Instantly save money; cancel auto renew on your car insurance
Auto-renewal is a popular feature for many car insurance policies. It offers convenience for consumers and is designed to ensure that they aren’t left without cover if their policy expires. However, many consumers are finding that it’s not the best option and that shopping around for new policies may be a better idea. Here are seven reasons why you should check comparison sites when it’s time to renew your car insurance policy instead of auto-renewing.
1. It Might Not Be The Best Price Anymore
When you signed up for your current car insurance policy, you would have done so with the assurance that you’d secured the best deal on that market at that time.
However, the car insurance market is fast-moving and deals change. It may be that by comparing online you can find the same deal with a better price for new sign-ups.
2. It Might Not Be The Best Product Anymore
As well as prices changing, car insurance products change over time as well. With new advances in the car industry, such as electric cars, insurance companies are having to add new features to their policies.
Comparing car insurance policies online will allow you to discover the new features introduced since you last updated your policy.
3. Your Needs May Have Changed
One important factor that consumers often overlook is how their own needs have changed since the last time they updated their car insurance policy. For example, if you’ve changed or upgraded your vehicle in any way, you may have just added this as an extra feature to your existing policy.
But it may be the case that by comparing policies online, you can find a new policy that is more suitable for your current vehicle.
4. Competitors Might Offer You A Better Rate To Win Your Custom
The car insurance market is very competitive, with many companies offering similar products. It often pays to shop around, as companies can offer favourable rates to sign you up as a new customer and get you to switch from your existing policy.
You have nothing to lose by comparing online and could potentially save money.
5. You Might Not Have Auto-Renewal After All
One thing that may catch out some consumers is mistakenly thinking they have auto-renewal when they actually don’t. This is a risk, because if you let your policy lapse without auto-renewal, you won’t have any coverage. To cover yourself against such an error now is a good time to check out the new policies on offer and make the switch.
6. Insurer’s Claim Policy May Have Changed
Consumers often stay loyal to their car insurance provider because of a positive experience with a previous claim. This makes sense at first, but it doesn’t take into consideration how the insurance company’s claim policy might change over time.
Changes in the market might cause companies to be less generous with their payouts, even for those existing customers who haven’t placed a claim in the past. If you find that your car insurance provider has changed their claim policy, it’s in your best interest to find a new car insurance policy.
7. It May Be Harder To Opt-Out Of Auto-Renew In The Future
If your policy has a clause to make it easy to opt-out of auto-renew, it’s in your interest to use it. You may find that in the future it is more difficult to change policies and you could miss out on better deals in the marketplace. Take the opportunity now to compare car insurance policies online and see what’s on offer.
If you’re looking to renew your car insurance policy, what are the most important features for you?
*This is a collaborative post.
