Can you believe it has been almost a year since you last renewed your Ontario or Alberta auto insurance policy? Your car insurance renewal is a bit like the seasons, it returns again and again at the same time of year. Getting a jump on renewing your car insurance is always a good practice, but what do those of you asking “Can I renew my car insurance early?” need to know?
Frequently asked questions
How can I renew my car insurance?
In Ontario and Alberta, the vast majority of car insurance policies will automatically renew for another 12-month period at the end of the current policy term.
Your insurer begins working on your renewal well in advance of your expiry date; often working as far ahead as 90 days. During this period, they may review your current provincial driving record and will look to see if there have been any claims or driving convictions since your last renewal. They will also apply or remove any credits to be applied to the new term, such as a credit for being loss-free for at least three years. Finally, they will rerate the policy using this information as well as data on the ages of any younger drivers, ensuring that the rate reflects your unique situation. The insurer will then compile your policy for review by your insurance broker or agent.
Most insurance providers will send your policy renewal documents 45 to 60 days before your renewal date. If you have a broker, they will also be sent copies of your updated documents. At this time, your insurance broker may reach out to determine if there have been any changes, such as new vehicles, new drivers, drivers that should be removed from the policy or even a new home address.
Some companies may direct you to their insurance portal to review this information online. This 45-to-60-day period gives you time to review your policy renewal and confirm that everything is correct before the previous policy expires.
Can I renew my car insurance online?
At aha insurance, we use the very latest technology to issue and access your policy online. However, to make most changes to an existing insurance policy, you will likely need to speak directly with your insurance broker or agent. If you ever have any questions about your coverage or your policy, you can always speak to one of our insurance professionals.
If you’re lucky enough to have chosen an insurance provider who uses the latest technology, then you can likely update and renew your policy online.
Can I renew my car insurance for a period of 6 months?
In Ontario and Alberta, the standard car insurance policy is issued for a year. However, depending on why you need a six-month policy, you may be able to modify your existing policy to meet your needs. There are three ways to explore a shorter-term car insurance policy:
First, there are a few insurance providers who still sell six-month policies. These have become increasingly rare in Ontario and Alberta but there are a few options. However, if you are not currently insured by one of these companies, you will need to cancel your existing coverage and move your insurance, possibly losing some of the credits currently applied to your policy.
If you are seeking limited coverage for a vehicle that is not used during certain months such as a car you don’t drive in the winter, you may be able to reduce your insurance premium by removing certain coverages during its time in storage. For example, removing collision coverage and any extra accident benefits coverage that may be applied to that car. You can also increase your deductibles for comprehensive coverage if the vehicle is safely stored and not at high risk for theft or vandalism. Making these changes to your car policy can dramatically reduce your annual insurance premium. There are risks associated with removing any coverage, so we encourage you to speak to your insurance provider before making these changes.
If you no longer require insurance coverage part-way through your policy period because you are moving or plan to sell your vehicle, you can cancel your policy at any time. Most companies apply a penalty for early cancellation, but depending on your circumstances, you may be able to avoid this penalty.
What are the requisites to renew my car insurance?
To renew your car insurance, all you have to do is inform your insurance provider of any changes that have occurred since your last renewal. Common changes include:
- New home address
- New drivers
- Drivers who can be removed because they no longer have access to the vehicle
- Different driving patterns. For example, if you used to commute to the office but now work from home.
- New vehicles to be added to or removed from this policy
It’s a great idea to speak to your insurance professional to ensure that the policy reflects your current situation.
When is my car insurance renewal date?
Your car insurance renewal date can usually be found on the front page of your insurance documents. Your renewal date is usually 365 days following the effective date of the current policy term.