26th February 2010
Ok so all of your bills are paid and suddenly you open the mailbox to find your insurance renewal notice in there. It may cross your mind to just let it renew itself. However, this should only be a fleeting thought because you could miss out on a great deal if you do not, at the very least, check and find out if there is a better deal out there. So take at least a couple of days to shop around and make sure you are getting the best deal.
Most of them, when you read through a renewal letter it will give you a quote that is pretty much the same as the first quote you got from the insurance company. You might even be offered a bonus for not having any claims over the past year. If you read the fine print you may realise that your company has tried to up the fee to make up for any costs they occurred over the past year.
The first thing to remember is that if you are not going to renew the policy you must call them. Otherwise it will probably renew anyway and then you will be charged regardless of whether you wanted the insurance or not. You need insurance; but, it does not have to be from your original company so make sure you take care of any legal obligations and do not end up in trouble.
There are basically two choices when it comes to finding a better price on insurance. First, you can comparison shop in person or on the phone. Go to all of the insurance company’s you are interested in to find out who has the best price. Your other option is to go to one of the many insurance companies who will do online comparison shopping for you. Fill in one of their forms and get the company who can offer you the best price. The second option will probably save you a lot of time; but, it all depends on what works best for you.
When it comes to your insurance renewal notice offer you need to compare each option against every aspect of it. The items covered by each insurance company are not the same across the board so you need to find the one that offers the coverage you need. This means that you may pay a very high price for a very low cost. You could lose protection.
A good thing to do is keep your current insurance company until you have actually completely secured a new policy. If you do no t you could end up spending time without any coverage and disaster could strike. Then you would have to pay for everything out of pocket.
The last thing you should remember when it comes to an insurance renewal notice is that times have changed in past year. Do not just copy and paste your old information into the new paperwork. Your situation more than likely will have changed and that means the coverage you need changed too. Keeping your information updated will ensure that you are never without the coverage you need.