7 things to do when you renew your insurance policy
Most of the time we renew an insurance policy almost automatically, without giving it a second thought. But our policy may no longer specifically cater for our needs.
Here are seven things you must do before signing the dotted line.
1. Set yourself a reminder
The wrong decision is often made because you haven’t had enough time to weigh up all of the options. Make sure you set yourself a reminder a few weeks before your renewal date, so you have time to prepare and consider all the possibilities.
2. Review your Product Disclosure Statement (PDS)
Don’t let an insurance company get one over you in the fine print. Before signing on to the new policy make sure you check the new PDS for any changes, and if you need more information don’t hesitate and get in contact with your insurer.
3. Re-evaluate your needs
Life events can mean old policies leave your dangerously underinsured, or needlessly over-insured. Review the nature of your policy so it’s consistent with your current state.
4. Focus on value, over price
When you’re choosing a policy, try to look at the bigger picture. The cheapest policy isn’t necessarily the one that offers the greatest value. Try to consider everything from product inclusions to deductibles, exclusions and even coverage limits.
5. Make sure your information is accurate and up to date
Any gifts, purchases or new conditions can make a big difference to your insurance policy. If your circumstances change it’s up to you to ensure your insurer is informed.
6. Discuss your premium with your insurer
Your premium is often a point of contention, but you’d be surprised how few people actually bring it up with their insurer. Contact your insurer and if you’re not happy with the size of your premium many will be willing to at least review it.
7. Have a look at what’s out there
The grass isn’t always greener on the other side, but often it is. Australia has a competitive insurance market, so don’t be afraid to look around to find a product that better suits your needs.
Source: Understanding Insurance
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