As a result of the Indian Motor Tariff Law, car insurance is mandatory for all car owners in India. It not only allows you to drive on the road but also protects you from financial liabilities to third parties and damages to your car. You can insure your car for damage suffered by a third party by purchasing third-party insurance, while comprehensive insurance will cover damage done to your vehicle. In general, Compare Car Insurance plans last for a year, and then you need to renew them. At this point, you have the option of reinstating your current plan or finding a new one. To gain clarity, let’s examine some of the pros and cons of a new policy.
Advantages of Car Insurance:
Additional Perks:
If you stay with an insurance company for a long period, there are a variety of benefits that you can expect from it, including discounts and other perks. Your insurer may provide discounts if you stay with the company for a long time.
Trusted Relationship:
By sticking with a single insurance provider, you can create a solid relationship. This relationship proves crucial whenever you need help from your insurance provider.
Renew Easily:
During your renewal with the same insurance company, you simply have to contact the company and give them your policy number. Then Compare Car Insurance and pay for the premium renewal. However, when you switch to a new insurer, you have to give them all of your information.
Disadvantages of Car Insurance:
Following are some cons of staying with the same car insurance provider for an extended period.
Superior Instalment:
Several car insurance companies are offering competitive rates, so you can find the same coverage at a reduced rate by comparing quotes. If your original policy is offering you good coverage, but you are not receiving the lowest price plan. Things and prices change with time, so you can find a policy that offers the same coverage at a lower rate by comparing quotes.
Missing Add-ons:
Some add-on insurance covers can come in handy when you want to expand the coverage of your car insurance policy. If your current policy could not serve you with the key add-ons you need, searching for a new insurer that can provide them would be the best option for you.