Thursday, 28 February 2013

Compare your insurance and save!

Would you stick with your auto-insurance provider if you knew there might be a better one out there? 

These days we are spoiled for choice when it comes to insurance providers, and it's a lot easier to research their products and policies online, but changing providers can still be a bit daunting to anyone who has always stayed loyal to single insurer as we tend to in Tasmania. Today we will look at the nuances of migrating to a new insurance policy, perhaps one that suits your needs better, has more flexible options, or just saves you money!

A good insurance policy limits your damages and protects you from undue financial stress when something goes wrong with your car. The cost of the premium should be within your budget while providing the best cover for your vehicle.

So what do you do when you find a new policy or provider that you would like to switch to? It’s quite simple really. Some insurers will let you cancel your policy (if you give them proper notice) without a charge, while others will levy a cancellation fee in order to forfeit your policy. If you’re switching to a different policy offered by the same insurer, your cancellation fee may be waived depending on the company rules. You can sometimes avoid paying a cancellation fee if you cancel your policy during the ‘cooling off’ period. The cooling off period occurs just after you've purchased the policy, or when the policy is due for renewal.

If you decide to cancel your current policy, let your insurer know well in advance in order to make the transition a smooth experience. Cancelling your policy when it is up for renewal makes sense, as you will be able to avoid a cancellation fee, and the administrative process following your cancellation will be much simpler.

Most importantly, before you make the final switch make sure you read through the policies available to you. Read the fine print prior to signing up - make sure that you know exactly what you are getting into and what the insurer promises to provide in the case of a claim.

A good way to start looking at alternative insurance providers is to get a general overview of what other companies might charge you for insuring your car. This website might be helpful in getting an idea of what you can expect to pay from a range of car insurance providers.

No comments:

Post a Comment