Cars are a faithful buddy in all our journeys. However, in case they get damaged due to an accident, it can cause a lot of trouble, both, mentally and financially. In such cases, having a car insurance is a real boon. It’s important to not just opt for the cheapest car insurance in Alberta, but look for something that will align with your individual needs. Your car insurance will be valid for a year, after which, you need to opt for a renewal. We bring you the easy steps for application and renewal of your car insurance policy:
1. Keep a Track of the Date of Renewal
Generally, insurance companies send a reminder through SMS or email a few days prior to your renewal date. Make sure to mark it in your mobile as a reminder or write it in your office diary so that you don’t miss it. If you’re working with a broker, the broker will contact you right on time for the renewals.
2. Enter the Policy Details
If you’re looking to renew your policy online, the process is quite simple. You can just enter a few details as an existing customer and get your renewal done instantly. If you’re a new customer for a carrier, you might need to input a few extra details to get the right quotation.
3. Make The Payment
Once all the details are reviewed, you need to pay the stipulated amount to the insurance company. You can do this through netbanking or using your Credit or Debit Card.
4. Get the Acknowledgement
Once your payment is processed, you will get an acknowledgement from your insurance provider that your policy is renewed. Now you can just sit back and relax, knowing that you are safe on the road!
A Few Things to Keep in Mind When Applying for Renewal of Car Insurance Policies:
1. When is the Right Time to Renew?
Ideally, most policies last for a year, while some are semi-annual. It is best to renew them at least 45 days before the last date of renewal. This will give you ample of time to get the best quote and make necessary changes after reviewing your policy.
2. How to Review My Policy?
Renewals are a good time to review your coverage and verify the discounts you are getting. Speak to your broker to understand if there are any changes you need to make in your coverage. For instance, you might want to add a teenage driver, reduce your collision or comprehensive coverage because of the age of your car, change your job title, or make some changes in your car’s security system for additional discounts.
3. What to Do When Renewal Prices Go Up?
It is possible to encounter a rate increase when you renew your policy. It can be due to a change in regulations in your Province or due to increased claims activity. Driver risk can also increase your rates. So if you’ve been in an accident or received a ticket violation, you can expect a rate increase. Try to drive safely on the road and do your best to get maximum discounts to beat the price rise.Sometimes, you might also notice an increase in rates because of a late fee. If you happen to miss a payment, it can result in a late fee of $5 to $15.
If you’re looking for the cheapest car insurance in Alberta, you need to use your renewals as a reminder to review your policy and ensure that you have the right coverage you need. Brokers are a great help during renewals and will ensure that you get the best rate every year.