Making the most of your RACQ Car Insurance renewal
How closely do you inspect your renewal notice? Do you skip over the detailed info and scan for the premium amount?
If that’s the extent of your renewal review, you are likely missing out on a lot of important information.
Here we’ll walk you through some highlights of your RACQ Car Insurance renewal and touch on why updates to different sections can make a difference to your premium.
Be aware that your notice could be in your email inbox or it may have been posted to you. This will depend on the preference you have previously selected. Once you do receive it, we encourage you to:
Note any changes we’ve made to your overall policy offering
If any changes occur to your car insurance policy at renewal time, they may appear on the initial cover letter. We want to make sure you are aware of and understand any adjustments. We’re continuously looking for ways to improve our offer to members; sometimes that means changes to the inclusions of our car insurance policies. Please ensure that any changes still align with the type of cover you need.
Review your personal information to make sure it’s up to date
As mentioned in a previous article about how your car insurance premiums are calculated, your personal details can impact on the price you pay at renewal time. For example, if you have changed residential addresses, it might mean your parking location is different. If you are now parking overnight in a garage when before you parked on the street, this is the type of change you will want to notify us of. It could mean a change in your premium.
Likewise, the number of years you’ve continuously kept your RACQ membership matters. Different tiers of loyalty discounts are available to those who also currently have Roadside Assistance with us. These tiers are based on how long you’ve been a member. The longer you’ve been with us, the higher the potential discount on your comprehensive car insurance. Be sure to check the membership level on your policy accurately reflects how long you have been a part of RACQ.
Check that car details and policy inclusions still reflect your current situation
Is the amount you’re insured for still appropriate for your car? Have you begun to drive your car for business purposes? It’s important to have car insurance cover that suits your needs.
When your policy started you probably made decisions about your coverage related to agreed value or market value. This would have also been when you decided whether to include optional benefits like car hire or excess-free windscreen repair (if you have a comprehensive policy). Are these still inclusions you would like to keep?
Your answers to questions we asked when you initially took out the policy may be different now. Many of our Members’ policies cover a range of 12 months. A lot can happen in a year so be sure to check that your car details and inclusions are still relevant.
Review your driver history and that of any listed drivers
Your car insurance renewal will highlight the driving history of listed drivers on your policy in the last three years. Reviewing the listed drivers is especially important if a younger driver is included. For example, when a young driver gets their own car and insurance and doesn't regularly drive your vehicle, they may not need to be listed on your policy any longer. If there is something listed in the driver history that you need to update or you think is incorrect, please contact us.
Get familiar with your Product Disclosure Statement
The Product Disclosure Statement is where you get to read about the full details of your car insurance cover. Rather than waiting until you need to make a claim, being informed about how your insurance cover works from the beginning is a wise move.
If your policy has changed since you purchased or renewed it, you will get updated insurance disclosure documents. This could be an attachment of a full Product Disclosure statement or a supplementary PDS with a summary of any changes that apply to your policy. Make sure you read through the document carefully to understand what has changed and what you are covered for.
Taking the time to review your car insurance renewal will help ensure that you’ve got the cover you need.
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The information in this article has been prepared for general information purposes only and is not intended as legal advice or specific advice to any particular person. Any advice contained in the document is general advice, not intended as legal advice or professional advice and does not take into account any person’s particular circumstances. Before acting on anything based on this advice you should consider its appropriateness to you, having regard to your objectives and needs.
Insurance products (excluding Travel Insurance) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQ). Conditions, limits and exclusions apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the Product Disclosure Statement (PDS) and any applicable Supplementary PDS before making a purchase decision on this product. You can also access our Target Market Determinations on this website.
Banking and loan products issued by Members Banking Group Limited ABN 83 087 651 054 AFSL/Australian credit licence 241195 trading as RACQ Bank. Terms, conditions, fees, charges and lending policies apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Financial Services Guide and the Terms and Conditions, and consider if appropriate for you before deciding.
Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.
RACQ Operations Pty Ltd (ABN 80 009 663 414 AR 000234978) and Members Travel Group Pty Ltd (ABN 45 144 538 803 AR 000432492) are acting as an Authorised Representative of the issuer of the insurance, Tokio Marine & Nichido Fire Insurance Co., Ltd. (ABN 80 000 438 291 AFSL 246 548). Any advice set out above is general in nature only, and does not take into account your objectives, financial situation or needs. Before purchasing any travel products, please consider the RACQ Travel Insurance Product Disclosure Statement (PDS) and the Target Market Determinations (TMDs) that apply to these products. Whilst the PDS outlines the Terms and Conditions of these products, the TMDs outline the intended class of customers that comprise the target market for these travel products. This will allow you to consider which products best suit your objectives, financial situation and needs and consider the products appropriateness to your personal circumstances. TMDs also outline matters involving the distribution and the review of these products. The PDS, Supplementary PDS and TMDs for each travel product can be found here.