Business . Souk Weekly
Review Your Insurance Before You Renew
Auto-renewal is convenient and rarely the cheapest option. A short review each year often finds better cover for less.
Insurance is easy to ignore until the renewal notice arrives, and easier still to simply let it renew. But auto-renewal is convenient, not cheap. A short review each year often finds better cover for less than the policy you were about to roll over.
What to check
Compare the renewal quote against a few alternatives for the same cover. Check that the policy still matches your situation, since a car, home or family circumstance may have changed. And read what is actually covered, not just the price.
Loyalty rarely pays in insurance. Providers often reserve their best rates for new customers, so the renewal price can quietly climb each year unless you push back or shop around.
A small task, real savings
Set a reminder a few weeks before each renewal so you have time to compare without pressure. An hour of review once a year is one of the better-paid hours in personal finance.
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