Many of us remain loyal to our auto insurers for years. You receive a premium statement every year, you pay, and you are insured for another year. But is that good for your wallet? When is the best time to switch to a different car insurance policy? Insurance experts sorted it out for you.
Changing energy suppliers is becoming more and more common. The annual reporting of the status of your gas and electricity meter is often a moment when you check what benefit you can get by switching to another supplier. The same is true with your car insurance.
Before comparing, it is useful to consider the type of insurance you have. Are you still fully insured, but your car is now five years old? You can consider changing your comprehensive insurance to a mini comprehensive. With a mini omnium, you are insured against fire, theft, natural disasters, broken glass, and collisions with animals. The damage to your car when you cause an accident yourself is then no longer insured. If your car is ten years or older, you can consider taking out only the compulsory Civil Liability (BA) insurance. This compensates for the damage to the other party if you cause an accident.
As soon as you have decided which guarantees you want to insure, you can start comparing. Car insurers regularly conduct promotional campaigns throughout the year. You can enjoy a discount if you switch to the insurer in question. The discount sometimes only applies to the (mini) comprehensive insurance, sometimes also to the third-party insurance. The discount can be a percentage of the premium or a number of paid-up months during the first year that you are insured.
It is best to put a reminder in your calendar four months before the annual expiry date of your insurance. This way, you can cancel in time if you choose another insurer. You must cancel your insurance contract at least three months before the expiry date.
Switching during the term of your contract
In some cases, you don’t have to wait until the annual renewal date of your policy to see if you can find cheaper car insurance. Have you moved, bought a different car, or have you just had an accident? Then you can cancel your car insurance immediately, subject to a notice period of one month.
Also, compare what you get for your money. In addition to the price for car insurance, it is also important to see what you get in return for the premium you pay. Is there a franchise defined in the policy? The franchise is the part of the damage that you have to pay yourself. With a high franchise, the premium of your car insurance will be cheaper, but you will then bear a larger part of the costs if your car is damaged.
Also, compare the full picture. Do you have legal assistance, driver, or assistance insurance? Include this in the simulation, so that you get an idea of the total amount that a switch from your car insurance can yield you.