Consequences of Vehicle Insurance Renewal Quotes
Many people continue sending in their premiums and do not make claims for a few years. Instinctively they would like some sort of release on renewal automobile insurance quotes as long as they stay careful drivers. That is essentially what should happen.
Almost all automobile insurance companies have a reducing premium calculation policy to reward drivers who stay clear of any vehicle related damages. In deed many drivers pay for the cost of small fender benders out of their pockets so that they keep the bonuses.
When you find a drop in the renewal quotes provided to you by your existing insurance provider that is their way of saying thank you for being an ideal policyholder. Namely, they extend their appreciation to you for allowing them to make money from your custom.
Certainly there should be a difference between a good motorist and the one that somehow manages to come up with a new claim repeatedly. Few people have no clue of insurance theory. They think that they have settled the premium and they should somehow have more than they spent. What they forget is that insurance firms are well ahead of that thinking.
Obviously you will be facing a considerable rise in your costs after you make a claim. But if you are having hikes even though you have not involved in any accident or traffic tickets then it is high time you receive several rival quotes. Actually you should have alternative quotes at each renewal. There are quite a few factors that might have changed in the last twelve months or just rival insurance providers have become more competitive.
Drivers who have not made a claim for sometime should search into adding accident forgiveness in their cover so that they do not lose all their no claim bonuses after one unlucky accident.
Renewals are quite convenient times to evaluate your cover to see if you would like to make any changes. Furthermore you should get other quotes to make sure that your insurer remains competitive.
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