Things to consider when renewing your insurance
- Are you getting the best value out of your policy?
- Are there some worthwhile benefits that you’re missing out on?
- Are your details up to date and are you aware of all the different payment options?
We’ve put together a quick guide to help you when it is time to renew your policy.
Do you still live at the same address?
If you’ve recently moved house, your new address could affect your insurance premium.
For example, if you lived in a metropolitan address when you started the policy but now live in an out-of-city location, you may be eligible for a saving when you renew.
Let your insurer know of your new address to see if this affects your premium.
What is your vehicle usage?
Renewal time is a good opportunity to check your policy and assess whether your current driving habits are the same as when you took out the policy.
With the recent covid pandemic, many people now work from home and thus driving less, so if this situation applies to you, it’s worth explaining this to your insurer.
If you’re driving less often than when you started your last policy, make sure you detail how many kilometres you’re driving a year so that your insurer can review your premium.
Are you getting the right benefits?
Although price is a major consideration when shopping for vehicle insurance, some policies may include certain benefits that can save you money in the long run.
For example, do you currently pay for a separate roadside assistance policy on top of your car insurance? This could cost you an extra couple of hundred dollars a year!
At eric, all Comprehensive Motor Vehicle and Motorcycle Insurance policies include roadside assistance, meaning you’re covered if your vehicle breaks down or is immobilised.
Extra reassurance on your road trips at no extra cost!
Are you covered for agreed value or market value?
Insurers use two methods to determine the value of your vehicle in the event of a claimable incident, agreed value and market value.
Agreed value is the value that your insurer agrees to value your vehicle at the time you buy the policy or renewal, it is often a higher value than the market value.
Market value is what your car is estimated to be worth in the market – typically at the time of a claim – so over time this value can depreciate.
The good news is that eric Insurance offers an agreed value for your vehicle, so you can be certain that you’re in a good place if you ever need to make a claim.
Are you planning on selling your vehicle soon?
If you want to renew your policy but are planning to sell your vehicle soon, the good news is that you can transfer your eric policy to your new vehicle.
We will transfer this insurance if you sell the vehicle and replace it with another , provided that the new vehicle meets our underwriting criteria and that you provide details of the new vehicle details within 14 days of its purchase.
We can then transfer your policy to the new vehicle and the amount covered will be adjusted to a value we determine and you agree to as a reasonable amount for your new vehicle. In some cases, an additional premium may be required.
Your driving history
Did you get through the last year without any claims or incidents such as a speeding ticket? If so, check with your insurer as you may be eligible for a saving on your next premium.
Annual payment or Pay By The Month?
Do you plan to pay your annual premium up front or by monthly instalments?
At eric, we have a wide range of payment options including credit card and direct debit so that you can make payments when it best suits you. BPay is also available for any catch-up payments you need to make.
Our automated system will also advise if you’ve underpaid or accidentally made an overpayment.