We all are very aware of the fact that a long-term motor insurance plan is more advantageous to the customer. And all the insurance companies reward their clients for being with them for a longer duration. However, there are also some drawbacks of continuing with the same car insurance plan over the years. Like, policyholders who continue with the same car insurance plan year on year mainly because they think their premium will stay invariable or increase slightly. But there are very high chances that over a period of time other insurance company may come up with better plans which have lower premiums than what they are paying currently. The next important point is your existing insurer may be offer a lesser IDV on renewing your car insurance plan in order to keep your premiums the same for the next year also. However, in case of any mishaps, you will be entitled for a lesser claim amount as the insurer has already reduced your IDV. In such case, you can check with other insurers to get the correct IDV before renewal. With the new insurers, you can also get additional discount on your premiums depending on the No Claim Bonus amount. Thus, it is always advisable to check with new insurers instead of sticking to the same plan.
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