Car insurance renewals can be tricky. You need to know some of the secrets to effectively lower the renewal costs and also get a better insurance cover at a more affordable rate. But, what are the secrets and how do you go about them? Take a look at this article and get answers to all your queries.
Secret #1 – It’s a myth that all providers charge the same
Let us begin with the biggest secret – every car insurance plan is not priced similarly. There are plans that are cheaper and there are plans that are more expensive. You can know about the rates by simply comparing the policies online. It is extremely simple to compare the various car insurance plans. All you have to do is log on, go to a reliable insurance aggregator website and enter your details. It barely takes a few minutes and you get to see the results on your screen. You can then select a good plan at a good cost and stop yourself from spending a fortune while renewing your car insurance policy.
Secret #2 – When in doubt, seek help from experts on car insurance
This is a very basic concept, yet it remains a top secret. You can make some very wise choices while renewing your car insurance plan simply if you speak to an expert and get your doubts cleared. The theories of motor insurance, though simple, may seem complicated to you at times. Rather than stressing over them and making an incorrect judgement, it makes a lot of sense to speak to an expert. Once your queries are cleared out and you have a better understanding about the various car insurance covers, their benefits, their exclusions, their cost structures, etc., you can go ahead and get a good policy. This will help you save a lot of money at the time of your renewal; but more importantly, it will help you to find the most cost-effective cover out there.
Secret #3 – Choose your riders carefully
Did the dealer automatically give you the motor insurance plan when you bought the car? If yes, then you may not have had too much of a say in adding or removing riders at the time. If you have too many riders attached to your basic car insurance policy, you must be paying a large premium unnecessarily. So while renewing, analyse the cover properly and understand the riders. Riders are extremely useful and you must have a few. However, drop the riders that are redundant. This will help you save a lot of money on the car insurance cover while getting the policy renewed.
Secret #4 – Weigh in the no claim bonus
It is absolutely vital to weigh the no claim bonus or the NCB when renewing your car insurance plan. The NCB is a reward you get for not making claims. It is offered as a discount on the premium of the following year. So, if you have accumulated the NCB, make sure it is calculated along with the premium. You will end up making huge savings on your motor insurance plan. There is another secret here for you to note – the no claim bonus is transferable. Even if you change your insurance provider when getting your car plan renewed, you can carry your NCB along. So never ignore the NCB and make sure you get the discount you are entitled to get.
Secret #5 – Buy your policy online
This is a bit of an open secret, but always helps you to get your car insurance cover at a lower rate. Buy your plan online. The online car insurance plans are always cheaper as compared to the offline plans. You can indeed save a fortune if you buy your car insurance policy over the internet. So log on and start exploring.
There are many ways in which you can save your hard earned money while renewing your car insurance plan. Keep the secrets mentioned above in mind and you will see some fantastic results in no time. So what are you waiting for? Go online, compare the plans on an insurance broking platform such as Coverfox.com, calculate your NCB and make a purchase right away.