When and How to Update, Renew or Cancel Your Auto Insurance Policy
Whether it’s due to a change in your personal life or simply time for renewal, reviewing your auto insurance is essential and can save you a lot of trouble. Keeping your policy up to date ensures you’re properly protected and that your premium truly reflects your current situation.
Changes you need to report
A number of life events can affect your insurance. For example, moving can change your level of risk depending on where you live and where your vehicle is parked. Using your car for work, even occasionally, must also be declared, as it can alter your coverage conditions. Adding a new driver, such as a teen who has just earned their licence, is another key change you need to report to your insurer.
Renewal: a good time to review
Your policy renewal is the perfect opportunity to take stock. About 30 days before the expiry date, your insurer will send you a renewal notice. Take the time to read it carefully. It’s an ideal moment to reassess your needs, update your file and discuss your premium. You can also use this time to shop around with other insurers. If you decide to switch, make sure the coverage offered is equivalent so you don’t run into any unpleasant surprises. If no action is taken, your policy will automatically renew on its expiry date.
Ending your policy
You can cancel your policy at any time, for any reason. To do so, you must notify your insurer in writing. If you cancel before the expiry date, fees will generally apply. These are calculated based on the remaining term of your policy, so it’s worth reviewing the terms before making a decision.
Insurers can also cancel a policy, particularly in cases of non-payment or if your risk profile changes significantly. In such situations, they must provide you with notice at least 60 days before the policy’s expiry date.
