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What to do when your policy is about to expire?

When your insurance coverage is coming to an end

Keeping an eye on when your car insurance expires is important to make sure you don’t find yourself without coverage when an accident happens! A minimum third-party level of insurance is legally required in countries like Hong Kong, so letting it lapse can be a bigger problem than just being uninsured.

Some insurers will require you to actively renew your policy, while some may provide auto-renewals unless you specify otherwise. But is renewing your best option? In this article, experienced car insurance broker Kwiksure gives you the tips to make sure you’re making an informed decision when it comes to renewal time.

When will I know?

The way companies contact you to let you know when your car insurance is about to expire varies, but here at Kwiksure we generally follow this process:

  • Letter: About a month out from your expiry date, our team will send you a letter to your registered address to let you know that it is time to start thinking about renewing your coverage.

  • Email: If we haven’t heard from you a week later, expect to get a quick reminder email as well.

  • Phone call: Those who still haven’t made contact a week following the email, one of our expert advisors will try to contact you via your phone number just to see if you’re still interested in keeping your coverage or exploring other options.

  • SMS: Finally, you will receive an SMS on your last day of coverage before your coverage expires to let you know that the deadline is approaching and if you do not renew, you will be driving illegally.

While your expiry date will be on the policy documents you received when you obtained coverage, Kwiksure offers this reminder service just in case you’re really busy or haven’t been able to find time yourself to contact us. If you’ve decided that you’re happy exploring alternative coverage options yourself, that’s fine! Our staff will still attempt to contact you to make sure you know to stay legally allowed to drive in Hong Kong.

Auto-renewal: Isn’t that easier?

Of course, you may have a plan with an auto-renewal clause. When your insurance renewal period arrives, some insurers and brokers will send you an auto-renewal notice that lets you know that your policy expiry date is coming up, what your new premium will be, and when the renewed policy will take effect. Some may do this by paper or electronically, and you’ll need to read your policy to find out more.

While an auto-renewal process does make continuing coverage much, much easier (many clients of ours opt to simply renew their policies when the time comes), some people have managed to find some really fantastic deals on their premium prices by simply shopping around. You can definitely do this yourself if you wish, or you can still use a broker like Kwiksure to see if there’s some savings to be made.

What should I think about when it comes to renewal time?

How insurers calculate their premiums is of importance to you at renewal time based on how your previous year went; if you made no claims and stand to receive a decent No Claims Bonus, then it may pay to stay with your current insurer. Similarly, if you were involved in an incident and did make a claim, you might want to double check that the premium you receive from the company you’re with isn’t higher than what a new policy might cost.

Also think about what your coverage needs were during the year compared to what you’re currently paying for. If you’re finding that an extra benefit is costing a lot more than what you get for having it, then try seeing how adjusting your policy might reduce your premium for the coming year. Those of you who are parents with young adult might want to think about including them in your policy as a driver if they intend to learn in future.

Using a broker like Kwiksure

If you’re looking for new insurance and haven’t used Kwiksure’s 16+ years of experience, then let them help you get the best coverage for the right price. Their expert advisors work tirelessly to ensure that new customers know why it is that Kwiksure is one of the region’s best brokers.

Those of you who are already clients will know that Kwiksure’s job doesn’t stop once you’ve paid for coverage. Our team will be in touch to let you know when time is almost up on your current policy, and to see if you need any help with insurance renewals or finding a better, more competitive plan. Whatever your needs, contact Kwiksure today for all your car insurance needs.