Let’s face it, for most of us, car insurance can be seen as nothing more than an obligation. However, in reality car insurance is actually a very important necessity to have as it will actually help minimise financial loss to you in the unforeseen event of you having a serious accident in your vehicle. Your car insurance comes into its own in the unfortunate event of a road accident.
There is actually a lot more to ‘car insurance’ than you might think and there are many different options and variations available throughout the insurance market especially when it’s time to renew. Insurance companies offer various options and discounts by combining cover, add-ons, features and options when policies come up for renewal. The insurance market is constantly changing packages and features in an effort to offer better cover and prices to insurers month to month.
So here are our top tips for renewing car insurance in Ireland.
Be sure to review your coverage
Remember you don’t have to commit to the same coverage you had last year. You can raise/lower the coverage based on your current requirements.
You might be paying for unnecessary add-ons that you don’t actually need. Although add-ons aren’t always useless, it’s important to pay only for something that will serve you well. For example, you might already have breakdown cover, or you may not need a rental car when your vehicle is temporarily out of action. If you don’t need it then don’t pay for it, if you can avoid it.
Think about changing your insurance company
Once you’ve settled on the right coverage for your car, it’s time to review the service offered by your current insurer. It’s time to decide whether you want to continue with the same insurer or switch.
Perhaps you overpaid the last time, and now is a good time to choose an insurer that can offer the same coverage at a lower cost.
Look for your no claims bonus
Car insurers offer no claim bonus when you don’t make a claim during your policy coverage period. It’s an incremental benefit and you can expect to grow your no claim bonus up to a maximum of a 50% discount.
Keep in mind, when you raise a claim, your no claim bonus resets to zero and the accumulation begins with a clean slate unless you have a level of protection on your policy for your no claims bonus. Always be sure to check that the ‘insurer quoting’ has offered you the correct no claim discount in your quote.
Remember you are eligible for a no claim bonus even if you switch providers.
Renew before your policy expires
Driving a car without insurance is against the law, and is a punishable offense. If you don’t renew your motor vehicle insurance before it expires, the insurer may request to inspect the car before renewing it. They can interpret the break in renewal as a potential higher risk to them as something may have happened to the vehicle while it was uninsured.
You may even have to pay a higher premium.
Keep away from auto-renewal
When it comes to car insurance, it is always wise to ‘take time’ to review your policy every year. Insurance companies rarely reward loyalty for existing customers, most of their offers and discounts are aimed at ‘new customers’. So instead of simply auto renewing or agreeing to their annual renewal quote, you should always check with your insurer to see if there is any possibility of a better quote available for your requirements.
Negotiate
If you are keen to stay with your current car insurance Ireland provider, don’t simply settle for the very first quote they send you. Instead, negotiate with them. One way to do that is to go through a car insurance broker, who can compare multiple quotes and negotiate with the insurers on your behalf to find the best deal available to them.
Compare quotes
If you are open to switching providers, it makes sense to compare multiple quotes before you decide on who to go with.
Take the quote from your current insurer as a guide only, as it might end up being the highest price you end up getting. You obviously want to pay less than the price that they have quoted… so anything less than their quote is a bonus (once you get the same cover for a lower price). So, get in touch with multiple insurers and ask for a quote for the same type of coverage. You might be surprised what savings are actually available.
Better yet, use a car insurance broker. They will do all the legwork for you to get the best coverage for you at the lowest price available to them from across the whole motor insurance market.
Contact Britton Insurance
We are a highly renowned Irish car insurance broker with many years of experience in the car insurance market. Our car insurance specialists will work with you to find coverage that suits your particular requirements and budget. We compare up to 15 insurers to find the best deal available to us for you. Contact us today for a quote.