What you need to know about renewing your car insurance

Is it time to renew your car insurance soon? Not sure what this means and what to expect? Let’s start by seeing what renewing your car insurance involves. Although you can usually review and change your auto insurance policy at any time, notice of its renewal is usually a good time to review your current policy. You can simply choose to renew it for another term (usually 12 months) or shop around for another one elsewhere. Below are some basics to help you better understand what you need to do when it comes time to renew.

When should I renew my insurance?

As a general rule, the renewal of your auto insurance policy will take place one year after purchasing or renewing it.

When the deadline approaches, watch for a communication from your insurer. They should send you your new policy, which will include an updated terms and conditions and your  premiums , if they have changed. From there, if you’re happy with the new policy, you can simply let it auto-renew. If you do not have a periodic payment plan, you can choose to pay the entire policy amount at the start of the term or make a payment every month (certain conditions apply). However, if the new policy no longer suits you, you can take the opportunity to see what other insurers are offering until it is renewed.

What should I consider when renewing?

Renewing your auto insurance policy is the perfect opportunity to review and re-evaluate what it offers you. Here are some questions you should ask yourself when renewing:

Has my daily commute or the frequency with which I use my car changed?

After answering all the questions, you may find that your current policy meets your needs very well. But if it no longer fits your needs or situation, it may be time to find another one. Doing this at the time of renewal will allow you to evaluate your options and easily compare the different protections offered to you. In addition, you will avoid having to pay penalties to your old insurer if you cancel your insurance before it has to be renewed.

So what should you look for? An insurance company that offers you protection that meets your needs, while allowing you to respect your budget. At TD Insurance, we offer competitive rates. We’ll not only help you find the coverage that’s best for you, but also help you save by including all the  discounts you’re eligible for .

Why do I need to renew?

You do not have to renew your auto insurance policy with your current insurer, but you must have the adequate coverage that your province requires. Whether you choose to renew your insurance or purchase one from another insurer, you will need to purchase auto insurance to drive legally in Canada.

What should I do if my policy is not yet up for renewal, but I want to switch to TD Insurance?

We are happy to hear that you are interested in purchasing  auto insurance  from TD Insurance. However, if yours is only halfway through its term, you may have to pay a penalty if you cancel it prematurely. Before making any changes, be sure to compare your potential savings with TD Insurance against the cancellation and administration fees your current insurer may charge you.

Important reminder: Make sure you have fully set up your coverage with TD Insurance before requesting to cancel your old policy. This way, you (and your car) will have complete protection throughout the transition from your previous insurer to TD Insurance.

If it’s time for renewal, see what TD Insurance can offer you. Between the competitive rates and the numerous protection options we offer, you are sure to find protection that meets all your needs. We’ll also help you find  all the ways to save . Whether it’s bundling your auto and home insurance, taking advantage of our multi-vehicle discount or many other reasons, start by getting a quote to see  how much you could save by switching to TD Insurance .