Car Insurance Switch: Switching your Car Insurance After an Accident

A car insurance policy can be changed at any time under the portability feature available in car insurance plans. This is also known as car insurance switch.

Can you switch your car insurance policy after an accident?

You must understand that you can switch your existing insurance policy at any point of time, including after an accident. But switching insurance after an accident would not provide you with any benefits, neither regarding third-party claims, nor for own vehicle damage. This is because the insurer, which covered your claims at the time of the accident, is solely responsible for settling all claims arising from the accident, be it the third-party compensation or the cost of damages to your vehicle. You can, however, switch your car insurance–when up for renewal– with an insurance company which provides additional benefits with the car insurance plan.

Why do you need car insurance?

Under the Motor Vehicle Act in India, it is mandatory to have valid car insurance at all times. According to the new Motor Vehicle (Amendment) Act, not having a car insurance policy would result in a traffic fine of Rs 2,000 and/or imprisonment up to three months for the first offence and an enhanced fine of Rs 4,000 for the second offence.

What is third-party insurance?

The Motor Vehicle Act makes it a statutory requirement for all vehicle owners to have a third-party insurance cover. It is called third-party insurance as the beneficiary of the insurance is someone other than the vehicle owner and the insurer. Third-party insurance covers the policyholder’s legal liability for paying compensation due to claims arising from death, disability, loss or damage to the third-party in the case of an accident. To put it simply, if your car was involved in an accident which caused damage to another vehicle, or injured the vehicle owner/occupants, then your existing car insurer has to pay the compensation as third-party liability/claims

What is a comprehensive vehicle insurance policy?

Apart from the mandatory third-party insurance, you can also avail of additional covers like personal accident cover or accidental loss or damage to your vehicle in the case of a comprehensive vehicle insurance policy. For instance, on Finserv MARKETS, you can apply online for Bajaj Allianz Car Insurance. Here, apart from the third-party liability, you get features like a personal accident cover of Rs two lakh to the owner/driver of the vehicle due to any accident. It also provides cover for theft and accidental loss or damage to your car because of natural or man-made calamities. You can also opt for extensions like loss of accessories, legal liability to paid driver and personal accident cover for occupants.

Why to opt for a better vehicle insurance cover?

A good insurance plan is essential to meet the expenses arising out of an unfortunate mishap or accident. High repair costs along with expensive spare parts can pinch your pockets. Apart from road accidents, your insurance plan should also protect you from vehicle thefts. Besides, you must look for insurance plan which offers hassle-free claim process along with cashless settlement features. Thus, you must select a new policy or choose to renew car insurance policy with an insurer which provides with a wider protection and added features. If you choose to renew car insurance online with Bajaj Allianz Car Insurance, available on Finserv MARKETS, you can transfer up to 50% of the existing No Claim Bonus (NCB) from the previous insurer.

What are the benefits of Bajaj Allianz Vehicle Insurance?

Bajaj Allianz Vehicle Insurance, available on Finserv MARKETS, provides you with a host of features that can be availed with the insurance cover. These include:

24×7 spot assistance: This is a pan-India cover for car insurance policyholders who require car roadside assistance while driving. This includes providing emergency services like repair of flat tyre and legal advice in the case of an accident.

Lock and key replacement cover: It indemnifies you from the cost incurred in replacement of keys or fitting new locks.

Consumable expenses: This feature covers the cost of consumable like engine oil, coolant, brake oil etc. while repairing the vehicle after an accident

Personal baggage: You are indemnified from the loss of your baggage kept in the insured vehicle.

Motor on the Spot: This is a mobile-based insurance claim settlement service which allows you to self-inspect minor damages in the car and receive a claim amount of up to Rs 30,000 in your account within 20 minutes.

Conclusion: If you were involved in an accident, and are looking to renew car insurance, you must switch to a vehicle insurance policy which provides you with complete protection. You can consider Bajaj Allianz Vehicle Insurance, available on Finserv MARKETS, which can be purchased online instantly. Here, you can benefit from the tie-up with more than 4,000 garages providing high-quality service.

Categories: Misc