Don't automatically renew
A renewal notice may look like a bill, but it's really an invitation to continue your policy for another year. Before accepting it, take a moment to check what's included.
Has anything changed since you first took out the policy? Are there optional extras you no longer need? Is the level of cover still right for your circumstances?
A quick review can help ensure you're not paying for features that no longer suit your needs.
Check for available discounts
Insurance discounts vary between providers, and what is available with one insurer may not be available with another.
Depending on the policy, discounts may be offered for purchasing online, bundling multiple policies with the same insurer, or maintaining a good claims history.
If you're not sure whether you're receiving all the discounts you're entitled to, it's worth asking. Insurers can explain what discounts are available and whether you meet the eligibility requirements.
Review your excess
The excess is the amount you agree to contribute if you make a claim. In many cases, choosing a higher excess can reduce the cost of your premium.
However, the excess should be an amount you could comfortably afford if you ever needed to make a claim. A lower premium may not feel like much of a saving if the excess proves difficult to pay when you need it.
Make sure your cover still suits you
Life changes, and insurance needs can change too.
Perhaps you've sold valuable items that were covered under your policy. Maybe you've added security features to your home, changed how often you use your car, or simply found that some optional extras are no longer important to you.
Reviewing your cover every year helps ensure you're paying for protection that matches your current circumstances rather than those of several years ago.
Talk to your insurer
Before deciding whether to stay or switch, contact your insurer and ask a few questions.
Ask whether there are other policies that might better suit your needs, whether all available discounts have been applied, and whether changes to your cover or excess would affect the premium.
Even if nothing changes, you'll have a clearer understanding of exactly what you're paying for.
Compare your options
Checking a few alternative quotes can provide a useful benchmark.
When comparing policies, look beyond the premium. Compare the level of cover, exclusions, excesses and optional benefits to make sure you're comparing like for like.
A lower price is only a good deal if the policy still provides the protection you need.
A few minutes well spent
Insurance may not be something you think about often, but renewal time is a good reminder to give your policy a quick health check.
Rather than automatically rolling over the same cover year after year, take the opportunity to review your options. A small amount of effort today could leave you with cover that suits you better, costs less, or both.
When comparing quotes from other insurance companies, make sure each one includes the same level of cover as your current policy, so you are comparing like for like rather than a cheaper policy with less protection.
