Renewing your car insurance with Quashed
Renewing your car insurance – How Quashed makes it easy
Renewing your car insurance can be stressful, but thanks to Quashed.co.nz, it doesn’t have to be. Whether you’re a seasoned driver or new to the road, Quashed streamlines the entire process, so you can find the best car insurance coverage while saving money. Oxford Finance proudly supports this service, and we’re excited to share it with our customers.
Types of car insurance in NZ
Insurance is a necessary step for every car owner when you arrange vehicle finance. When renewing or looking for car insurance, it’s important to understand the types of cover available. There are three major types of vehicle insurance:
- Third party – This is the most basic form of insurance and covers damage you cause to someone else’s vehicle or property. However, it does not cover any damage to your vehicle.
- Third party, fire and theft – This type of insurance covers damage to other people’s property and protects your car in the event of fire or theft, giving you extra peace of mind.
- Comprehensive insurance – This is the most extensive form of coverage, and if you get a car loan, you’ll need to purchase this level of insurance. It covers third-party damage and protects your vehicle against accidental loss or damage, including natural disasters, vandalism, or accidents.
Choosing the right type of car insurance depends on factors like your vehicle’s value, your budget, and how much risk you want to cover. Quashed helps you compare these options to find the policy that fits your needs and budget.
Why should you regularly review your car insurance?
When renewing your car insurance, it’s a good idea to begin by reviewing the policy you are currently under. Key reasons to review include:
- Cost savings – Car insurance premiums can vary greatly depending on your circumstances, location, and the current market. For a better understanding of average premium costs across New Zealand, look at Quashed’s guide on the average cost of car, house, and content insurance. This resource insights into how these costs compare nationally, which can help you make an informed renewal decision.
- Ensuring optimal coverage – Your life’s circumstances change over time. Whether you add new drivers to your policy or simply change jobs, your insurance needs can shift. It’s important to review your insurance to match your current needs.
- Avoiding price increases – Some insurance companies may raise their prices annually. Reviewing and comparing your policy ensures you are not caught off guard by a price hike and are still getting cost-effective coverage.
- Access to new benefits – Insurance providers sometimes update their policies, introducing new features or benefits. By reviewing your policy, you can take advantage of these enhancements.
How does Quashed help you find the best car insurance?
Quashed is an innovative insurance management platform that simplifies comparing, shopping, and renewing insurance. Here’s how Quashed helps you find the best car insurance policy:
- Comparison tool – Quashed allows you to compare your current car insurance policy’s premiums and features against other available options. This ensures you’re getting the best value for your money.
- Comprehensive analysis – The platform analyses various factors, such as coverage limits and add-ons, helping you make informed decisions that suit your specific needs.
- Annual shopping assistance – Quashed helps you shop for car insurance every year, making sure you always have access to comprehensive rates and the best coverage options available in the market.
Renewing your insurance with Quashed
Before you begin, you’ll need to have your existing car insurance policies on hand and ready to upload. Once you’ve done that, it’s a straightforward process.
- Policy tracking – Quashed stores all your insurance policies in one place, making it easy to track renewal dates and stay on top of your coverage.
- Automatic comparison – As your renewal date approaches, Quashed automatically compares your current policy to other available options in the market, helping you find the best deal.
- Renewal recommendations – Quashed provides personalised renewal recommendations, suggesting whether to stay with your current provider or switch to a more competitive option.
- Seamless renewal – Once you’ve chosen your new policy, you can renew it directly through the Quashed platform, making the entire process seamless and hassle-free.
Get started with Quashed
Renewing your car insurance doesn’t have to be a daunting task. With Quashed you can compare, shop, and renew your car insurance easily, all while ensuring you have the right coverage at the best price. By regularly reviewing your policy and using its comprehensive tools, you can save money and have peace of mind knowing you’re protected on the road. Get started with Quashed.co.nz today for free.
Secured vs unsecured personal loans
We explain the difference these two types of personal loans
Oxford Finance have recently launched a new loan product offering – Unsecured Personal Loans. A convenient and flexible loan solution with a fast online application and approval process.
So, what is an unsecured loan? How does it differ from a secured loan? And is it the right fit for you?
In this article we outline the two loan types, each with its own set of characteristics and considerations. Read on to learn the differences between secured vs unsecured personal loans and make an informed decision on the best loan type for you and your finances.
Secured Personal Loans
Collateral required – Secured personal loans require backing by an asset as collateral against the loan. For Oxford Finance this generally would have the backing of a car or a property.
Lower interest rates – Because the lender has the security of your collateral, secured loans typically come with lower interest rates compared to unsecured loans. This is because the risk to the lender is lower.
Higher borrowing limits – Secured loans often allow for higher borrowing limits as the collateral provides assurance to the lender.
Longer repayment terms – These loans may have longer repayment periods. This can make monthly payments more manageable but may result in higher total interest payments over time.
Risk to collateral – If you default on the loan, you risk losing the asset you used as collateral.
Unsecured Personal Loans
No collateral required – Unsecured personal loans do not require any collateral. There is a lot of trust with this type of loan, with approval being based primarily on your creditworthiness and ability to repay the loan.
Higher interest rates – Since the loan is collateral-free, lenders perceive unsecured loans as riskier. Therefore, interest rates tend to be higher compared to secured loans.
Lower borrowing limits – Typically, the amount you can borrow with an unsecured loan is lower than with a secured loan because the lender has no asset to recover in case of default.
Shorter repayment terms – Repayment terms for unsecured loans are usually shorter than those for secured loans, which can mean higher monthly payments but lower overall interest costs.
Credit requirements – Lenders may have stricter credit score and income requirements for unsecured loans because they rely more heavily on your financial stability and credit history.
Secured vs unsecured – which loan should you choose?
Consideration 1: Loan amounts
Consider how much you need to borrow – a higher loan limit is likely offered by a secured loan vs an unsecured loan.
Consideration 2: Interest rates
Compare the total cost of borrowing (including interest rates and fees) for both types of loans.
Check out our easy to use Secured Personal Loan calculator, or Unsecured Personal Loan Calculator to see what your repayments could look like.
Consideration 3: Credit history
Your credit score and financial history will significantly influence your eligibility, and the term offered by both secured and unsecured loans.
Consideration 4: Convenience
If you are in a situation where you want to borrow a smaller amount of money for things such as a holiday, education, or to cover unexpected expenses without the need for collateral, then an unsecured personal loan could be the right fit for you.
Talk to the experts about your loan requirements
If you’re thinking about unsecured personal finance, or have any questions around applying for finance, get in touch with our friendly team at Oxford Finance, we’re here to help.
Before choosing any type of loan, it’s important that you carefully assess your financial situation, your budget and needs. Talk to a financial advisor or check out useful websites such as MoneyTalks to ensure you’re making an informed decision.
If you have a loan with Oxford Finance and are experiencing an unforeseen change in your financial situation, don’t leave it too late to contact us, or, find out more about hardship options on our website.
Get in touch with us about your loan queries today.