Renewing Car Insurance? Six Checks to Avoid Costly Mistakes
As the renewal window approaches for car insurance policies, many drivers find themselves rushing through the process out of habit rather than careful consideration. A recent analysis highlights six critical checks that can save motorists significant money and prevent unpleasant surprises at claim time. Starting with verifying the policy's expiry date and any grace period offered by the insurer is crucial to avoid lapses in coverage.The second check involves reviewing the Insured Declared Value (IDV) and depreciation rates, which directly impact both premiums and potential payouts for own-damage claims. According to industry experts, a mismatch between the IDV and current market value can lead to underinsurance or overpayment by up to 20%. It is essential to compare the quoted IDV with the...