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Simple Steps To Manage Your Insurance: “A How to Guide”

by insight-social | 11 April, 2024 | | 0 comments

Simple Steps To Manage Your Insurance: “A How to Guide”

In a constantly changing busy world, staying on top of your personal lines insurance (Car, Van & Home) is really important to protect your assets and your pocket!  Whether you’re insuring your home, car, or other valuable assets, staying up-to-date with your cover is crucial. In this blog, we’ll explore the ins and outs of personal lines insurance. Addressing the all-important questions like, “How much will my insurance go up after a claim?” and “Can I transfer my car insurance to another car temporarily?”. We’ll also look into the importance of avoiding underinsurance. And hopefully, ensure you’re well-prepared for life’s unexpected twists.

  1. Pay Your Premium Quickly

The easiest way of maintaining current insurance cover is as simple as paying your premiums on time. Missing payments can lead to a lapse in cover, leaving you at risk in case of accidents or emergencies. To stay on track, consider setting up automatic payments or setting reminders to ensure you never miss a due date.

  1. Review Your Policies Regularly

Life changes and your insurance needs can change with it. To avoid being underinsured or overinsured, it’s important to review your policy at least once a year. Major life events like getting married, having a baby, moving, or buying a new car can impact the cover you need. Take the time to assess your policy’s details, including cover levels, excesses, and add-ons, to ensure they line up with your current circumstances.

  1. Notify Your Insurer of Any Changes

Whenever you make changes to your personal information or vehicle details, don’t forget to inform your insurer as soon as possible. Keeping your insurer updated ensures that your policy remains accurate and relevant. Whether it’s a change of address, a new vehicle, or modifications to your existing one, timely communication with your insurer is key to maintaining the right level of cover.

  1. Shop Around for Competitive Quotes

Loyalty to a single insurer is admirable, but it doesn’t hurt to explore better deals elsewhere. Comparing quotes from different providers can reveal opportunities for potential savings without compromising on cover quality. If you have a clean driving record and a history of claim-free years, you may be eligible for lower premiums. So, don’t hesitate to shop around and potentially switch insurers for a more cost-effective option. Or even better find a good broker who will do all the work for you!

  1. Transferring Your Policy to a New Vehicle

When you decide to upgrade to a new car, you don’t necessarily have to start your insurance from scratch. Contact your insurer and provide them with the details of your new vehicle, including make, model, registration number, and any modifications. Your insurer will then provide you with a quote for the new car, taking into account the risk factors associated with it. Keep in mind that the premium for your new vehicle may vary from your current one. Before deciding to transfer or cancel your policy, it’s wise to obtain quotes from different insurers to ensure you’re getting the best deal for your new set of wheels.

By following these proactive steps, you can ensure that your personal lines insurance remains current and effective, providing you with the peace of mind that comes from knowing you’re protected in any unforeseen circumstances.

Now, let’s address a few common questions related to personal lines insurance:

How much will my insurance go up after a claim?

The impact of a claim on your insurance premiums can vary depending on several factors, including the type of claim, your insurer’s policies, and your claim history. Some claims may lead to higher premiums, while others might have a negligible effect. To get a precise answer, it’s best to consult with your insurer directly.

What is an example of underinsurance?

Underinsurance occurs when you don’t have enough cover to protect your assets adequately. For example, if your home is insured for a lower amount than it would cost to rebuild it in the event of a disaster, and as the case has been in recent years due to covid and inflation, you may be underinsured. In such cases, you may have to cover the shortfall out of your pocket, highlighting the importance of reviewing your policy regularly to prevent underinsurance. Check the cost of your rebuild here.

Can I transfer my car insurance to another car temporarily?

Yes, you can transfer your car insurance to another vehicle temporarily, but you’ll need to contact your insurer or broker to make the necessary arrangements. Provide them with details of the new car, and they’ll offer you a quote based on the vehicle’s risk factors. Keep in mind that the premium may differ from your current policy so there could be a cost involved as well as an admin fee. These are called MTA’s, mid-term adjustments.

Can I drive while waiting for my insurance disc?

Your cover will start from the date and time you have selected, so you will be insured to drive while waiting for your documents to be issued or delivered. But you should keep your policy reference number with you at all times when you are driving because if you are stopped it will make it easier for the Gardaí to confirm that your vehicle is insured.

In conclusion, staying on top of your personal lines’ insurance is essential for your financial security. By paying premiums promptly, reviewing your policy regularly, and keeping your insurer informed. As well as exploring competitive quotes, and understanding the implications of claims and underinsurance, you can navigate the world of insurance confidently. Remember, a little proactive effort today can save you from significant headaches tomorrow.

And if you have any other questions or concerns about any of your personal lines insurance please feel free to contact any of our team here.

Or call to speak to them now on 0818 911 009

Insight Insurance, One Call Sorts it All!