Feel confident that you’re covered on the road, with insurance that pays out for accidents, damages and more. Take the wheel and choose a level of cover that suits your needs.
You may not have put much thought into your car insurance renewal. After all, most car insurance policies automatically renew at the end of each year.
While this means one less thing to tick off your to-do list, it also means you may not be getting the right price or policy for your needs.
Remember that you don’t need to accept the quote your insurer offers. In fact, shopping around gives you the chance to find the same cover (or better) at a lower price.
Insurance prices fluctuate all the time, meaning it’s hard to estimate what you could expect to pay when renewal season comes around. Market conditions have a big impact, meaning there’s often a rise and fall in pricing across multiple insurers.
Any changes to your personal circumstances can also affect your premium. For example, if you move your car from street parking to a garage, you’re reducing your risk and potentially your premium. The opposite applies if you go from a secure parking spot to somewhere you’re more at risk of break-ins, vandalism or theft.
If you’re seeing a figure that’s more than you expected for the same car, you might be wondering what’s caused your premium increase.
When your renewal comes around, your insurer will review your circumstances and reassess the risk you pose. Anything that increases your risk will be factored into your renewal price.
For example, if you recently made an insurance claim, it indicates to your insurer that you might make one again in the future. Other factors that can bump up your premium include increasing your mileage, moving to an area with a higher crime rate and any negative changes to your driving record.
Before you let your policy renew, you should set aside some time to search the market. Even if you’re happy with your current policy, it’s worth seeing what else is out there when the opportunity arises.
You’ll want to give yourself enough time to do this before your auto-renewal, as some insurers charge a cancellation fee if you decide to switch after your new policy starts.
You should receive a letter or email from your insurer around 21 to 30 days before your current policy ends. This will contain your prospective new policy details, including the new price.
While there’s nothing stopping you from shopping around before this, waiting until you receive your new price will give you a benchmark to compare.
Your circumstances may have changed in the course of a year, meaning your current policy might not be fit for purpose.
If you’d like to get advice before you take out a new policy, it could be worth working with an insurance broker. At Wesleyan Financial Services, we offer an advice-based service. This means we’ll take the time to listen to your needs before reaching out to our panel of top car insurance providers.
We’ll consider your driving habits and your ideal cover level before presenting you with a range of car insurance quotes suited to you.
You don’t need to cut back on cover to save on your car insurance. With a little extra planning around your renewal period, you can get a policy that suits both your car and your wallet.