What You Need to Know About Renewing Your Car Insurance
Is your car insurance fast approaching renewal time? Are you unsure of how it works and what to expect? Well, let’s start off by explaining what renewing your car insurance entails. While you can typically review and make changes to your policy at any time, notice of your car insurance renewal is generally a good time to consider reviewing your existing car insurance policy. You can simply choose to either renew it for another term (typically 12 months) or shop around for other car insurance options. Below, we’ll cover some basics to help you better understand what you need to do come renewal time.
When do I need to renew my insurance?
Your car insurance policy will typically renew a year from the date you originally purchased or previously renewed your policy.
As your policy comes towards 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 premiums, if they’ve changed. From there, if you agree to your updated policy, you can simply allow it to renew automatically. If you're not on a recurring payment plan, you can choose to pay for the full year in advance, or on a monthly basis (certain conditions apply). 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.
What should I consider at renewal time?
Renewal time is the perfect opportunity for you to review and re-evaluate your current car insurance policy. Here are some questions you should ask yourself upon renewal time:
- Does my current policy still meet my needs?
- Do I need additional (or less) 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/less?
Once you've gone through the list of questions, you may see that your existing policy is fine as is. But, if it no longer aligns with your needs and circumstances, it may be time to shop around for another policy. Doing so at renewal allows you to weigh out your options and easily compare coverages. It also can prevent having to pay any penalties that your insurer may apply for cancelling your insurance before renewal.
So, what should you look for? An insurance company that offers you the right coverage for your needs while staying within budget. At TD Insurance, we offer competitive rates. Not only will we help you find the best coverage for you, we'll also factor in all eligible discounts to ensure you're getting the most bang for your buck.
Why do I need to renew?
Renewing your car insurance policy with your existing insurer isn’t mandatory; however, having the proper car insurance coverage required by your province is. Whether you choose to renew your insurance or purchase a new policy through a different insurer, you’ll require car insurance to legally drive in Canada.
What happens if I'm in between renewal and want to switch to TD Insurance?
We’re glad you’re interested in switching your car insurance to TD Insurance. But, if you’re in the middle of your policy term with your current insurer, you may be required to pay a penalty for cancelling your existing policy prematurely. Make sure you consider the potential savings you'd get with TD Insurance versus any potential cancellation/administrative fees charged by your current insurer, prior to making the switch.
Remember, it’s important to ensure your new policy with TD Insurance is completely set up before you request a cancellation for your old policy. That way, you and your car will be covered throughout the transition from your old insurer to TD Insurance.
If renewal time is on the horizon, check out what TD Insurance has to offer. Between our competitive rates and the many coverage options we offer, you’ll be sure to find coverage that suits all your needs. We'll also work with you to find all the ways you can save. From bundling home and car insurance to our Multi-Vehicle discount and many others, start by getting a quote to see how much you can save by switching to TD Insurance.