Each year plans, prices and your situation may change. Get ready for your insurance renewals to by reviewing your household income information to make sure you get the correct amount of savings if you’re eligible.
Check when your insurance policies are due for renewal
You should check your policy documents and statements of cover and make a note of when your annual policies are due for renewal. This will give you time to check that your current cover meets your needs. Some policies will automatically renew to ensure that you remain covered. If you have opted out of auto-renewal, or your bank details have changed, your policy may expire. It is therefore important that you check the terms of your renewal and make sure your details are up-to-date.
Review your insurances – have your circumstances changed?
You need to make sure that your policies continue to meet your requirements. For example, for home insurance, have you made any expensive buys, such as electrical equipment or jewellery, that may take you over any policy cover limits (many policies will have a single item limit) that you need to disclose to your insurers?
Read your renewal documents
As well as showing you the premiums, your renewal documents highlight any changes to your cover for the following year. This may include changes to any excess (the first part of each claim that you pay yourself), and requirements you have to follow (for example, any minimum security requirements on home insurance). It should also remind you to tell your insurer of any changes that may affect the cover.
If you are uncertain what to do, speak to your insurer
Your insurer can guide you through the renewal process. If you are unsure, they will explain the options available, and discuss with you if your current policy meets your needs.
If you decide to shop around, make sure you compare the cover, not just the price
Insurance is a very competitive market, usually with many different policies and options on offer. So it is vital that, if you shop around, you make sure you compare the different policies available to ensure that the policy you choose meets your needs. To start with, make sure that you understand the scope of cover and limits of your current policy, so that you know what you are comparing. For example, a cheaper policy may reflect lower limits of cover or a higher excess. If using a price comparison website, make sure you look at the actual details of the policy price quoted – either by clicking on an appropriate link, or going to the website of the individual insurer.
Get insured today
Usually, the perception about insurance, or any other finance-related service, is that it is complicated. There are too many technical words to understand and the terms and conditions are difficult to follow. That is one of the many reasons our team is here for you.
The G.A.P Vassilopoulos Group Group acts as Brokers through their well-established relationships with international ‘A’ Rated insurers’ as well as the local Cyprus market can cater for a wide range of insurance products.
Drop us an email through our website or feel free to contact us at 77 77 77 75 to compare and select the most appropriate insurance policy with our specialized G.A.P. Insurance Agency team will respond promptly to your needs.