Renewal
Renewal is the process of continuing an insurance policy for a further period — usually another year — when the current term expires. The insurer issues a renewal invitation with a new premium quote. Renewal is an opportunity to review your cover, check your sum insured, and compare the market before accepting.
What to do at renewal
Renewal is the most important point in your insurance year. The insurer must show your previous year's premium on the renewal notice (UK FCA rule). Before accepting, verify your personal details are still accurate, check your sum insured reflects current values, and compare the renewal price against alternative quotes. Most people can reduce their premium simply by shopping around.
See our guide to when to review your insurance cover for a checklist of what to verify at renewal, and our guide to comparing insurance quotes for how to benchmark the renewal price. For motor renewals specifically, see the FCA renewal pricing rules.