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Can i Switch My Insurer?

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Changing one’s Insurer is what seems to be normal nowadays. Reason being, the people buying insurance are becoming more and more aware of their rights and want to derive the maximum value out of their hard earned money. People mostly switch their insurer because they are not satisfied with quality of customer service or return on their investment and sometimes amount of Premium seems to be unreasonably high. Let’s discuss some of these reasons that can act as determining factors for whether to switch the insurer or not.

Quality of customer service

Insurance companies win maximum number of clients on the basis of their customer service and this is what that builds their goodwill in the market. If the quality of customer service is not up to the mark, you have the reason to switch your insurer.

Return on investment

Insurance products such as life insurance policy are purchased to earn return on investment along with Coverage against any unforeseen events. If your insurer is continuously generating returns that are lower than the other insurance companies, it is definitely the time to change your insurer.

The credibility factor

Credibility and reliability is another factor to consider when you are thinking to change your insurance company. Do not get tempted for the sake of saving just a few bucks. If your current insurance provider is a reputed one and charges premium rates, which are higher than the lesser-known brand, you may think to switch over, however this change is not advisable. But in the other case, if another insurer matches with your current insurer in terms of goodwill and offers you required coverage as well as good savings, you can change your insurer.

Customer loyalty discount

Another thing to consider is customer loyalty discount. If you have had the same insurer for years and you are eligible for loyalty discount, you must not change your insurer. You can always compare the amount of customer loyalty discount with the potential savings you can make in case you switch from your current insurance service provider.


Other than unsettled insurance claims, there are certain other practical grounds on which you can consider changing your insurer. For instance relocation; if you are planning to shift and at the same time you are not happy with the services of your insurer, you can change your insurer. However, if services provided are satisfactory, do ask your insurer if they can provide you same level of service in other city or state.

Regional network

Although most insurance companies have a pan-India presence, some companies are stronger in certain regions and can thus provide a relatively better quality of services than their counterparts. You can factor this in vis-à-vis your motor insurance as well as Health Insurance plans in particular.

There can be innumerable reasons to change one’s insurer besides the aforementioned factors, what matters is the right decision. Change your insurer only after considering its positive as well as negative aspects. And, do consider the time also while switching your insurer.Renewal time is the best time to change and if you are planning to switch somewhere in the mid of your insurance policy, you should have your new Policy already activated while your old insurance policy is in cancellation process.