THE PROS AND CONS OF STAYING WITH THE SAME CAR INSURANCE COMPANY

Having a car insurance plan has become a mandatory requirement for every vehicle owner in India since the implementation of the Motor Vehicle Act. As such many owners are going to be required to renew their car insurance if they already have one. But do they have to renew it from the same insurance provider, or can they switch to one of the various available car insurance companies? Let's look at the pros and cons of staying with the same car insurance company.

 

 

 

Difference between Pros and Cons of staying with the same car insurance company:

Pros	Cons
Trusted Relationship Better trust between you and your insurance provider.	Reduce coverage! You could be missing out on proper coverage by staying with your old insurance provider.
Discounts on deductibles Car insurance companies can give discounts on the deductible to long-time customers.	Missing on new discounts Many car insurance companies offer huge discounts to their new customers.
Accident Forgiveness Car insurance providers will forgive your fault in case of your self-accident if you are a long-time customer.	No service benefits By switching to a new car insurance provider, you might get better service than your old service provider.
Time Saving It is better for many people to just renew and save time than to go out to find a new insurance provider.	No additional add-ons You could get additional add-on cover that suits your needs better by switching to a new car insurance company.

Pros Of Staying with The Same Car Insurance Company:

The following are the details of the various benefits that you can get by staying with the same car insurance company:

1. You have created a trusted relationship:

It is hard to find an insurance provider after generating so much trust with the same car insurance provider. The bond of trust that has always helped you remain protected over the previous years is not easy to replace. Staying with your old insurance provider can also help you as they already know your driving habits and claim history.

2.  Reduction in deductible charges:

Insurance companies may reward you by reducing or giving you discounts on the deductible charges such as compulsory and voluntary charges for staying so long and can even forgive them making your future claim completely free of any charges.

3.  Forgiveness on self-fault accidents:

Car insurance companies can forgive the policyholder's first self-fault accident for staying so long. It won’t be registered in the record as such the chances of insurance premiums going up can be avoided.

4.  Timesaving:

Many times, it is just better to stay with the same car insurance provider that has served you for so many years to avoid any time spent finding a new insurance provider that will meet all your requirements.

5.  Saving on hidden charges:

You can avoid any additional hidden charges that may come with switching to a new car insurance company.

Cons Of Staying with The Same Car Insurance Company:

It is always better to remain active for a better coverage policy and get complete protection at an affordable price. The following are the various cons of staying with the same car insurance company:

1.  Not proper coverage:

Your insurance provider might not be giving you proper coverage for your car as compared to other car insurance providers in the market. It is always recommended to find an insurance provider that not only covers your requirements but also is cost-effective.

2.  Missing on discounts:

You might be missing out on discounts that you could have gotten by switching to a new car insurance company as many car insurance companies offer the new customers huge discounts and offers on their premiums.

3.  No service benefits:

The old insurance company is not offering better service benefits such as faster claim settlement, customer services, slow response times, etc., so you should consider switching to a new car insurance provider.

4.  No additional add-on coverage:

If your insurance provider is not allowing additional protection to cover as compared to the other new car insurance companies, you should consider switching to get wider coverage for yourself and your vehicle.

Conclusion:

The ultimate question of whether you should change your car insurance provider can depend upon whether you are happy with your insurance provider's current benefits or not and you’re liking towards them. But you should always remain open to new coverage as it might be more affordable and have the same level of coverage as the previous one with added benefits. This can help you remain protected and avoid any financial losses in the future. Now, get comprehensive car insurance coverage online for your vehicle in just a few steps from Quickinsure at an affordable rate and avoid any unforeseen future risks.

FAQs:

1.  What are some of the things that can make you stay with the same car insurance company?

• The following are the various things that can make you stay with the same car insurance company:
  • Happy with current benefits.
  • Good customer service and faster claim settlements.
  • Discounts of deductibles.

2.  What are things that can make you switch your car insurance company?

• The following are the various things that can make you switch your car insurance company:
  • Moved to a new city.
  • Selling your vehicle.
  • Found better coverage.
  • Costly premium charges.

3.  Can you still get an NCB bonus if you switch your insurance company?

• Yes, you can easily transfer your NCB bonus accumulated to your new insurance company and claim NCB discounts on the premium charges by contacting your new insurance provider and submitting an NCB bonus certificate from the previous insurance provider.

4.  Why is it recommended to switch your insurance provider every 2-3 years?