While purchasing a car insurance is essential for your new car, it is mandatory that the policy is renewed, when it matures. Most of us wait until the last moment, when it comes to renewing the motor insurance. Also, you may not acknowledge but this basic process of auto insurance renewal requires a proper plan and execution. It is likely you are paying more for the same benefits that could have been bought in lower rates. Planning beforehand can not only help you save money but also ensures no gaps are created in your car insurance coverage.
There are several factors you need to consider when renewing car insurance in Kenya. The most common aspects being – considering your coverage requirements, checking out different quotes, companies and policies. Here at Next Car Insurance, every factor essential for the renewal process is acknowledged to ensure you avail the best benefits. We offer the coverage plans that provide you with the utmost protection for your vehicle.
Read further to get a detailed know-how of all factors that must be analyzed before renewing your car insurance. Here’s the list of all the things:
1. Review your car coverage requirements
Policy renewal is the most favorable time to think of any updates or additions necessary to be implemented in your insurance coverage. You must review the previous plan and check how beneficial it was. Before renewing the policy, consider the following common questions:
- Was the plan enough to cover your accidental costs?
- Did you have to pay additional to meet the expenses of an accident?
- Did the insurance policy serve the purpose of purchase?
- Was it not worth to invest in a costly plan for a car that is simply parked in your house?
These some of the most common aspects that you must check for before opting for the same old policy. Additionally, notify your insurer, if you have been recently married or purchased a new house as this might be a good chance to score some discounts on the insurance premium. Also, if you have recently turned 25, the insurance company is likely to lower your premiums.
If all this seems tedious, you can seek assistance from Next Car Insurance to get answers to all of your insurance related queries. We would provide a detailed synopsis for the best insurance plan you must buy according to the given details. E.g. if you lease or finance a car, we would suggest a comprehensive plan for your vehicle to provide complete coverage against collision, natural calamities such as storm, flood, hail, water, fire, theft, vandalism, explosion and contact with animal.
2. Speak with your current insurance providers
If, you are satisfied with the benefits and services provided by your current car insurance company, contact them near the policy renewal time. An insurance agent from the company can help you with the coverage, limits and also suggest any eligible discounts, ways to save money or if any additions need to be made in the existing policy.
Confirm with your insurer in case the policy has been put on auto-renewal. This will help you determine the renewal date of the policy, if you wish to switch to another insurance provider. Also, take into consideration the mileage of your car. If you are driving less, the mileage score calculated will also be lower. This can help grab a better premium.
3. Shop around and Compare Policies
Car policy renewal time is a great opportunity to check for other available coverage plans. Several people don’t compare quotes, benefits and premiums before purchasing or renewing their car insurance plan. It is essential that before the plan is renewed, you compare various policies online and the coverage offered by them. Sparing a few minutes on this procedure can be helpful in saving money. This might limit you from paying those additional premiums while you may avail the same benefits at lower costs.
Next Car Insurance offers a hassle-free and user-friendly environment to generate quotes for your car insurance. We provide a step-by-step guide to obtain the exact costs for the chosen coverage and benefits.
4. Check for the offered Features/Benefits
You must always review the feature/benefits that are offered by the insurance company before planning to opt for the same policy. It is likely you may have to add a few new features or some that are no longer required. Ensure you speak with your agent about the features and generate the renewed policy according to the benefits that are currently needed. For example, you might be paying extra premium due to age concerns but now that you have turned 25, consult with your insurer and get your premium lowered.
5. Don’t let the policy expire
Here at Next Car Insurance, we always recommend users to renew or switch their policies before the existing one expires. You must be through with the decision in advance and take the necessary steps during this period. For example, if you wait till the last minute to renew the car insurance plan and meanwhile there is a hike in the prices, you will have to pay extra amount.
6. No Claim Bonus
There are insurance companies that may give you a No Claim Bonus if no claim had been generated in the preceding coverage plan. In case, you are eligible for No claim bonus, claim it from the insurer. Most of the insurance companies would deduct the calculated amount from your overall quote and automatically the premium cost will be lowered. Maintaining No Claim Bonus over the years can help decrease the premium amount by significant percentage.
7. Carefully read the coverage terms
At Next Car Insurance, we ensure that before purchasing a policy with us, you have carefully read all the related terms. You must not blindly choose a policy because of its low prices and should never make assumptions about the plan. Make sure to read each detail of the policy thoroughly and acknowledge how it will provide coverage under different circumstances. Additionally, check whether all the necessary and required benefits are covered in the insurance plan. For example, when consulting with our experts, you can inquire whether the chosen policy will provide protection, if someone else was driving your car, when it met with an accident?
8. Know the value of your car
The experts at Next Car Insurance consider your car’s value to determine the car insurance quotes. We ensure that you don’t pay out more on the premiums. Also, we always suggest that you must take an estimate of the car’s market value before renewing their insurance plan. Being a vehicle owner, if you know the depreciated value of the car, you can easily negotiate with the insurance provider over the premium cost and save.