Is your insurance policy coming up to a renewal? Here’s some information you need to know about the process.
1. What is a policy period and what is a renewal?
When you set up an insurance policy with us, it’s an agreement for a period of one year. What that means for you is that the terms and conditions of that policy will remain in place until the same time the following year, unless you let us know of a change in your circumstances which affects your policy. So if you set up a policy on 15 December 2016, you’ll be covered until 15 December 2017.
At the end of this period, we go through a process known as a renewal process. This means your policy is reviewed, new premiums are calculated and any changes are applied to the policy for the next year.
2. How do I know it’s time to renew my policy?
One month prior to the policy renewing, we will send out a letter or email to let you know that a renewal is coming up. This will inform you of any changes to the policy, such as premium changes or policy adjustments.
If you don’t receive your policy documents, please get in touch with us to check the status of your policy renewal.
3. Can I make a change before my policy is renewed?
You can request a change to your policy before your renewal at any time throughout your insurance year, right up to the day of your policy renewing. If you want to upgrade or adjust your cover, call us on 0800 808 808 or complete our online form.
If you have a renewal coming up, this is generally a good time to check that your policy is up to date and you have adequate cover.
4. How should I read my renewal document?
The main points to take note of are any changes to your policy, your new premium charges and specific personal details. Make sure you let us know of any changes to your personal information listed, or any changes in your circumstances – for example, if you have purchased new jewellery, don’t forget to add it to your contents policy, or if you have recently completed renovations on your house, you might want to increase the sum insured on your house policy.
5. My renewal shows an increase in premium, what happened?
There could be a number of reasons for a premium increase (or decrease). You may have reduced your discount by cancelling a policy or by making a claim (removing your no-claims bonus). Inflation and risk can also affect your premium, either positively or negatively.
If you are concerned about your premium amount, there are a number of ways to reduce it. Just give us a call on 0800 808 808 and we’d be happy to talk you through what options are available to you.
6. What do I have to do at policy renewal time?
The most important thing to do is to read through your renewal pack thoroughly. Ensure that all details are correct and that you’re happy with the type and level of cover that you have.
If so, simply keep paying your premium and the cover will renew. There’s nothing more you need to do.
If not, please get in touch. If you’re not sure about something, then it’s best to disclose it and discuss it with us.
7. When will I receive my renewal pack and how much time do I have to make changes?
We will send the renewal pack to you approximately four weeks before your policy renews, via email or mail.
If you don’t receive it, we may have the wrong email or postal address for you so please get in touch with us if your renewal pack doesn’t arrive.
You can request changes throughout the 12 month period of your policy, including on renewal day. These changes can either take effect straight away or after your next renewal, depending on your preference and our ability to cover you at certain periods of time.
Just give us a call if you want to make any changes to your policy.
8. What will Tower Insurance do at my policy renewal time?
At your policy renewal, we will make automatic adjustments to certain parts of your policy, if applicable. For example, your car may have depreciated over the last 12 months and your insurance will adjust accordingly.
We will also typically increase your house and contents sum insured by about 3 per cent in order to adjust for yearly inflation.
9. How important is it to keep my details up to date?
It’s important to keep your details up to date. We want to ensure that there are no surprises for you, and to do that, we need to have your up to date details.
Your email and postal address, what you currently insure, your customer declaration: check that these are still accurate and let us know if they aren’t so we can make sure your policy will still cover you.
10. Can I request my policy details at any time, i.e. if I lost my previous renewal pack?
You can request any information about you or your policies that we currently have on file at any time.
We can send this to you via email or mail, whichever your prefer.
If you have any more questions about renewing your policy, get in touch with us on 0800 808 808 or send us an email.