Insurance

Giving a Thought to Your Car Insurance Renewals

Handle your car insurance the right way

You may be under the impression that you have no problems with your insurance since 7-8 years of driving. But that may simply be because you haven’t given it much thought by way of being a necessary part of life. Commuter car owners, car drivers usually have their car insurance deducted from their current checking accounts. This means they do not view or review current rates in the market place. They or you as an insurance customer, do not realize the changes in business models and policies over the years. What worked yesterday is no longer true for today. However, your insurance service provider keep sending you auto renewal notices expecting you to just continue paying higher and higher car insurance costs.

If you have been doing this due to crediting increases to inflation, you should know a few things about business ethics. When profits become king, customers become slaves to business models.

Ask a person like me who has changed service providers thrice in the past seven years. Sometimes I even forget what kind of auto insurance policy I am driving with. This is not to say that I blame insurers, but I developed a habit of review my policy every year. It is simple to scout out competitors offering the best rates. It is just a question of remaining loyal to your service provider or to yourself. You decide. However, take the long term consequences in mind when you do this.

Instead of giving in to inflationary premiums, review your policy each year to save plenty on car insurance costs. Want to save hundreds of thousands of dollars, do this.

1. Decide anew how much car insurance you require

Take care of your state of residence legal requirements. Think personal injury protection, bodily injury liability coverage, and property damage liability coverage and shop for what you can afford.

Extra coverage should not be neglected. I learnt this the hard way when a woman without insurance made my car redundant. Without uninsured motorist coverage, I had a difficult time getting out of a tight spot with almost $10,000 loss. Similar with collision cover. You can repair or replace a car much easier. A service provider offering accident forgiveness gives you an opportunity to keep premiums low while you focus on driving carefully and avoid another.

2. Do necessary research

It is easier than ever before using internet to get several free online quotes. The technological development of the web, easy access to the internet and online assessment tools allow consumers to get accurate quotes. Moreover, they can even chat with a few providers at the same time to better the rates. However, the cheapest options are not always the best choices.

3. Negotiate, negotiate, and negotiate!

But do not lose your cool. Most company representatives are trained to keep within limits. This makes them appear to repeat the same things again and again. That is right, until you get the message and take your own initiative and decision. If you can negotiate the discounts and reward programs to your liking, well and good or go look somewhere else.

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