Spring Into Savings: Why Now is the Time to Review Your Car Insurance
Spring isn’t just for cleaning out the garage, it’s also the perfect time to check over your finances, especially your car insurance. Many Kiwis pay more than they need for coverage, often without realizing it. A quick review of your policy could save hundreds each year, freeing up cash for other priorities. And if your insurance premiums are higher than expected, a simple loan top-up or refinancing option could help smooth the cost.
So you might be wondering, why is now the time to review your car insurance?
After Winter, it’s a good idea to take a fresh look at your car insurance. Winter roads and weather can cause wear, tear, or even minor damage, and any claims you’ve made may affect your renewal options. Your car’s value may also have changed, meaning your current coverage might not match your needs. By reviewing your policy in Spring, you can make sure you’re properly covered and avoid paying for unnecessary extras.
Common Ways Kiwis Overpay on Car Insurance
Here are some of the most frequent pitfalls:
Sticking With the Same Insurer:
Many drivers never compare providers year to year, missing out on better deals.
Paying for Unnecessary Coverage:
Older cars may not need full coverage; adjusting your plan could save money.
Ignoring Bundle Options:
Some insurers offer discounts when you combine car insurance with home or other policies.
Excess Overlooked:
A higher voluntary excess can reduce premiums if you’re comfortable covering minor claims yourself.
How a Loan Top-Up or Refinance Can Help
Sometimes, insurance costs spike unexpectedly, and you need a practical solution to manage the expense. This is where loan top-ups or refinancing come in:
Loan Top-Up: If your car insurance premium is high, topping up your existing loan can provide the funds to cover the cost without straining your budget.
Refinancing: Refinancing a car loan or combining expenses into a single manageable payment can make budgeting easier.
Quick Tips to Lower Your Premiums
- Compare Providers: Check at least three insurers every year to make sure you’re getting the best deal.
- Increase Your Voluntary Excess: If you can afford it, a higher excess can lower your premium.
- Maintain a Clean Driving Record: Fewer claims equal lower premiums over time.
- Check for Discounts: Low mileage, defensive driving courses, or bundling policies could reduce costs.
- Adjust Coverage for Older Vehicles: Consider scaling down coverage as your car ages.
Car insurance is essential, but overpaying is avoidable. Take a few minutes to review your policy and see if there’s a smarter way to manage your premiums.
Need extra cash to cover your insurance or other vehicle costs? Apply for a fast loan top-up with Pioneer Finance and get a clear answer in minutes. It’s simple, quick, and designed to give you financial peace of mind, so you can enjoy Spring without stress.
