What to Do When it’s Time to Renew Your Insurance

March 06, 2018

When it’s time to renew your insurance, do you know what to do? Your auto insurance policy is coming up for renewal and the first step should always be to call your broker.

The renewal process can be complicated and confusing but by educating and understanding the process you can ensure you’re getting the best coverage for your lifestyle at a price that suits your budget.  Here are a few things you need to know to get started.

About 30 days before your renewal date, your insurance company will mail you a copy of your renewal documents. These documents will list the things you are insured for and the price for the upcoming year. They’ll also detail the payment options and schedule. Typically you can pay your premium in one lump sum or monthly. Find the one that works for you!

Next you should receive a call from your broker. They’ll explain your renewal . This is a great opportunity to ensure your broker is working hard for you. If your premium has gone up, ask them to look into other companies for you, or other perks that could be available with certain companies. For example RSA offers Air Miles to clients who buy their policy from them. If you pay with an Air Miles credit card, you can double dip and earn the miles twice!  Brokers also know about all of the discounts available such as bundling your home and auto insurance, driving claims free, completing driver’s education and having multiple cars.

The insurance market is pretty competitive right now with many insurance companies taking rate increases. If insurance company results have been positive your renewal premiums should be stable or go down. If the insurance company paid our more in claims than they collected in premiums then you may see rate increases. Not all companies take these increases at the same time meaning there are options to find more cost effective policies.  Only a broker can help you save money in this way. If want more advice when it’s time to renew your insurance, don’t hesitate to contact one of our representatives and we are more than happy to assist you!