The good thing about motor insurance is that if you are not happy with your current insurer, you can change it around the time of existing policy expiry date without losing No Claim Bonus (NCB) and without any additional documentation unlike, health insurance portability where a good amount of documentation is required with higher processing time. Keeping pace with the advancement in the automobile industry, insurers also keep revising their products and that might also give you an opportunity to upgrade your policy from time to time. There are 22 companies in India providing a variety of motor insurance plans. So, spend some time on searching the right plan for your vehicle. A comprehensive motor insurance plan has two components - Third Party and Own Damage. Third Party insurance premium is regularized by IRDAI and is fixed. The Own Damage part has various sub-components and that majorly differentiates the product from one another and premium that you pay. The following scenarios may help you to make up your mind on whether to switch your insurer:
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