As a Malaysian driver, you’re most likely already quite familiar with the concept of car insurance policies. Since having valid insurance coverage is a crucial part of driving and regular drivers can’t possibly know all there is to know about their policy all at once, it is very important you stay apprised of any new developments, insurance-wise. By and large, from the moment you sign on to take a specific car insurance policy, the package kicks in and remains active and functional for the agreed duration of time. During this time, you can’t review or make amendments to the workings of the car insurance policy. The only time you are given free rein to adjust that policy is when it has expired/ almost expired, and it’s up for renewal. The process of renewing your policy is a very delicate one because the moment you do so. Once again, you can’t change anything until the next renewal stage. That is all the more reason why you should be on top of your game so you can make the smartest decisions for yourself financially.
During the process of renewal, you can improve the quality of service you get from your insurer through any number of ways. With that in mind, we have highlighted three important things to do before finalizing the process of renewing that car insurance policy. The sole purpose of this is to help you get the most value for your insurance. Here goes:
Step 1– Review Your Options
The fact that your insurance agency and the policy you’re right now were the best for you when you took out the policy initially, doesn’t in any way indicate that they’re the best choice for you now. Before entering into another long term commitment, take a while to survey the lay of the land. A lot of might have changed since last you took out your policy. In addition, review as many insurance policies and agencies as you can. Broaden your scope. Weigh each of those policies on as many scales and standards as you can. Look beyond how attractive the premium value looks and pick what’ll work best for you.
Step 2–Check Your Renewal Notice And Ensure Timely Renewal
It’s certainly easy to go shopping for the best insurance rates and services and forget you’re on the clock. For example, review the renewal notice you receive from your insurer thoroughly. It is usually a detailed document that contains all the information about the policy that’s going to expire. On occasion, it might contain discrepancies. Make sure you review it at length and point your insurer towards any red flags you spot, so they can fix it in time for your policy renewal. Don’t forget you’re on a clock. There’s a renewal deadline that incurs sanctions, should you fail to meet it. So don’t delay unduly! Through it, all, don’t forget these basics.
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Step 3–Review Your Coverage
As we mentioned earlier, things change. Your insurer might’ve upgraded or downgraded certain services. Now would be the best time to go over coverage terms, make the necessary amendments and initiate it to take effect upon your policy renewal. Once you’ve done this and you’ve dealt with every other aspect to your satisfaction, you can then proceed to make your declaration!