Vehicle Insurance

Missed Options Rate Renewal Can Be Costly

To be honest, when purchasing insurance, we often overlook some of the most costly factors, usually because we never really expect to “use it”.

The most frequent statement I hear is, “Oh I didn’t include that in my renewal”.

“That” could be any or all of these;

~ a hire vehicle

~ an unlimited kilometre option

~ a reduced excess

~ a windscreen replacement

~ a choice of repairer

At the time of purchase these items appear to be unnecessary, however often not enough information is derived before making the decision.

Let me explain – what if your vehicle is involved in an accident and it is not drivable?

Based on current wait times and availability of parts it could be months before the vehicle can be back on the road, with all safety features intact and operational.

Can you afford to have down time for an extended period? For a minimal cost upfront?

Canstar advises that there are 66 Vehicle insurance providers in Australia.

Each of these companies have a variety of policies, and numerous choice options.

Your decision to include or exclude these options can be costly.

My advice is to write a diary note a month prior to when your insurance is due.

Make note of the products and options available and consider what each means to you and your family or employees.  

If this is a work vehicle, consider options that include like-for-like hire so that you can continue your work uninterrupted.

Have your questions noted and ready to ask, sometimes we get flustered and forget to ask.

So, tick them off as you go, it is fine to tell the insurance representative that you are making an inquiry and you want them to take it slow if you are feeling rushed.

You do not have to make the decision in the first call.  Take the reference number for the call.  

Request an email address and you can respond in writing with your well-considered response!

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