Car Insurance Renewal
Time for your car insurance renewal? Here’s everything you need to know.
Key takeaways
- Finder's 2024 research found average annual comprehensive car insurance costs varied widely between insurers.
- Before renewing, review your policy for price increases and cover, then compare options from various providers.
- If your renewal is declined, improve your risk profile or seek quotes from different car insurance brands.
What different scores mean
9+
Excellent
These products offer the best value and outcomes considering various product features and price.
7+
Great
Competitive products within their group.
5+
Standard
But these products still offer reasonable value and have the basics sorted.
0+
Basic
Offering basic cover with limited features or higher pricing.
If your car insurance policy is set to expire soon, it's a good time to think about renewing.
Whether you’re looking for a better deal or thinking about how you can renew, we’ve made an easy guide to navigate the important details.
How to renew your car insurance
You’ll likely get a renewal notice a few weeks before your policy is due to end. How you go about renewing your policy will depend on the options available with your insurer and how you originally took out cover.
- Auto renewal. Your policy will automatically continue after the current policy period. This means you won’t have to do anything and your premiums will continue to be directly debited.
- Online. Most insurers allow you the option of renewing your policy through a member portal or through a direct process where you enter your policy number, post code and banking details.
- Phone. If you prefer to speak to a person, many providers have representatives that can help you renew your policy over the phone.
- BPAY. Your renewal notice will generally include your insurer's biller code and reference, which you can use to pay with online banking.
What to do before renewing your car insurance
You’re going to want to find out how much your premiums are going up before you decide to renew.
Depending on the type and age of your car, your claims history, and whether or not you have a no claims discount, your new premium could be a lot more expensive than you expected. If you no longer feel like you’re getting the best bang for your buck, it might be time to find a new provider.
Our 2024 research found that average annual costs for comprehensive car insurance varied widely between the Australian insurers we compared. Finding a good deal can save you a lot of money, but it’s important to understand what your current policy covers so you can easily compare apples to apples when you shop around.
What to do if your renewal has been declined
If you’ve missed premium payments or violated the terms of your car insurance policy, there’s a chance your renewal will be declined. In that case, you have a few options to help you get coverage:
- Contact your insurer to understand the specific reason you’ve been refused. If it’s something correctable like your payment or claims history, see if there’s a way to address these concerns and potentially renegotiate reinstatement.
- Shop around for a new car insurance policy from other providers. Even if your current insurer has declined your renewal, others may still offer you coverage.
- Improving your risk profile can be done by doing things like changing your driving behaviour, parking your vehicle in a safer location, or removing other listed drivers from your policy, especially if they’re younger or most risk prone.
- Talk to a professional like an insurance broker or agent if you need further help in finding new coverage.
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How we picked these
Finder Score for car insurance
We analyse over 30 car insurance products across insurance providers, and rate each one for price and features. We collect up to 36 quotes per product, for male and female drivers in New South Wales, Victoria, Queensland, South Australia, Tasmania and Western Australia. Quotes are collected for 20 year olds, 30 year olds and 60 year olds, assuming an excess of $850 for a 2020 Toyota Corolla 4 door sedan model, with an average 15,000 kms driven each year. While we are not allowed to display actual quotes, our Finder Score aims to serve as an indicative guide to how cost and feature competitive a product might be for you.
Our feature score assesses each product for more than 15 features across loss and damage coverage, repairs and assistance coverage, personal items coverage and policy coverage. Features we assess include but are not limited to legal liability, essential repairs, new car replacement, car hire events, roadside assistance, agreed or market value, windscreen damage and natural disaster coverage.
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My son’s car renewal insurance has been declined, is there another insurer we can use for insurance.
Hi Susan,
I’m sorry to hear that.
You can compare a range of insurance providers here.
Before applying, please remind your son to read a policy’s Product Disclosure Statement (PDS) so that he’s aware of what he’s covered for, along with any exclusions or restrictions.
I hope this helps.
Regards,
James