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How to Renew Car Insurance and Get the Best Rates

Monday, 6 November 2023

If you own a vehicle, renewing your car insurance is a crucial task you are responsible for each year. Doing so ensures that you and your fellow motorists are protected and legally required before you can hit the road. Since it is a necessity to carry coverage if you intend to drive, having a better understanding of how to renew auto insurance will allow you to make informed decisions so that you can secure the best protection at the best price.

In this guide, we will tell you how to renew car insurance so that you can avoid any confusion during your renewal period. We’ll also answer some frequently asked questions that you might encounter so that you can enjoy a streamlined process when you renew your auto insurance renewal.

How to Renew Car Insurance

When your auto insurance renewal date is approaching, your insurance provider will send you a notice to inform you. This typically occurs about one to two months before your current policy is set to expire. Your expiry should also be highlighted in any documentation that you received when your policy first commenced.

Within this notice, you will find important information about your existing policy and the upcoming renewal. The exact details might vary depending on your insurance provider, but the policyholder information, policy details, renewal date, premium amount, coverage inclusions, policy changes, and discounts and savings are all commonly found in your notice.  

  1. Once you’ve received your notice, your first step will be to review your policy in full. Some of the key areas to focus on include what is covered in your policy; the amount you will pay for your deductible; and whether your premium has increased, decreased, or stayed the same. Ensuring your name, address, and contact details are accurate is a must as well.
  2. Your next step will involve assessing your current situation and your coverage needs. Maybe you are driving less, or perhaps you need to add someone else from your household onto your policy. Other factors like the age and value of your car and even where you park your car at night can have an impact on how much you pay per month.
  3. Consider additional coverage options for your policy. This can include perks like roadside assistance or rental car coverage. To offset the cost of these add-ons, you may also want to consider making note of any safety features you will be adding to your car. Examples include tools and gadgets that combat car theft, as well as switching over to seasonal tires during the winter months.
  4. If you are a homeowner, you should also look into bundling your home and auto insurance into one policy. This can simplify your insurance needs by having one provider handle the policies for both of these assets and can also lead to lower premiums.
  5. After considering all of these factors, you might be content with renewing with your current provider based on the terms they provided in your notice. If your policy is set up for automatic renewal, you will not have to take any further steps, and you will continue to pay based on the current payment schedule. If your policy does not renew automatically, review your renewal options and instructions so that you don’t experience any gaps in coverage. This might require you to contact your provider directly.
  6. If you are not satisfied with the terms outlined in your policy renewal notice, start shopping around and compare quotes from multiple insurance providers so that you can find the best rates and competitive options. In the event you find a new provider that offers a better policy, contact them so that you can provide all of the pertinent information they need to have your policy ready in time. Also, inform your current insurance company that you will not be renewing your policy with them.

Car Insurance Renewal: FAQs

Now let’s address some common questions that many people ask regarding auto insurance renewals:

Can I renew my insurance online?

Depending on the company, you might be able to perform a car insurance renewal online. If you are unsure if this service is available to you, contact your insurance company’s customer support line and inquire for further details. They will provide instructions on how to renew car insurance online.

When do I need to renew my insurance?

Your car insurance policy will typically last for one year, with the renewal date being set for a year to the day of the starting date. You should receive notice of your upcoming renewal one to two months before this date. If you are happy with the terms of your renewal, contact your provider to let them know. You can typically do this a month out from your renewal, but you should review the terms of your policy to confirm. If you would like to explore your options, start looking as soon as possible so that you can avoid any gaps in coverage.

What is the insurance renewal grace period?

In the event you forget to renew your insurance before the expiry date, your insurance provider will likely have an established period of time when you can action a renewal. This may vary based on the company but typically ranges from two weeks to one month. If you renew within this timeframe, there likely won’t be any increases in your premiums.

Is insurance renewal easy?

Renewing car insurance can be a straightforward process, especially if you're happy with your current provider and coverage. However, it's essential to take the time to assess your needs and compare quotes to ensure you're getting the best rates and coverage. Online tools and assistance from insurance brokers, like those at BIG, can make the process and your decision easier.

What if I decide not to renew my current car insurance policy?

If you don’t renew your policy, you'll need to find an alternative before your current coverage expires. Driving without insurance is illegal and can result in fines, license suspension, or even vehicle impoundment. It's advisable to secure a new policy or take your vehicle off the road until you do so to avoid any legal consequences.

Insurance Made Easy with BIG

In reviewing this guide, we hope that you have a better grasp of how to renew car insurance. If you need additional support in finding a new auto insurance provider or would like help in comparing your options, contact Billyard Insurance Group.

We will connect you with a broker who will assess your situation and needs, identify any discounts or saving opportunities, and shop through a network of top-tier insurance companies so that you have the coverage you need.

If your policy renewal date is coming up, don't delay. Request an auto insurance quote from BIG today.

By: Devon Gribble