How to review your insurance

Life can change and so can your insurance needs. It’s a good idea to regularly review your insurance to make sure your details are up to date and your cover is still right for your situation. Here are a few tips to help you get started.

When's a good time to review your insurance?

When you purchase an insurance policy, you’re typically signing a 12-month contract with your chosen insurance provider. At the end of those 12 months, if you want to continue having insurance with the same provider, you’ll usually need to renew your insurance contract. You’ll receive your renewal notice a month before your contract ends, which can be a timely reminder to review your policy. You can review the details of your policy and make changes at any point in the year, and it’s a good idea to do so regularly, particularly after home renovations, large purchases, or modifications to your car.

Checking your policy details

If you’re an AA Insurance customer, you can check the details on your car, home, contents and landlord policies online by logging in to our online portal, My AA Insurance. If you don’t have a My AA Insurance account, it’s quick and easy to register for one on our website. You can also visit your local AA Centre or call us on 0800 500 213.

Start by checking your personal details are up to date. Here are a few things to look over:

• your contact details, like your email address, postal address and phone number.

• your contact preferences, including how you would like to receive your policy documents.

• your marketing preferences, which is where you can opt in or out of company communications.

Reviewing how much you’re covered for

You’ll want to review the amount you’re covered for under your policy.

For car insurance, you can review your car’s agreed value:

• If your car is insured for an agreed value (rather than a market value), you can review it each year upon renewal. The agreed value should be enough for you to buy a vehicle of the same model with the same specifications.

• As your vehicle gets older it may depreciate. In those circumstances, it’s not unusual for the agreed value to decrease when you renew your policy.

• At AA Insurance, we insure all vehicles for an agreed value. Your agreed value is listed on your policy schedule and on your My AA Insurance online account. It’s important to review the value shown on your policy schedule and get in touch with us if you have any concerns or need to make any changes.

For your home insurance, consider checking your home sum insured:

• Your home sum insured is an estimate of the total amount it would cost to rebuild your home. Your home is the house, apartment, or holiday home you own and live in, located within the property boundaries at your insured address.

• There are several ways which can assist you in calculating your sum insured. You can contact an expert such as a builder, architect or quantity surveyor. Alternatively, you can use the online Cordell Sum Sure Calculator which estimates typical building costs for standard residential homes.

• If you’re using the calculator, it’s important that you are as accurate as possible with the information you’re inputting. For many insurers, the sum insured is the maximum amount that will be paid to you if your home is destroyed in a natural hazard event. Read our blog to find out more.

For contents insurance, you can look at your contents sum insured:

• Your contents sum insured is the total dollar amount your contents are covered for. It’s important to carefully calculate the total value of your contents and review it regularly. Don’t forget to take into account smaller purchases like sheets, cutlery and clothing as they can all add up.

• If you’ve made any purchases during the year or received any significant gifts, consider reviewing your contents sum insured to include them. This handy contents calculator, independently provided by Sum Insured, can help you estimate the value of your contents.

• It’s a good idea to take photos of high value items like jewellery and works of art and make digital copies of documentation such as valuations, purchase receipts and financial statements. These may be used as proof of ownership if you need to make a claim.

It’s also worth reviewing any optional benefits you’ve added to your policy to see whether you still need them. Consider taking the time to read through your policy documents on a regular basis to make sure you’re familiar with the policy wording and understand the limits of your cover. For AA Insurance customers, you can find our policy documents on our website.