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Still confused? |
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General Car Insurance |
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Renewing Your Policy Providing you are happy with your current insurance provider and have been claim-free during the last period of insurance, renewing your policy should be fairly painless. You will hopefully benefit from an additional year’s NCD and you now may be in different age bracket, both of which will work favourably on your premium.
Your current insurer should contact you 21 days before your existing policy is due to expire. If they do not, they are not doing their job properly and you should consider looking around for other insurance.
If you have a policy with a direct insurance broker, the only option you will have is to renew your policy with them. Providing you are happy with the premium offered and service you have received, complete the renewal instructions provided and job done.
If you are not happy with your renewal premium from your direct insurer, shop around. Insurance companies prey on the lethargy of individuals to change insurance and often give great deals to entice you in the first year, then slowly increase the premium over the years. So get on-line or ring around and get some comparison quotes!
If you have arranged your policy through an insurance broker, they will also probably initially offer to renew your insurance with the same insurance company. If you are happy with this, no problem!
Insurance brokers have a significant advantage over direct insurers, in that they usually have access to many insurance companies, so can do the leg work of shopping around for you. However, it does not mean that they will get you the cheapest quote, so again, if your not happy, get a quote.
However, it starts to get complicated if a claim has been incurred before your renewal date. If the claim has not been settled by your renewal date, even if the accident was not your fault, your NCD may still be reduced. When the claim is settled a refund of the additional premium can be arranged.
If when ringing for an alternative quote, you have an outstanding claim, this must be disclosed to the new insurer. Failure to disclose it may invalidate your insurance cover.
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The Insurance Boffin E-mail: info@insuranceboffin.com Disclaimer: Any information, advert or link contained on this site does not amount to advice, suggestion or a recommendation in any manner or form. |
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The Insurance Boffin |
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