by Administrator
30. April 2020 04:47
Car insurance is due for renewal at the end of an insurance plan term and this is the time to assess change in rates and other factors. You can either decide to continue with the same coverage, tweak it or buy an entirely new one. An insurance plan can also be automatically renewed at the request of the plan holder.
If your car insurance is about to expire or is due for renewal, following are some important points to be kept in mind:
- The Current Plan: At the time of renewal, it is advisable to review your current insurance plan, verify discounts and make necessary changes with the help of your insurance agent. It is important to pay the renewal payment when due to avoid any penalties. If you wish to cancel your current coverage, you should inform your insurance company in time.
- Rates Of Car Insurance: Usually, insurance companies dispatch information about revised premium rates along with a notice for plan renewal. It is normal for insurance companies to revise premium rates on the basis of personal factors of a client that have a direct bearing on the premiums.
- Your Car’s Market Value: Keep in mind that while calculating the amount of premium for the car insurance, its value of depreciation will be taken into account by your insurance provider. The amount of depreciation will be deducted from the current market price of your car to arrive at a base value for calculating insurance coverage costs.
- Add-Ons: Most insurance companies offer additional covers at the time of renewal of a car insurance plan. When considering which add-ons to include in your plan, always consider your budget and your requirements.
- Voluntary Deductions: You can avail the option of voluntary deductions in order to reduce the renewal costs of the plan. A voluntary deduction is a fixed amount or percentage of a future claim settlement that a plan holder agrees to pay. A higher voluntary deductible will result in a lower car insurance premium.
Contact Shawn Camp Insurance Agency, Inc. for renewing your car insurance. We offer insurance holders a variety of coverage options to renew their plans. For more details on things to keep in mind while renewing car insurance, visit 2705 E. Stan Schlueter Loop, Suite 101, Killeen, TX – 76542. You can also call at (254) 526 – 0535.
