When you’re arranging car insurance, it’s important to consider the auto renew option. Auto renew makes it easier for insurance companies to keep customers, as it means the policy will automatically renew after a specific period of time (usually 12 months). After that point, the customer would need to wait until the next period was up before moving to another insurer.
Does auto renew have any benefits?
Yes, if you’re buying car insurance then auto renew is very useful, as it means you will never be without insurance. There are some pretty heavy penalties for driving without insurance and if you auto renew you’ll never have to be concerned about them as you will always be covered.
Convenience vs. cost
Drivers who auto renew car insurance do so because it is convenient but it’s worth bearing in mind that when the insurance renews the price will often automatically go up.
It can be costly to allow car insurance to auto renew without shopping around to see whether you’re getting a good deal.
Can you cancel auto renewed car insurance?
Yes, once your policy has auto renewed you should be told about the cooling off period during which it is free to cancel the policy. This is usually 14 days.
Do insurers have to tell customers about auto renew?
Yes, you should be told about the auto renew when you first take out the policy and given a clear notice of auto renew before it happens. Your notice should tell you that you must inform an insurer about a change in circumstances before the auto renew takes place or this could affect your ability to make a claim
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