Tips to help you save money while renewing your car insurance policy
People look to save money in every sphere of their lives. So, why should car insurance renewal be any different? Here are some tips to help you save money when you want to renew your car insurance:
Compare Policies
Car insurance renewal has become easier than ever, with insurance providers allowing customers to renew their policies online. However, before you do that, make it a point to compare policies to find the one that suits your requirements the best.
Check Policy Features Carefully
Before you renew your car insurance, go through the features. There will be some that you need and others that you don’t. For instance, your car insurance may offer personal accident insurance cover, but if you already have the same cover from a separate policy, there is no need to add it to your car insurance. So, remove it from the policy and bring down the premium.
Never Allow the Insurance to Expire
Never wait until the last moment to renew your car insurance. Instead, you should look to renew the policy a minimum of 45 days before it expires. This move protects you from price hikes, should they occur.
Claim Your No Claim Bonus during Renewal
If you did not file a claim for insurance in the previous policy year, you will be entitled to No Claim Bonus. When you are renewing your car insurance, make sure that you claim the bonus. This amount will be deducted from the total amount. As a result, your premium will reduce.
Determine the Value of Your Car
Figure out the value of your car after depreciation. This way, you will be in a better position to negotiate the insurance rate with your provider. Remember, this move will help you save money on the premium.
The cheapest policy is not necessarily the best policy. Ensure that you read and understand everything in the policy. This way, you will be in a better position to decide whether the coverage offered is apt for you. Reading the fine print will help you save money in the long run.
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