All drivers know that their car insurance renewal comes with the freedom of the open road. But if it’s such a common occurrence, why do so many Canadians have questions about the process? It’s usually an automatic process that goes by without fuss or muss, but it pays to keep an eye out for savings opportunities every renewal period.
Not everyone’s situation is the same, and that’s why we’re here to answer your questions.
A lot of the info you need to change your renewal is the same as adding insurance to a new car. You’ll need a few things to get the ball rolling:
Once you have all the information, it’s time to refresh your memory about your current policy. Are the deductibles enough? Should you add other types of coverage? Are there secondary drivers in the house you need added to the policy? All of that is relevant for your renewal because each data point carries its own level of risk.
Beyond the basic mandatory insurance, these are the most common add-ons to consider when reviewing your car insurance renewal:
Many people stay on auto-pilot for their renewals, and in most cases that’s okay—your situation doesn’t always change each year.
But before you let it happen on its own, at least go over this basic checklist to see if any of these factors apply to you:
All of these reasons could prompt a change in your car insurance policy. For example, if you’ve started your own flower company out of your home and now use your minivan to deliver orders, that needs to be covered appropriately because damage to business vehicles carries more financial repercussions than personal ones.
An accident while delivering an order would likely not be covered under a personal vehicle policy, so it pays to keep everything up to date during your car insurance renewal!
Good drivers get good rates, especially when they steer clear of claims for extended periods of time. If that sounds like you then don’t pass up these potential discounts while renewing your policy!
Take a moment and consider if any of these possible car insurance discounts apply to you:
If you’ve decided you need to change your policy, contact your insurance representative to discuss the options. Our aha insurance representatives will discuss how to get the most bang for your buck, including:
They’ll provide you with your new policy details and premiums based on this chat, the information you collected in step one, and any savings that can be applied.
Once you’re happy with your coverage and cost, you’re all set! Just remember not to leave this until it’s too late! It’s a shame to leave potential savings on the table until the next year.
Some people are tempted to fib here and there on their car insurance renewal to save some money, such as with their addresses or commuting distances. Unfortunately, doing so runs the risk of having a claim denied when you really need it. Even the small things count toward calculating auto insurance rates.
Accidental changes can be backdated in some cases, like forgetting to change your annual commute after getting a new job. Serious misrepresentations—such as listing a false address or a drastically different annual commute—can cause your claims to be denied and your policy to be cancelled.
Some of the most common omissions are:
At the end of the day, the amount you’d be saving on your premiums is nowhere near the value of what you may have to pay out of pocket for even a moderate accident if your policy was cancelled. Don’t risk it!
Your car insurance renewal can be done within 44 days of your expiry date, so give yourself a bit of time to follow the steps above and make sure your coverage and premiums are up-to-date. We recommend looking at your policy about 4-6 weeks prior to your renewal date.
If your driving record has not changed and you have made all of your payments, your auto insurance policy will automatically renew. You’ll receive the policy documents about 30-60 days prior in case you’d like to make changes.
The most common reason for renewals to be declined is because of one (or several) at-fault accidents, but it’s uncommon for this to happen. You may have to switch to high-risk auto insurance if your provider offers it or find another insurance provider who does—but you’ll still be able to purchase insurance in Ontario.
If you have any questions or concerns about your car insurance renewal, the aha insurance team is always here to help!