How to Renew Your Car Insurance

Renewing your coverage is an important part of responsible vehicle ownership. If your car insurance is approaching renewal time, understanding the ins and outs of the process can help you stay protected on the road, ensuring you've still got the right coverage for you. Below, we’ll cover some basics to help you better understand what you need to do when it's time to renew your car insurance. 

You can typically review and make changes to your car insurance policy at any time. However, you may want to begin to consider your options once you receive a notice of renewal from your insurance provider. You'll likely receive your renewal package a few weeks prior to your renewal date, giving you some time to review your coverage, and if needed, compare car insurance quotes. 

Renewing your car insurance allows you to maintain uninterrupted financial protection against liability and the loss or damage of your vehicle. It's also a regular opportunity for you to review and re-evaluate your current car insurance policy. Whether you choose to renew your insurance with your current provider, or purchase a new policy through a different insurer, you need car insurance to legally drive in Canada. Without it, you risk serious legal consequences if you get behind the wheel.

Yes, it's possible to switch insurance providers before your renewal date. But, if you’re in the middle of your policy term with your current insurer, you may be required to pay a fee for cancelling your existing policy prematurely. If you’re thinking about switching to TD Insurance, make sure you consider the potential savings you'd get with TD Insurance versus any potential fees charged by your current insurer, prior to making the switch.

If you're a TD Insurance customer, your policy should automatically renew each year, unless you're given notice otherwise. Typically, car insurance policies renew a year from the date you originally purchased or previously renewed your policy.

As your coverage comes to the end of its term, keep an eye out for communication from your insurer. You should receive your updated policy terms which will also outline your updated coverage and premiums. If you accept your renewal policy, you can simply allow it to renew automatically. If you're not on a recurring payment plan, you can usually choose to pay for the full year in advance, or monthly.

Alternatively, if your policy no longer fits your needs, you can use the time prior to the renewal date to shop around to see what other insurers are offering.  Get a car insurance quote and see how much you could save with TD Insurance.

Not sure when your policy is renewing? Login to My Insurance to review your policy renewal date and coverage details. Through MyInsurance you can view your home and auto policy details, download proof of car insurance (also known as your 'pink card'), manage your payment or contact information and much more.

While no one wants to see a rate increase before renewing their car insurance, your premium could go up for a number of reasons. Insurers consider several factors - including your age, driving record, the make and model of your vehicle, and even the number of thefts or vandalism claims in your area when calculating the cost of your insurance. Things like adding drivers to your policy, traffic violations, changes to your coverage, and market conditions can all cause your premium to change when it's time to renew your car insurance. A TD Insurance Advisor can help you get affordable car insurance coverage that fits your needs.

Renewal time is the perfect opportunity for you to re-evaluate your current car insurance policy. You may want to consider the following prior to renewing your coverage: 

• Does my current policy still meet my needs, or has my lifestyle changed in the last year?
• Do I need additional coverage?
• Are there any new drivers that need to be added to my policy?
• Has my daily commute changed, or am I using my car more (or less) than the previous year?
• Have I recently had an anti-theft device professionally installed on my vehicle?

Depending on how you answered those questions, you'll likely either decide that your existing policy is fine as is, or to further explore your options.

If you do decide to shop around for a new car insurance provider, look for a company that offers you the coverage you need that also fits within your budget. A TD Insurance Advisor can help you find the right coverage for you – plus we'll also factor in all eligible discounts to ensure you're getting a competitive rate.

You can't renew an expired policy. If your car insurance doesn't automatically renew, your policy won't be valid after the expiry date. Without valid car insurance, you won't have coverage and won't be able to legally drive in Canada. If you notice your car insurance has expired, your best option is to start a new policy as soon as possible. 

If renewal time is on the horizon, check out TD Insurance. Between our competitive rates and the many coverage options we offer, you’ll be sure to find insurance that fits your needs. We'll also work with you to find all the ways you can save – like bundling home and car insurance, our Claims-Free Reward, or our Multi-Vehicle Discount. Start by getting a quote to see how much you can save by switching to TD Insurance.