It can be dangerous if you are riding on the road unprotected. Once your car insurance policy expires or approaches the time for expiration, the wisest thing to do is to have it renewed. Do you think renewing your car insurance policy is difficult? Read on to find out a step-by-step guide to renewing your policy.
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Car Insurance Renewal
An insurance renewal means making a choice to continue your insurance policy. Most car insurance policies have a duration of either 6 months or 1 year. Once this time approaches, you are expected to renew. Some insurance companies offer auto-renewal options, while some don’t. It’s best to know the one your insurance companies offer to afford matters that touch the heart.
How Do I Renew My Car Insurance
Technology has made things easy. In this modern age, you don’t have to go through the hassle of queuing up at your insurance company to renew your policy. Most insurance companies allow you to renew your policy online.
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In fact, before your policy expires, you get emails from your insurance provider to notify you about the expiration of your policy. Now, it’s up to you to auto-renew or chooses another insurance provider, Please note that you are under no obligation to continue with your current insurance provider, if you found a better offer, come on, feel free to go for it.
When auto-renewing your car insurance policy, your insurance provider will send you an email detailing the premium required, a new declaration page, and new insurance cards. You might find out that your new premium increased, well, there are several reasons why that happens.. As you read on, you will find the answer to that.
Documents You Need To Renew Your Car Insurance
- Your full name
- Your home and work address
- Details about your car; its make and model number
- Legal details such as the vehicle registration number of your car
- The insurance policy number of the old insurance policy
- Any additional benefits for the insurance policy (perhaps you want to change your type of policy or add another to it)
- Payment details
Step By Step Guide To Renew Your Car Insurance
Decide If You Want To Continue With Your Insurance Provider:
This is quite important. As I said earlier, you are not under any obligation to continue with your current insurance provider. So, the first step to take is to make a list of other insurance companies and do brief research on their policies and the benefits they offer. This will help you make an informed decision about your choice.
Choose A Type Of Insurance:
Car insurance policies come in various types. You can select either comprehensive car insurance or third-party car insurance. Comprehensive car insurance offers protection or insurance for both you, your car, and the third party when involved in an accident, etc. Third-party insurance only bears the cost of any damage you might cause to a third party when involved in an accident or any negative circumstance. Please note that comprehensive insurance is more expensive than third-party insurance. In Nigeria, you are obligated by car to have at least third-party insurance.
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So, when renewing your insurance policy, you will need to decide which type you want. Peradventure you were on third-party insurance, you might want to change it to comprehensive in your new policy. Choose what works for you according to your budget.
Fill In/ Edit Your Details As Required:
As part of the renewal process, you will need to fill in your personal details and your car details. If you are auto-renewing with your former insurance provider, you can leave your details as it is, otherwise, make edits as required. General details required include full name, address, vehicle name, model, year, estimated worth, etc.
Select Added Benefits You Want:
Asides from the standard cover a car insurance offers, there are other add-ons certain insurance agents provide. This sometimes tends to increase the premium you have to pay. Common add-ons offered by insurance providers include roadside assistance, zero depreciation, health insurance for certain conditions (under third-party add-on benefits), etc.
After you have correctly filled in the necessary details, the final step is to make payments for your insurance policy. If you are making payments online, your card details will be used, but if you are going to the bank, ensure to keep your teller.
Reasons Why Your Premium Rate May Increased
On renewing your insurance policy, you may find out that your premium increased, or the total amount you have to pay spiked, here is a few reasons this may happen:
- You filed claims or had claims filed against you
- You had an at-fault accident or a traffic violation
- You moved to a new location.
- The market at large changed, for example, accident rates went up.
- The insurance industry experienced large losses
- You selected some new add-ons to benefit from your new insurance policy.
Renewing your insurance policy is not so hard. Follow this guide and you are good to go. Always check carmart.ng for safety tips to run your car.
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