, along with a third-party cover, it is essential to thoroughly check for comprehensive policies. These cover the vehicle as well as the occupant, thereby ensuring that no additional financial burden befalls you.

  3. Claim Settlement:
  4. One of the most important parameters in any insurance policy is the claim settlement ratio. As per the IRDAI, all insurance companies are to provide their respective ratio to the public so that they can make informed decisions in relation to the insurance policy. In addition, a vast network of good garages that provide cashless claims is also a determining factor for switching.

  5. The Correct Time to Move:
  6. The right to move is just before the policy expiry, but the search for the suitable insurance provider that can satisfy all your requirements needs to be started earlier. This gives you time for negotiating a better deal as well as keep your No Claim Bonus intact.
Insurance policies are all about exclusion and inclusion, so thoroughly reading each and every aspect of your policy document is quite essential.

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DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.



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