Why & How to Switch Car Insurance Company?

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*Above mentioned prices are for Honda City EX 1.5L, 2017 model.
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As per the UAE law, car insurance is a fixed annual expense if you own or drive a vehicle in the UAE. During the time of purchasing a car insurance policy, you may come across several insurance agents who are willing to provide you with the best deal on car insurance premium. But still, it is always a better idea to do a well-research from your own before opting for the insurance policy for your vehicle.

When renewing car insurance, it is often noticed that policyholders tend to continue with the same existing policy for their convenience. But paying a car insurance premium to the same insurer for a very long time can cost you a fortune. Switching car insurance provider after a certain period of time is quite important and also it is suggested by industry experts. It is crucial to explore the options available to you before going for an insurance policy. You may be able to find a policy with better insurance coverage and in a cost-effective manner. So, don’t miss out this opportunity.

This article will help you to understand that how can you get benefit by switching car insurance company.

Why should you switch car Insurance Companies?

Car insurer keeps updating their car insurance policies and rates, which is why your current car insurance provider may no longer have the most suitable policies or affordable price. Just because you found the best deal with particular car insurance company last year doesn’t guarantee the best deal this year also. This is why it is advisable to compare car insurance online and switch to the right car insurer. By doing so, you can not only find a policy that matches your insurance needs but also you might get better rates.

Besides this, there could be some other reasons that may prompt you to switch your car insurance company. And they include:

  • Expensive Premium: There might be chances that your existing car insurer is charging a very high premium from you. Car insurance premium charged by different car insurance companies are However, your premium should not be a huge difference in premium rates. If you find your car insurance premium is too high in comparison to the market, then it is an indication that your car insurance company is making out a profit from you. And you should definitely look out for another car insurance provider so that you can at least save on your car insurance premiums.
  • Quality Service: One of the foremost reasons that make most of the car owner changes their car insurance policy is the quality of service. They do not fulfill the need of its policyholders. And sometimes even after fulfilling the formalities, some car insurer might take a long too to clear the claim process. Such slow processing reflects the company’s willingness to meet customer’s need. And it prompt customer to change their car insurance company.
  • Customer Service: At the time of purchasing a car insurance policy, companies promise to provide the best customer service they can. But the truth is that some car insurance provider doesn’t handle its policyholder’s queries properly. This shows that the company might not even good even in other services as well. Thus, this is another key reason to look for another car insurance company that can provide the service in times of need.

How to Change Car Insurance Companies?

Industry experts suggest that you should change your car insurance company every 2-3 years. Following are the primary steps that are involved in accomplishing a successfully switch:

  1. compare car insurance policies: This is the first and foremost step in order to opt for the best insurance policy for your car. There is a range of online websites that allow you to compare car insurance online between multiple car insurance companies in the market. So, use this amazing facility to compare the car insurance policies in terms of their coverage, benefits, and features. And then, opt for the one that meets your insurance needs perfectly.
  2. Compare rates: If you want to save money on your car insurance premium then it is quite important to compare rates. Since car insurance companies don’t advertise their prices, you need to search out those companies that offer maximum coverage at the best price. To find the best rates, look for similar insurance options offered by different car insurance companies. You can also compare car insurance online as it is the most authentic and easiest way to get the best rates on your car insurance premium.
  3. Investigate The Insurance Company: Before you buy an insurance policy for your car, make sure you read about the car insurance company. In addition to this, go through the terms and conditions to get a clear idea about claim settlement. You should also read about the customer services that your car insurance company provides so that they can handle your queries. So, don’t just sign up with an insurer because they are offering you a cheaper policy. Rather than, choose a company with a good reputation & performance in the market.
  4. Cancel your existing insurance policy: When you have finally decided to change your insurance provider, make sure that you notify the current insurance provider. Your company should send you a cancellation notice. You are also required to send a written notification stating that you’re cancelling your insurance policy. This makes sure that your existing car insurance company doesn’t continue to bill you for the insurance coverage.

Final Verdict

So, if you’re not happy with your current car insurance company then follow these above-mentioned steps to make a smart move. Make sure, you search for online car insurance uae as it allows you to compare different car insurance policies in terms of their coverage, features, and benefits.

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