Given our recent anniversary, here at Club 4X4 HQ we’ve been busily sending out renewals to our loyal customers.
A great milestone and many have received and renewed their policies already. We get a lot of questions every day from 4X4 drivers who are interested in switching their policies to join the club. This is great, but what are the things you need to think about before you renew a policy? Here’s a quick laundry list to work off next time you see a renewal come through from us, or any insurer:
- Has the coverage changed? – We’ve done it and others will too. During the course of the year insurers make adjustments, some will work for you, such as the changes we’ve made based on feedback from the market. In our case, we issued a Supplementary Product Disclosure Statement (SPDS); a document designed to supplement the main PDS and clarify the changes we’ve made. You should look through and compare PDS’ and other policy documents when choosing who to renew your insurance with in much the same way you would when you’re first signing up with an insurer. Common sense right?
- Has your vehicle changed? – I confess. Every year, regardless of which vehicle in the shed i’m insuring, i always go back and increase my agreed values to the maximum. This may be as a result of a new accessory or modification i’ve added, or simply because the vehicle is in great condition and deserves a higher value. Make sure the value you’re insured for is suitable for your needs.
- What about your other coverage needs? – When you’re looking at your Certificate Of Insurance, check for specific endorsements. Endorsements such as driver age exclusions, noted drivers (very relevant if you have a “named driver” type of coverage) and any other exclusions or special conditions can make a significant difference to your premium and coverage, so make sure everything is up to date. Having an under 35 year old driver exclusion on your policy can be a very rude shock if your visiting nephew happens to drive the rig and damage it.
- Driving Infringements anyone? – We all need a driving infringement like a split in an intercooler hose. Remember, whilst every insurer is different, many do ask about your driving and claims history. If you’ve had any changes, it’s your responsibility under the Duty Of Disclosure to let your insurer know. Remember, if the question is asked when you’re buying a policy, it’s what is known as underwriting criteria. These criteria not only affect your premium, but also whether an insurer chooses to offer you coverage at all. If they wouldn’t offer you coverage based on your information when quoting, you can be sure that any claim you make will be declined if the information is uncovered at that stage. Keeping this information up to date is critical.
- Price – I’ve noted this as the last item intentionally. Knowing full well that not everyone thinks like i do, premium really is the last thing i consider. My toys mean too much to me, so i would rather have them covered the right way rather than save money. If the worst were to happen i’d rather know it’ll get repaired the right way, or the pain of losing it completely is covered as best as possible. Check premium if you like, but make sure it’s not a premium only observation, this should always be done in concert with item 1 above. You wouldn’t buy a Camp Fridge or a Battery controller without researching it would you??
So there you have it, 5 tips from a self confessed car nut and insurance guy. Sure there’s more, but making sure you’ve ticked off the 5 boxes above will make sure you’re making an informed decision around insurance for your pride and joy.