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When Is the Best Time to Renew My Car Insurance? - Edelweiss General Insurance

24th March 2022 8min read 262 views

In today’s world, a car is a necessity. It allows you to move around comfortably and conveniently. But, a minor issue with your vehicle could lead to hefty repair bills. That’s why you need to get a comprehensive insurance plan. Your policy will help you cover the cost of repairing your car and take care of any third-party liability after an accident. Sometimes, you may forget to renew your insurance, which could leave you without the coverage you need when you require it most. Let’s take a look at how and when you should renew your insurance policy:

Renewal Options

With the Same Insurance Company
When the time comes to renew your policy, you can choose to stick with your insurance company. If you do, you can renew your insurance online. Visit the insurance company’s website and enter your car registration number. You will have the opportunity to continue with the policy as it is or increase your coverage with add-ons. When you renew with the same insurance company, you can renew your policy just two weeks before your current plan expires.

With a New Insurance Company
You may not be happy with your current insurance policy. When you have to renew your plan, you can switch to a new insurance company. You should start the process of looking for other policies about a month before your current plan expires. Make sure you compare what every company offers and check the cost of premiums. Some plans offer more benefits at lower prices. Do your research and start the process of switching insurance companies around three weeks before your plan’s expiry date. You will have enough time to get your policy and move your no-claim bonus.

Choosing the Policy Term
The most popular car insurance policies only last for one year. So, you have to remember to renew your policy every 12 months. If you want to renew your plan less often, you can opt for a multi-year insurance policy. Many insurance companies offer three-year policies. With these plans, you can enjoy insurance coverage for longer without worrying about frequent renewals.

Renewing an Expired Policy
Sometimes, you may forget to renew your car insurance policy on time. If you missed the deadline by a few days or a week, you should check if your insurance company offers a grace period. During the grace period, you can renew your policy and the coverage will resume where it left off. You will not lose any benefits like your no-claim bonus. If you miss this grace period, you will have to buy a new insurance policy. With a new policy, you cannot carry over the benefits from your old plan.

Whether you’re renewing a car, bike or health insurance, the best time to start the process is 30 days before your current plan expires. If you want to stick with your company, you need just a few minutes to renew the policy online. If you would like to change your insurance company or increase your coverage, start the process at least two weeks in advance. That way, you have enough time to renew the policy and enjoy continuous coverage!

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