5 Ways to faster & cheaper motor insurance renewal

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5 Ways to faster & cheaper motor insurance renewal

All car owners have to go through this mind-boggling errand once a year. Some of them simply renew with their current insurer as the insurer sends them a renewal notice in view of convenient. Yes, most existing insurers try their very best to provide the easiest way for the current insured to continue their motor insurance by several methods, e.g. over the phone confirmation with credit card information and simple respond slips usually mail to you with paid postage envelope. However, one should always source around for cheaper and sometime better motor insurance deals.

Below are 5 ways to faster & cheaper motor insurance renewal to help you get the best deal.
Get your Renewal Notice from your existing insurer or agent. This is a piece of information that will assist the person or organization to get faster quotes from other insurers. Yes, many are reluctant to provide this piece of information because there is price of the renewal from the current insurer and most are afraid that the current agent might take advantage of this information to provide a higher quote to match the price. But rest assure, that most of the agent will not do this as penalty for such increase in premium will result to the agent’s license to be revoked. Furthermore, if you are not comfortable with the agent, you are not obligated to buy the motor insurance he quoted.

Find out your NCD (No Claim Discount) from your existing insurer. This allows the agent to correctly inform all potential qouting insurers to provide the best prices for your renewal. Take note that NCD must be upon renewal not existing NCD. Usually an increment of 10% each year if there is no claim for that year.
Check your “good driver’s merit” from the following website: TP Good driver merit check. This is a certificate of good driving recommended by Traffic Police for not committing to non compoundable traffic offences during a certain period. However not all insurers practise additional discount for this. For those that acknowledge this, an additional 5% discount will be given to prevailing year’s policy. Furnish this additional information will assist the agent to quote correctly.

If you had any accident/s for the past 2 years, you will need to declare these information to the agent so that he or she can furnish them correctly to the insurers to get the best quotes. Information to declare are:

  • Date of accident/s
  • Types of claim (Own damage or third party) For more information on the type of claim, please check here.
  • Amount of claim/s ( you can get this information from your existing insurer)
  • By furnishing these informations, you can get quotes much faster.

    Last and most important, insists for more than 6 quotes from your agent. The more quotes your agent gets the better chance you can compare for better prices. Important to note, it is not productive to get several agents to quote for your renewal as most of them will come back to you with the same prices from the same insurer. Further, the agents will know from the insurers that you have engaged other agents to do the same and most of them might feel offended about this. To make thing worse, some of these agents might delay their quotes to you, which eventually lead to last minute urgency to confirm renewal with your choice insurer. Therefore it is important you choose one agent you trust and leave the matter entirely to the agent.

    Leonard Chiu
    Auto Expert in Insurance, Claims & Market Analysis
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