5 Scenarios When It Makes Sense to Switch Your Car Insurer - Make Money Online

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5 Scenarios When It Makes Sense to Switch Your Car Insurer

With thousands of new vehicles added on the road daily, there are thousands of vehicle insurance policies sold every day. However, the road to a smooth claim settlement process is not for everyone. Many policyholders have a long list of complaints against their vehicle insurance providers.
Having a vehicle insurance policy means having a long-term relationship with your insurance providers. However, if your car insurance company no longer fulfills your needs, it’s time to switch. If you are not happy with your current car insurer, you can always switch to a better option.
Here are the top five scenarios when it makes sense to switch your car insurer:
1) When you are overcharged
Price is the mostcommon reason for switching to another insurance company. Since the price of the car insurance differs amongst different insurers, you are bound to get an exact same coverage at ten different prices from different companies. So, if you are tricked into paying higher than expected fees, you should search for another insurer.
2) When the customer service is poor
When you call your telecom customer service, you expect them to listen to you and solve your problem. Same goes with the customer service provided by your motor insurance company. A bad experience with themotor insurance companymay trigger the search for other options. This holds true even for loyal customers. If you feel that there is no response from the customer service team, you can look for a change. Unprofessional attitude after the policy is sold is the main reason for the switch.
3) When there is a change in your lifestyle
Here are some of the lifestyle changes when you should start checking around for a new vehicle insurance provider-
·         Buying a second car: Your existing company may not offer you the discount but you are able to get the multi-car discount from another company. This might be your reason to switch.
·         Moving to a new state: You might switch when your local insurance provider offersyou lower premiums or if your current motor insurance company doesn’t have network repair centresin your new location.
4) When you do not get enough benefits
Many companies offer you a ‘no claim bonus’ if you do not claim in the twelve months. If you are not getting any such perks, it makes sense to look for another vehicle insurance providers. Some insurance providers offer you various discounts if you bundle your car insurance with other types of policies from the same insurer.
5) When the claim settlement process is very lengthy
Majority of us look for a hassle-free claim settlement process for our vehicle insurance policy. If your insurance company is giving you tough time with respect to the claim settlement process, frustration and dejection are bound to follow. You can switch yourcar insurance policy if:
·         The insurance company has the bad record for handling the claims
·         The claim settlement process is very lengthy
·         If the motor insurance company unnecessarily delays the payment of your dues
Things to Consider While Switching Your CarInsurance Policy:
While, as a policyholder, you always have a chance to switch your car insurance policy and go to a new insurer, however, it is indispensable to look at few points before making the move. Here are some of the factors that you should always consider while switching your car insurance policy=
1.       Compare before buying:
As stated above, there are many car insurance providers in the market, and therefore, it is necessary to compare all the available car insurance policies offered by different insurers. In this way, you would be able to choose two or three car insurance policies which you can further compare on the basis of the other factors to find the best car insurance policy.

2.       Look at the bigger picture:
Don’t just buy a policy because it comes with a low premium rate. Remember that, the lesser premium you pay, the smaller the amount you can claim.

3.       Check claim settlement ratio:
Select an Insurance provider offering a hassle-free claim settlement process. Get to know their claim settlement ratio. In the insurance world, claim settlement ratio is the number of claims settled by a car insurance in a year. The more the number of claims settled by the car insurer, the higher would be the claim settlement ratio.
Evaluate yourcar insurance policy and if you feel that it does not suffice your needs, do not hesitate to go with another better option. If needed, you can try to negotiate with your current car insurance provider about your problems. You can voice your grievances. Even after this, there is no positive response, consider a switch.
5 Scenarios When It Makes Sense to Switch Your Car Insurer 5 Scenarios When It Makes Sense to Switch Your Car Insurer Reviewed by Jhon on 9:21 PM Rating: 5