When do vehicle insurance companies usually send their renewal quote? Would I have enough time to think about it or would it be a short notice period? These types of questions shows that people want to hear what is their auto insurance renewal quote first before they start looking for alternative quotes.
Most companies send renewal notices about 15 – 30 days before the renewal day. You should note the renewal date on your diary. Companies would not accept any responsibility if the renewal notice got lost in the mail or prevented by an e-mail spam catcher. It is your policy and you are the ultimate responsible person. All being well you would have plenty of time to think about the renewal quote and get alternative quotations.
If you looked everywhere 6 months ago and couldn’t find any better deal you may be comfortable with your current automobile insurance company. You would be comfortable to renew with them especially if your premium came down. However, this should not be a habit that you will carry on for years. Many people keep renewing with their current insurer without getting alternative quotations and comparing with the renewal terms. Recent studies show that those people who are with the same company for a long time stand to lose as much as twenty percent. They would have gotten discounts from other companies and save by switching.
Every so often you should check for alternative car insurance quotes at renewals. This advised would be highlighted if your details and circumstances have changed as well. The changes in your lifestyle, work, home address, credit score, vehicle owned and listed drivers can affect auto insurance rates a lot. For example, improvements on your credit score can qualify you for savings of twenty percent with some companies. If your credit score moved from poor to good and your current insurer is not one of those companies that offer high discounts for good credit you stand to lose the savings.
Besides, how much time would you be losing on checking alternative quotes? It takes five minutes to get a quote online. If you have a broker, all you need to do is to send him/her an e-mail asking to check for alternative companies and prices.