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It’s that time again: your car insurance coverage is coming to an end! Somehow it always happens too fast. But even if it feels like you just went through the process, you actually do need to review and renew your car insurance policy every time the term ends. (And in fact, renewals can come up before the typical six-month or one-year period is over if your carrier is set to increase rates.)
Thankfully, if you decide to renew your car insurance policy with your current carrier, the process isn’t that complicated. To quickly summarize what it looks like: Most companies send an email to remind customers that their policy is about to expire. This email may also contain a revised rate. If the new rate works for you, you can either let your automatic payment kick in; make an initial payment; or pay in full. If you find yourself at all confused by the process, we recommend speaking with an agent.
And remember: whether you renew your existing car insurance policy with the same provider or switch to a new company, it’s vital that you have a new auto insurance policy in place before the old policy expires.
But let’s dive into the renewal process in more detail!
When you buy car insurance, you’ll typically get a policy that gives you a fixed amount of protection over a set length of time. Most auto insurance policies last for either six months or one year from the date of policy purchase. Once that period of time is over, your car insurance plan is officially up for renewal.
As your car insurance policy approaches its expiry date, you have two options. If you’re happy with the current plan (both the coverage and the rate), you can opt to continue with the same car insurance company. If you’re not happy with the coverage, the price, or both, then it’s time to shop around for a new auto policy.
Your insurance agent should be in contact about a month in advance to inform you that your policy is up for renewal. If you bought your policy online and not through a human, you’ll likely get an email and/or text reminder between 30 to 45 days before the term expires. It will include information about your insurance premiums, changes to your coverage, and new vehicle insurance cards. It will also likely include a copy of your declaration page, which we recommend that you read carefully.
This email or text may include a link that will redirect you to your car insurance provider’s website. From there, you can make an initial or full-term payment to renew the policy. Most companies offer policyholders the option to auto-renew if they are set up for automatic payments. And one final important note: in most states, auto insurance providers tend to include a grace period after the expiration date, to give customers a chance to renew their expired car insurance policy online.
If you are concerned you may miss these messages or, like us, just want to be extra cautious, you can sync your insurance to your Marble account. We’ll help you stay organized and we’ll even send you notifications well before your policy expires.
An insurance renewal application is a lot like underwriting a fresh auto insurance policy. Everything that affects the policy will be assessed again. When processing a policy renewal, the insurer will run all the same reports they used when they initially issued the policy, including:
If you want to go the extra mile, we encourage you to shop around and get quotes from different companies. This will help you ensure you’re keeping your premiums low. You can use Marble’s online insurance comparison tool to see how your current coverage and rates stack up to other offerings.
Most car insurance policies include automatic policy renewal in their terms — especially if you pay by credit or debit card. As the name suggests, automatic renewal is, well, automatic. This is a great option if you want to minimize the amount of paperwork you’ll have to deal with. It also eliminates the likelihood of a policy lapse, removes the hassle of signing new contracts, and saves you time. Plus, you might be eligible for a customer loyalty discount for renewing so seamlessly.
That said, the downside of auto-renewal is that your policy rates could go up without you even noticing the hike. Policy rate increases during the renewal period are normal even if you have a good driving history and have never made any insurance claims. So while it shouldn’t come as a surprise that your rates could go up, it doesn’t mean you need to just accept them.
That’s why we recommend shopping around to make sure you’re getting the best available rates and coverage. If you don’t opt for any coverage changes and continue to make payments, your policy will auto-renew, and the new premium rate will apply from the start of the new coverage period.
If you need to update your policy for any reason, you’ll want to speak with your insurance agent as your expiration date approaches. And when you do receive the notice about your insurance policy renewal, you’ll want to immediately check out your new insurance premiums in the policy documents. They very well may have gone up. Your agent can explain the reasons behind the price increase and any upcoming changes to your coverage.
It’s good to be mindful of the policy expiration date so you have time to search for a new policy, in case you’re not satisfied with your current coverage or are concerned about rates and any potential increases. Another reason to contact your insurer: so you can discuss customer loyalty discounts or other perks you might be eligible for.
We’ve said it once and we’ll say it again: check the premiums and coverage limits carefully before making any initial payments on your renewal. If the new rates have shot up, it’s likely in your best interest to opt for nonrenewal and search for a new car insurance policy. (You can use Marble’s online insurance comparison tool to help with your search.)
But if you decide you’re ready to renew your auto insurance policy, you can make that happen online or through a mobile app. All you need in order to renew your plan is your auto insurance policy number, which can be found on the insurance ID cards that you received when you initially purchased your plan. Simply enter your member ID into the insurance portal or mobile app, and follow the prompts from there.
If you don’t have your insurance ID card handy, you can refer to the declaration page or a recent billing statement to find your policy number.
Looking to renew your car insurance online? You can review and compare your auto policy with Marble, an online insurance comparison tool that helps you find the right coverage at the best rates.
Sign up for Marble and start managing your policies from one single platform.
