Should You Stick with or Switch Car Insurance Providers?
Should I Stay or Should I Go?
For the sake of comfort and convenience, you may be tempted to just stick with the same car insurance plan, year after year.
And while this isn’t necessarily a bad thing – you may be missing out on bigger and better deals that could save you money!
You wouldn’t want to lose out on cheaper premiums, better service and more appropriate benefits, would you? Of course not!
Especially now in 2018, with the detariffication of car insurance premiums underway, insurance companies have an incentive to up their game.
We’re hoping to see innovative new plans and add-ons as well as improvements to overall services as the competition heats up between providers.
As you scroll through your car insurance options, you will also be encountering a big bunch of terminology that can be confusing. So here's a #BearTip for you to understand the jargon that you will come across.
Thus, the question is not whether you should switch insurance providers and plans, rather, “should you take the time to scout for other available plans?”
Well, if you want to enjoy potentially better products, services and prices, then the answer is YES!
So…how do I look for new plans if i plan to switch car insurance providers?
If you are currently enjoying the most competitive rates, receiving the best benefits and are serviced attentively, there’s no doubt you’ll want to stick with your current provider.
However, you won’t know if you really are getting the best plan for your needs, if you aren’t aware of what else is available.
You can check through the individual websites of Malaysia’s top insurance companies for auto plans on offer.
Good Reasons to Switch Car Insurance Plans
As you skim through new car plans available in the market and consider switching, look for these plus points:
One of the main reasons to switch is better prices; after all, we were (mostly) raised to be Ringgit-pinchers!
Still, before deciding to swap providers solely on the basis of premiums, do check that you are receiving at least the same level of coverage, if not better, for a lower price.
Compare the plans equally in terms of sum insured, total benefits, payment methods, extras (e.g. free towing and roadside assistance) and service quality.
More convenient to renew
Don’t underestimate the lecehness of having to renew your car insurance plan. It’s best to ask about out the renewal process before committing to switch.
Do also find out about the number of ways available to renew your plan.
Some providers are quite thorough offering multiple renewal channels such as online forms, over-the-counter, email and phone renewals.
But it doesn’t matter how many renewal options are offered, it’s more important that your favourite, most-convenient method be available.
For instance, if you prefer to deal with a fellow human, check that there is an over-the-phone/counter option.
Or if you are a typical millennial, preferring to fill out a web form – then there should be an online renewal option.
Better benefits and extras
All plans are not created equal, some are definitely better than others! This is why it’s a good idea to remain open to new plans when you renew yours every year.
Here’s a tip – when researching new car plans, make a checklist of necessary benefits and extras, and arrange them in order of importance.
For instance, do you require an easy payment plan? Do you want free towing included? List it all down, from the most to the least important.
Then as you look into alternative plans, compare these essential benefits against the premiums to see if it is worth the cost, especially in comparison to your current plan.
This will help you decide on a plan that has the most number of benefits and extras you can’t do without, at the most affordable rate.
| See also: How To Find The Best Car Insurance Deals In Malaysia |
Your car insurance plan should reflect your needs – as they change. So if you need more from your insurance, then it is certainly a good time to consider switching.
For instance, if you are a Grab driver, a conventional car insurance plan might not provide the coverage you need.
Instead, you could benefit from a plan that offers an add-on to cover you while you ferry passengers, such as AXA SmartDrive - Sharing.
With this add-on, you’ll receive comprehensive car insurance coverage even when you are taking Grab passengers, which is not typically offered with a regular plan.
You’ll also be entitled to receive 24/7 emergency road assistance should you encounter any car breakdown issues.
If you’ve been on the receiving end of less-than-stellar service from your current provider, that’s all the more reason to seek another!
You’ll want a provider that is polite and courteous, prompt with replies, and provides accurate information, in addition to being generally helpful.
Another thing to look out for is the claims response; because this is when you’ll really need your insurance provider to come through for you.
But how do you find out if your insurer has a smooth, hassle-free claims process? Just look online for reviews.
Read what others are saying about the claims process and how troublesome or easy it is, successfully filing a claim.
Of course, you’ll need to take online reviews with a grain of salt. Still, overwhelmingly poor reviews could be a red flag and cause for concern.
Staying with your current provider
If you’ve done your research, looked around and still find that your current plan is the best – then you should stick with it!
But before you commit to another year with your current provider, be sure to ask for a loyalty discount or negotiate a better rate.
Your provider may oblige a discount if you’ve been with them for a number of years, are insuring more than one car and have never made a claim.
It may not always work, but it is certainly worth a try!
On the other hand, if you are unsatisfied with your current insurance or are simply interested to see what else is out there, be sure to head over to our comparison page.
A superior car insurance plan could be waiting for you – all you have to do is look!