What is a renewal? The person has had insurance for a certain period and now it is being offered again.

The term of a renewal can occur annually, every two years or upon expiration of the current policy. It is often automatic but you may have to prove eligibility. The premiums may be change for your renewal. When you hear talk of rates going up then you will likely see this impact on your renewal.

If your insurance is not going to be renewed then the insurance company does have to notify you of their intention not to continue your coverage. If your insurance is written through a broker then the broker has a duty to inform you of this decision and to assist you in replacing the insurance.

Many brokers will check their available markets and offer quotes at renewal time. This is not automatic. A company that was the best pricing a year ago may have had a significant rate increase and no longer be the best value. Discuss your options with your adviser.

If you have had a claim then it is likely it will impact the renewal. You may lose a discount or gain a surcharge. If the claim is in process then this will likely prevent you from changing companies for lower rates.

If you have moved during the policy term be sure that your company has your new address. The insurance company only has an obligation to send you correspondence to your last known address. It is not their job to be sure that your mail is forwarded.

It is important to realize that the expiration date is effective at 12:01 a.m. and you must have new proof of insurance in your vehicles for that date.