How often should I review my auto insurance policy?

We recommend that you review your car insurance once a year. A great time for an annual review is when you get your notice of renewal. However, there are other key times when you’ll need to review your car coverage and update your auto policy.

Why should you review your auto policy?
Insurance is there to protect you in case something sudden and unexpected happens. Reviewing your auto insurance regularly ensures that you’re never caught off-guard without the right protection. This means taking a thorough look at your policy to make sure it is up to date and still covers you adequately.

What are the benefits of reviewing your policy?
Aside from making sure that you have peace of mind should something happen, there’s also the potential for you to see savings on your premiums. You could find that you no longer need some coverage or that you’re eligible for a new discount.

What are qualifying life events?
Insurance qualifying life events are usually triggered by a change in circumstances or major milestones. Have you recently moved or are you hitting retirement? Maybe you’ve finally traded up for that brand new vehicle. These types of life changes could change the coverage you need. Here is a list of specific qualifying life events to look out for:

  • Your address has changed
  • Any time you acquire a new vehicle
  • You've changed the way you use your vehicle (e.g. for business use)
  • You've changed how how far your vehicle is driven on a daily or annual basis
  • There's an additional licensed driver of the vehicle or a change in drivers

Heads up! All licensed drivers in your household should be listed on your auto policy.

TIP: Have you decided it's time to compare other auto quotes? Find out what the cost of car insurance is in Toronto and what affects it.