Every year we must go through the troublesome task of renewing our car insurance. The letter drops through your letterbox, but somehow most years it seems to slip your mind. What can you do? You have two options; the easy option would be to accept your new premium and have your insurance renewed with the same company for another year. The slightly harder but perhaps more worthwhile option would be to do some research yourself and find a more competitive price for your premium. If you take the easy option, you could be missing out on hundreds and hundreds of pounds savings! Here’s how to save a ton of money when you renew your car insurance. You can click here to get more information about it.
Compare Companies and Prices
The sad fact of the matter is that car insurance company won’t give you any rewards for remaining loyal to them. Many companies offer discounts to new customers and then end up increasing the price of the premium the next year so they’re still in profit. This is why you’ll often find that your renewal quote is higher than the previous one! We recommend always looking around for another deal, so research different companies and compare their prices. If you haven’t claimed, you’ll also be able to inform them of your no claims bonus and get some more cash off. Make sure you always let your old insurer know if you’re not renewing with them, so you don’t end up paying two premiums!
Pay Your Premium in Full
If you can afford it, you could save hundreds of pounds by paying your premium off in full. Almost all insurance companies charge more for you to pay monthly rather than yearly, so if you can afford to put a bit away each month in the run-up to your insurance running out, you could save a pretty penny! Open up a separate bank account and put a certain amount in each month to reach your target figure.
Always Tell The Truth
It can be tempting to twist the truth when renewing your policy, but if you ever need to claim insurers can dispute this information and refuse to settle your claim. You’ll save a lot of hassle in the long run if you simply tell the truth!
Know What’s Included
One of the most important things when choosing your new insurance policy is to know what’s included. This is because you might think you’ve found a cheaper policy, when in fact it’s got a higher excess as well as less included than your last policy. Make sure this policy fits your needs exactly, so you not only get a good deal but are protected should anything go wrong.
There you have it! Follow the tips above carefully and you could end up saving a ton of money when you renew your car insurance policy.