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Renewal is the act of keeping a car insurance policy beyond the date the contract ends. Each year, drivers face renewal of their car insurance policies. In many instances, the renewal process is automatic. Drivers who maintain a good driving record are likely to have the car insurance renewed without any concern. Though the insurance company usually rolls the policy over, car insurance renewal time is an opportunity to comparison shop.

The renewal date is a good time to review coverage. Canceling car insurance at the time of renewal does not incur any fees or penalties. Changing carriers after the car insurance policy is renewed could mean paying significant fees or penalties. Have a new insurer lined up before canceling a former car insurance policy.

Review the car insurance renewal policy carefully. Compare the vehicle identification number, address, driver’s license number and other pertinent facts for accuracy. Now consider the extent of coverage offered and the cost of the insurance premiums. Verify whether a discount is offered for getting coverage from the same insurer.

Find out if the policy is comprehensive and affordable by comparison shopping. Surf online resources or make phone calls to at least three top auto insurance companies. Discuss the possibility of canceling an old insurance policy for a better offer. Request quotes to compare coverage versus cost to see the best deal.

If another company offers better coverage options, contact the current insurance carrier. Let them know about the better offer from another company and see if they will meet or beat the offer. In some instances, the current carrier will amend the policy to remain competitive. This is the easiest option since no additional paperwork will need to be processed.

Sometimes a current insurance carrier cannot meet the offer of a competitor. In this instance, a decision needs to be made about changing car insurance before the current renewal is processed. If the premiums are lower because less coverage is offered, consider whether this is a wise decision in the event of an accident. Higher deductibles and lower coverage can be difficult to meet if an accident occurs.

Comparison shopping helps buyers find the best car insurance policies, but don’t let it get in the way of being insured. Have a new car insurance policy in place before canceling an old one. Basic car insurance is a law in most states. A driver never wants to take the chance of being uninsured and facing a host of costs and penalties.

Use car insurance renewal time to update the current policy and compare coverage to other carriers. Letting car insurance renew automatically without reviewing it could mean paying more for coverage than necessary.

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