Right time to buy vehicle insurance

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26 Feb 2018

Ensure your car is insured. Learn about purchasing the right vehicle insurance with this guide. Check out Kotak General Insurance for more information.

Buying a vehicle insurance is an important decision and you need to ensure that you make a timely purchase of vehicle insurance to keep your motor vehicle secured.

Insurance is what people invest in to protect something that is either priceless, like life, or something that is of great value, like a home or a car.

Speaking of car insurance, there are two types of cover —comprehensive and third party car insurance.

Comprehensive car insurance is a kind of insurance policy that protects your car in case of damage due to an accident or theft, including any third party damage. With chaotic roads that we drive on and the increasing number of anti-social activities around, a car insurance policy in today’s age is a necessity. However, before you make the move of investing in an insurance policy for your vehicle, you need to know when the right time to take that step is.

Unlike buying a new pair of shoes or a brand new phone, buying an insurance policy not only needs adequate thought and research, but also the ideal timing for the same.

If you already have an existing car insurance policy and are looking to switch, then the best time to buy car insurance afresh is when your policy is scheduled for renewal. Therefore, staying up to date with your insurance policy details is essential in order for you to time your insurance purchase appropriately. The trick here is to start looking for automobile insurance quotes about a month to 45 days before your insurance is set to lapse. This way, you have enough time to check on different insurance deals and discounts offered in the market. Another added benefit here is that some insurance companies provide clients who shop ahead of time with an advanced quote discount, thus helping you save money.

While that was shopping for car insurance when your old policy is about to lapse what if, you are unhappy with your current car insurance provider and wish to switch mid-way? Well, you will be delighted to know that you can change your insurance provider, that too without any hassles! You may switch your insurance company midway and that too with a refund on any of your unused premium. However, since shopping for car insurance mid-term can be a tricky job, here are a few things to keep in mind before you do so:

Stay up to date with your premium payments and vehicle insurance policy details so that you don’t face any issue of pending payments or fines while switching from one insurance provider to another.

Keep a feasible payment date in mind so that you may switch insurance on a date that is most convenient for you.

Keep an appropriate buffer time between shopping for a new car insurance policy and switching to it, so that you don’t have to deal with any hurdles.

The advent of Internet has made shopping for almost everything easy. Today, buying a private or a commercial vehicle insurance online is just a mouse click away. So, if you plan to switch your car insurance provider, keep up to date with your policy details and do your research well ahead of time to enjoy some of the best discounts and benefits.

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Team Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.