The Basic Guide To Your Auto Insurance Renewal

An Auto Insurance Renewal Overview 

Insurance policies don't last forever. While this might seem like a bad thing, it is also something that you can benefit from since it gives you an opportunity to change your current car insurance plan. Maybe you're eligible for more discounts and think you can save. Perhaps you've made some changes in your life and want to alter your insurance plan accordingly. It's possible you might not be happy with your current insurance provider and want to shop around to see if a competitor can give you a better bargain. Maybe you've re-read your accident benefits or third party liability sections and want to make changes in case of a personal accident. Regardless of the reason, it can be a chance for you to improve your insurance situation, and you shouldn't just do it to get it out of the way. 

What Is an Auto Insurance Renewal In Ontario? 

An auto insurance renewal is your chance to make the changes you want. Auto insurance contracts are temporary, and when your auto insurance policy is set to expire, you have the opportunity to renew it. This is a perfect time to adjust your coverage to better suit your current situation. With the proper preparation, you can take a situation that can be stressful for a lot of people and turn it into an opportunity.  

Does Auto Insurance Renew Automatically in Ontario? 

It depends. Many policies are set up by insurance companies to automatically renew unless the policyholder says otherwise. However, as much as it might be tempting to skip over all of the phone calls and paperwork involved in renewing it manually, that can be a very unwise move. You might have made some changes in your life since the last motor insurance renewal that could change the premium. Even if you like your current policy, it doesn't hurt to see what other insurance options are available to you. 

You might need additional coverage due to needing to drive more. It is also possible that you won't need as much car insurance coverage and will have a chance to save money. You may also be eligible for discounts that you weren't before. These adjustments could be very important for your finances, saving you immense amounts of cash. Before just shrugging your shoulders and allowing the coverage to renew automatically, it is recommended that you speak with your Morison Insurance broker to find out more. 

How Often Does Auto Insurance Renew? 

The amount of time between auto insurance renewals can vary based on your particular insurance contract. As with many forms of personal insurance, the most common duration of a contract between renewals is a single calendar year; however, it can be either more or less than this amount of time. If you are unsure of how long it is until your current car insurance policy is up for renewal, your Morison Insurance broker will be happy to let you know. 

How Do I Complete My Auto Insurance Renewal? 

Completing your auto insurance renewal is simpler than you are likely to think. You will receive notice from your insurance provider when your policy is up for renewal. This renewal notice will also contain any updated terms to your policy. This will include any coverage changes, if they are applicable, as well as updated rates if there are any. It is recommended that you look through this document carefully to ensure that you are happy with the potential policy. While you might see your current policy as satisfactory, this is your best time to try and get a better deal. This can mean speaking with your insurance provider or shopping around instead of just allowing the automatic renewal to take place. Regardless of whether you would like to make changes, it is best that you let your Morison Insurance broker know about your situation and decision. 

Should I Tell My Broker About Changes Before My Auto Insurance Renews? 

Yes. There are numerous reasons you should tell your broker about any changes that may impact your auto insurance renewal policy. 

The first is so that they can help you get the best deal possible on your insurance coverage. If there are any changes to your current situation, such as an adjustment to the car itself or your age bracket changes, it is possible that your coverage might no longer be optimal. You might be missing a chance to save some money on a discount, or even worse, you might now be in a situation where you no longer have all of the coverage you need, meaning you will either have extra high car insurance rates or you will be risking the possibility of having to pay out of pocket for an unexpected incident. You may also want to switch from named perils to comprehensive car insurance or vice-versa. 

Another reason to let your broker know of any changes is so that they can help you make an optimal decision. If you are on the fence about renewing automatically or aren't sure what your options are, your Morison Insurance broker will be happy to let you know more about what decision you can make and may even let you know some options you were unaware of. 

What Should I Consider Before My Auto Insurance Renewal? 

An auto insurance renewal is important, and can make people nervous. Due to this, it's natural for someone to feel tempted to either wing it right away to get it out of the way or to put it off and not think about it at all until the last minute. Neither of these is a good solution. While there’s no need to bust out a chart with so many variables, it would make a scientist blush; it is best to ask yourself a few questions to get a better idea of your situation. While it might seem hard to think about what you need to think about, here’s a starting point to help you begin brainstorming.  

• Did I Add or Remove Security or GPS Devices? If you have a new GPS or anti-theft device, it can increase the value of your vehicle but also decrease the risk of theft. 
• Am I Using My Vehicle for Business Purposes? 
• Has My Commute Changed? If you regularly drive your vehicle a lot more or less than you used to or have switched from day to night driving and vice versa, your insurance broker may need to know about it. 
• Is a New Driver Using My Vehicle? It is important that your insurance company knows about all the people who drive a vehicle. If your spouse, one or more of your children, or someone else has started to use the vehicle, let your insurance company know about this. 
• Has My Vehicle Been in Storage? If your vehicle has been in storage for some time, it may be something your insurance company wants to know about. 
• Have I or Another Driver Gotten a Major Traffic Violation? 

What Information Do I Need for My Auto Insurance Renewal? 

There is a lot of information that you need to renew your auto insurance. It is important that your broker and your insurance company are aware of all this information so that you are given the best deal that you can possibly get. These include: 

• If you are still driving the same car as before, and if the car is still in the same condition. 
• The names of any drivers who have been added or removed since your previous renewal, as well as their driving records and claims histories. 
• What you use the car for, and how frequently you use it. 
• Any claims made since your most recent renewal. 
• Any changes to your driving record since your most recent renewal. 
• All information you gave when you first purchased your current insurance package. 
• Your current address if it has changed since your last auto insurance renewal. 

Please note that this is not a complete list of things that your insurance company or your broker will want to know before your auto insurance renewal. If you would like to know which information you will be expected to provide, it is recommended that you speak to your Morison Insurance broker early in the renewal process. 

How Long Does It Take to Renew Auto Insurance? 

There is no set answer to this, as every auto insurance renewal situation is different. However, there are some legal timelines that are important and should be kept in mind when you are ready to renew your insurance. 

The first thing to keep in mind is that you can begin the auto insurance renewal process as early as 45 days before your current policy expires. It is also important to remember that your insurance provider is legally obligated to contact you at least 30 days before the policy expires so that you have adequate time to read and complete your renewal documents, allowing you to renew properly. 

Although these dates are designed to accommodate someone in the worst-case scenario, it's still recommended that you begin the process as soon as you reasonably can to ensure that even if there is a last-minute surprise, you still have enough time to adjust accordingly. This is especially true if you are unhappy with the renewal offer, as you will need more time the more changes you wish to make. Also, keep in mind that it would be wise to review your new policy alongside your broker, as well as possibly shop around for a better deal. The more steps you wish to take, the sooner you should start. 

Needing to have multiple conversations with a broker can also prolong the process. However, online renewals can go faster than in-person or over-the-phone renewals, so it's still best not to procrastinate.  

Why Do Premiums Change During Auto Insurance Renewals? 

There are plenty of reasons that premiums can change during an auto insurance renewal. This is a natural part of the renewal process, and it should be remembered that if you are unhappy with your updated premium, a renewal is the best possible time to speak to your insurance provider or shop around for a better package more suited to your situation. Some of the reasons for changes to your auto insurance premiums include the following: 

• There was a change in your driving record. 
• You made a claim and/or had an at-fault accident or traffic conviction. 
• One or more secondary drivers were added to or removed from the policy. 
• You changed your location and postal code and are now in an area of different risk. 
• The desired level of coverage you have requested has changed due to you adding or removing optional coverages or switching between basic, all-perils and comprehensive insurance. 

Please note that this is not a complete list of factors that could impact the price of your auto insurance renewal. If you have any questions as to why your car insurance premium changed or could potentially change upon renewal, it is best to speak to your Morison Insurance broker. 

Can I Compare Premiums When My Auto Insurance Renews? 

Yes. Not only can you compare premiums from companies who are competing for your business, but you are also encouraged to. Even if you feel as if your current insurance rate is adequate, there is always the possibility that you will be able to find something better for your situation elsewhere, and an auto insurance renewal is the perfect time to shop around and compare prices. Maybe a different insurance company has a discount or two that you're eligible for that your current provider doesn't. It's also possible that while your current provider was a good fit when you started, your insurance needs have changed over the years, and another company is now a better fit. A Morison Insurance Broker can assist with this. 

How Can I Save Money on My Car Insurance Renewal? 

There are a few ways that you can save money on your car insurance. Sometimes, you can do so by switching insurance providers. There are also several other ways that you can save, which include the following: 

• Take advantage of the winter tire insurance discount 
• Increase your deductible 
• Avoiding making small claims to maintain a clean driving record 
• Building home and auto insurance 
• Loyalty car insurance discount 
• Maintain good driving habits to lower the odds of an accident 
• Installing anti-theft devices to protect your car from theft. 

There are many more ways for you to get auto insurance discounts or otherwise save on your auto insurance renewal in addition to the above. If you would like to know more ways to save, would like to know more about auto insurance renewals in general, or would like an auto insurance quote, contact your Morison Insurance broker. 

Where Can I Renew My Car Insurance? 

You can renew your car insurance with Morison Insurance. Morison Insurance is a 5-Star brokerage that has been helping clients around Ontario get the best insurance for their situation for over a century. Simply fill out the form below or call us at 1-800-463-8074 to get a quote on your auto insurance renewal or any other insurance product you want. You’ll be glad you did.