Smart tips for renewing your insurance
In the end of the day, the easiest thing you can do is stick with your existing insurer, but it’s not necessarily the best thing. Failing to shop around when you’re due to renew your policy can leave you hundreds of dollars worse off and with potentially inferior cover.
We’re going to take a look at a collection of smart tips for renewing policies for a range of different types of insurance. By shopping around and finding the best deals you can save a lot of money on premiums and ensure you have the best level of cover available.
Tips for renewing all types of insurance
- Don’t leave it to the last minute – Be proactive in reviewing your policy. If you leave it to the last couple of days to renew your insurance you may find you’re tempted to stick with your current insurer, rather than shopping around for a better deal.
- Get at least three quotes – Even if you just run your details through an online comparison website to compare your premium and inclusions with similar policies, it’s important to see what’s out there.
- Consider the levels of cover – It’s also recommended that you take the time to check if you need to change the level of cover you had last year. Your health needs may warrant a lower level cover, or conversely, require you to access a higher level of cover.
Tips for renewing car insurance
- Compare the value of no claims discounts – Some insurers offer a reduced premium for drivers who haven’t made a claim, called a ‘no claims discount’. If you’ve got a good driving record, shop around and compare quotes as the size of this discount often varies.
- Consider bundling policies together – Many insurers will offer a discount if you bundle your compulsory third party insurance in with your other insurance.
Tip for renewing home and contents insurance
- Review your level of cover – If you feel your home and possessions have grown or decreased in value over the last year it’s time to review your level of cover. An example of this would be if you purchased an expensive whitegoods item, you may want extra cover.
Related links:
8 common insurance traps to avoid
How to avoid hidden costs at the hospital
What insurance extras are worth it?