Is it time to renew your auto insurance? Here’s what you need to know first.

When it comes time to renew your auto insurance policy, there are a few things to consider: Do you have to right coverage? Is your insurance company offering a good rate compared to other companies?

Canada: How To Renew Your Auto Insurance Policy in Ontario

By law, every driver in Ontario is required to carry insurance, with severe penalties – such as a minimum fine of $5,000 – for driving without it. But, how do you ensure that your insurance is current, and that it didn’t expire without you noticing?

Making sure you renew your auto insurance policy

In most cases, this is not an issue – the majority of insurance policies automatically renew at the end of their term, with cancellation of the policy only occurring at the client’s request. However, there are circumstances in which a policy may not automatically renew. For example, some insurance companies will not renew a policy with a driver who has had three or more convictions under the Highway Traffic Act. Likewise, a driver who is considered high risk – someone who has experienced multiple at-fault accidents – may also find that their insurance company is unwilling to renew the policy. In most cases where the policy is not going to be  renewed automatically, the insurance company is required to send you a letter informing you of the situation – in the worst case scenario, however, if you have not received your renewal package at the expected time, you should contact your insurance company to find out why it has been delayed.

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A Great Time To Look For A Better Rate?

It’s easy to stick with the same policy because after all, most policies will auto-renew, but as your renewal date approaches, it’s a great idea to take a look at your policy and see if there’s another option to better-suit your situation and offer you a better rate.

Many people don’t take the time to look for a better rate once they have a policy, because they think switching companies is a pain. That’s just a myth!

Click here to find out other myths about insurance.

Switching to Foxquilt offers you a number of benefits:Switching is easy: Our quick-quote technology makes for a seamless experience. Get started today.

  1. Switching is easy: Our quick-quote technology makes for a seamless experience. Get started today.
  2. You don’t have to wait until your renewal to switch. There’s no better time than the present to start saving.
  3. Our sharing model uses social groups to empower you to save upfront, reduce your deductible and save again at renewal!

Learn more about Foxquilt auto insurance and group purchasing power.