How to Complete the Car Insurance Renewal Process

Completing the car insurance renewal process means knowing your due date and payment method, but it also means getting the most savings possible.
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Just like a subscription-based service, your car insurance needs to be paid at certain intervals throughout the year. This is known as the renewal process, which can be as simple as having your payment automatically drafted from your bank account, or as complex as completely revamping your coverage. However you go about it, it’s critical that you go through the process properly and on-time as to avoid risk of cancellation.
Here’s how you can complete the car insurance renewal process. Part 1 advises you to check the due date of your payment, Part 2 asks you how you’ll pay, and Part 3 recommends asking your insurance agents about ways to save money.

Part 1 of 3: Make sure your payment due date is correct

Typically, your payment due date is the day you opened your policy, plus:
  • Every three months
  • Every six months
  • Every twelve months
Semi-annual payments are the industry norm, but some car insurance providers allow for half payments made every three months. No matter how frequently you pay, your yearly total will be the same. You’ll also never want to miss a payment entirely. While some providers offer a grace period, this offering is not universal and a missed payment could result in cancellation of your insurance.
Make sure you know exactly when your payment date is and talk to your agent to determine exactly how you would like to receive renewal information. This can come in form of physical mail, an email, or text reminders.

Part 2 of 3: Determine how you’ll pay your bill

There are a couple of ways to pay your car insurance bill.
  • Auto-draft from your bank account
  • Pay online, over the phone, or in-person
It’s wise to opt for auto-draft payments in order to safeguard your policy from ever being canceled from a missed payment. If you don’t choose this path, you’ll need to make sure you never forget a payment date. Calendar reminders in Outlook or on your smartphone can help.

Part 3 of 3: Ask your agent about potential savings

The renewal process is a great time to review your car insurance policy to make any positive changes. When it’s time to renew, call your agent and ask them about any potential savings, which may include:
  • Removing unnecessary collision coverage from an older car
  • Safe driver discounts from an extended, accident-free period
  • Multi-car discounts for a new driveway addition
  • New parent discounts for a new baby
  • Bundled policies for your car and home
Car insurance is an essential part of owning a car but people often overpay as rates increase and situations change. Instead of renewing your policy with your current insurance provider, the time leading up to renewal is a good opportunity to comparison shop for better insurance elsewhere.

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