On paper, having an auto-renewal feature in your car insurance policy makes a lot of sense. It’s convenient, meaning that you don’t have to remember your policy expiry date. This is also a risk factor, meaning that you always have insurance cover.
The last thing you would want is to have a situation where you don’t have insurance cover because you forgot your policy has expired. Finally, if you feel like your insurance company offers a good product, many people want to stay loyal to them.
However, a recent study by Money Expert has shown that nearly one third of drivers end up spending too much on their car insurance because they rely on auto-renewal. By valuing the convenience of auto-renewal, consumers aren’t taking the time to compare car insurance policies to find the best one for their needs and budget.
It may seem easier to let car insurance policies auto-renew, but with online comparison sites it couldn’t be easier to find information on new policies. The best comparison sites work with a range of insurance companies to show a range of products all in one place.
They have an explanation of the key terms and features, so that you can make an informed decision. With so much information and offers on one place, you should feel confident that you can find the right policy for your situation.
There are several things to consider when comparing your existing car insurance policy to new offers. As well as the price being too high, you should also look at the features on offer. You may find that car insurance companies offer new features that didn’t exist last time you renewed. You may also find that your existing policy just isn’t suitable for your needs anymore.
If you’ve upgraded your car or had any other change in circumstance, a brand new policy might be more affordable than altering your existing policy. Finally, you might find that your existing provider simply isn’t as generous as they were in the past. While you may want to stay loyal to your existing provider, a change to a new car insurance provider may have a greater pay-off in the long run.
In conclusion, spending some time comparing car insurance policies could save you a serious amount of money. By simply relying on auto-renewal, you’re not guaranteed to get the best deal on the market. The internet makes it a lot easier to be a well-informed consumer, providing you with a wealth of information all in one place.
As well as getting a better price, comparing policies online will allow you to find out what new features are available. Overall, you’re more likely to find a better priced policy with better features if you compare online.
How much money would you need to save to make you change your car insurance policy?