INSURING YOUR CAR
What should I check when renewing my car insurance?
17 August 2021
If your Car Insurance renewal is approaching, there are a few simple things you should review. Doing so will ensure that you’re only paying for the coverage you need.
It’s important to list the people who use your car regularly, so that your policy will cover them if an accident occurs while they’re driving.
Listing an additional driver may increase your premium, but it may also reduce your risk of extra out-of-pocket expenses should you ever make a claim. Claims like these can incur additional excess payments, or lead to your claim amount being reduced or refused entirely.
If an incident occurs and the driver of your vehicle is under 25 years of age, or over the age of 25 but has less than 2 years’ experience driving after getting their provisional or probationary licence, an additional young driver or inexperienced driver excess may apply. Adding them to your policy can save you the headache of an insurance claim that’s more expensive than it could have been.
Of course, while it’s important to add drivers as necessary, it can be useful to remove drivers who don’t use your car regularly. For example, if you added your child as a listed driver on your policy, you should remember to remove them once they get their own car and stop driving yours, so they’re not affecting your premium.
Have you recently moved house? If so, your new location could affect your insurance premium.
If your address is incorrect, your insurer may not be able to get important documents to you in time. It could even lead to you having a claim reduced or refused. So, it’s important to keep this info up to date.
Your car’s details are correct
Perhaps you’ve had a dent repaired and didn’t claim, or you have a cracked windscreen that you’re thinking about getting fixed. In situations like these, you may need to let your insurer know that your car has existing damage.
Also, you may have set up your policy while your car was under finance but have paid it off since then. If this is the case, making sure that’s reflected on your policy may help lower your premiums.
Consider your car’s usage
Renewal time is a good opportunity to check your policy and assess whether it’s kept up with your lifestyle. Maybe you’re driving way less than you used to after a job change and you’re taking public transport now. If you’ve made a change like this, make sure it’s reflected in your usage estimate so you can ensure that coverage and premiums are appropriate to your needs.
The way you use your car
Renewal time is a good opportunity to check your policy and assess whether it’s kept up with your lifestyle. Maybe you’re driving less than you used to after a job change and you’re taking public transport now. Make sure changes like this are reflected in your usage estimate, so you can ensure that coverage and premiums are appropriate to your needs.
Ways to save
Additionally, GIO Claims Free Savings rewards your safe driving through credit on your GIO Platinum or Comprehensive renewal. The longer you keep your policy with us, the greater the credit on your next year’s premium. Bear in mind this applies as long as you haven’t made any claims where your excess is payable by you during the period of insurance.
* If you hold three or more eligible policies with us. These include Home Building, Contents, Landlord, Car, Motorcycle, Caravan or Boat Insurance. A GIO NSW CTP Insurance policy or GIO ACT MAI Insurance policy will count as an eligible policy, but the premium for these policies cannot be discounted. If you are eligible for more than one discount, we apply each in a predetermined order to the already discounted premium (usually before adding taxes and charges). Discounts are subject to change. Minimum premiums may apply. Discount not applied to the following optional covers: GIO Roadside Assist; GIO Home Assist; Excess-free Glass; Domestic Workers Compensation.
Insurance is issued by AAI Limited ABN 48 005 297 807 trading as GIO Insurance. Consider the Product Disclosure Statement before making a decision about this insurance. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.