When do you need to renew your car insurance?

Picture this: It’s a sunny afternoon, and you're cruising down the highway, passionately singing along to your new favorite song. It doesn’t get better than that—until you see the flashing lights in your rearview mirror. Did you renew your auto insurance? It’s not an ideal reminder, but better a ticket than a surprise repair bill. If a fender bender or a worse scenario unfolds, you’re left footing the bill, and car repairs don’t come cheap. Not to mention the possibility of greater legal penalties than a fix-it ticket that can be resolved by taking proof of auto insurance to the police station or judge.

You may not know when to renew car insurance or how to do it, but that’s not going to relieve you of these legal and financial obligations. Take some time now to review the importance of this process and how you can even use it to get a better policy and better protection for you and your ride.

When to renew car insurance

Most car insurance policies automatically renew. As long as your payments keep coming, your insurance company will keep you covered. This seems like an ideal solution and the path to permanent insurance, but it might not be the right strategy. Car insurace renewal time is a great time to consider new insurance options.

Rates from car insurance rates are not static. Your rates will likely go up every so often. Changing carriers might lead to a lower premium through discounts not offered by your current carrier. You should also update your carrier, or broker, on any circumstances that have changed since you last bought a policy. Started parking in a garage? Now working remotely and skipping the commute? These, among other lifestyle changes, can impact your rates and coverage.

You can even stop or change your coverage. If you’ve made a change that could lower your rates or that means your policy isn’t right for you anymore, it’s better to make the change as soon as possible. Think about this: if you are in an accident and learn that your coverage was insufficient, would you really want to wait as long as a year for your next renewal to make sure that you’re covered next time?

Tips for renewing car insurance

Revving up for your upcoming car insurance renewal? Buckle up because we've got a roadmap of top-notch tips to make sure you navigate this process like a pro. From diving into policy details to mastering the art of negotiation, these bulletproof strategies are geared to help you secure the best coverage without breaking the bank.

Review your policy thoroughly

• Get comfortable, and dive into the fine print.
• Make sure you're not paying for unnecessary coverage and that all essential protections are included.

Shop around

• Obtain quotes from multiple auto insurance companies.
• Treat it like window shopping to find the best deal that suits your needs.
• Talk to the VIU by HUB Advisory Team for personalized advice and options you might not see elsewhere.

Look for discounts

• Combine insurance policies (e.g., a car insurance policy with a home or life insurance policy) for potential to save money.
• Find out what discounts your carrier offers that you might qualify for, like a good driver discount.
• Talk to an insurance agent to see if there's a possibility for rate adjustments.

Renew promptly

• Don't miss the policy renewal deadline.
• Late renewals can result in penalties or unexpected rate increases.

Remember, timing matters! Renew your policy on time to avoid extra fees and unwelcome rate hikes. If you’re unsure if your policy is still right for you, call a VIU by HUB Advisor. They are available to walk you through your car insurance policy and can advise you on any better options that might be out there for you.