What to Check Before Renewing Your Insurance

An insurance renewal is a useful opportunity to review your existing policy and compare it with the terms offered for the next policy period.

The premium may change, but other parts of the policy can also change, including coverage limits, deductibles, exclusions and additional benefits.

1. Check the renewal premium

Start by comparing the new annual premium with the amount paid during the previous policy period.

If the price is different, reviewing the rest of the policy terms can help identify whether coverage has changed as well.

2. Check your policy information

Review the information shown on the renewal documents and make sure it remains accurate.

Depending on the type of insurance, this may include your contact details, insured address, vehicle information, property details or other relevant information.

3. Review coverage limits

Coverage limits determine the maximum amount available for eligible claims under different sections of the policy.

Compare the renewal limits with the previous policy and identify any increases or reductions.

4. Review the deductible

The deductible, sometimes called an excess, is the amount the insured person may need to pay toward an eligible claim.

Check whether the renewal policy has the same deductible as the current policy.

5. Check included benefits

Benefits included in an existing policy may not always remain identical at renewal.

Depending on the insurance category, examples can include:

• Roadside assistance.
• Glass or windscreen protection.
• Replacement vehicle.
• Flood protection.
• Earthquake protection.
• Alternative accommodation.
• Travel delay benefits.
• Baggage protection.

6. Check for removed benefits

A renewal policy can sometimes remove or restrict a benefit that was available during the previous policy period.

Comparing benefits line by line can make these changes easier to identify.

7. Review exclusions

Exclusions describe situations or events that are not covered by an insurance policy.

Review whether the renewal documents contain new exclusions or changes to existing exclusions.

8. Check geographical coverage

Some insurance policies apply only within specific countries, territories or geographical regions.

This can be particularly important for motor and travel insurance.

9. Check special conditions

Policies can contain specific conditions that must be followed for coverage to apply.

Examples can include security requirements, reporting deadlines, approved repair networks or documentation requirements.

10. Check the policy dates

Review the expiration date of the existing policy and the start date of the renewal policy.

This is important where continuous insurance coverage is required.

Example: current policy vs renewal

A factual comparison can help show exactly what has changed.

In this example, the renewal premium is €35 higher and the liability limit has increased, while roadside assistance has been removed.

This does not determine whether the renewal is appropriate for the customer. It simply identifies the factual differences between the two policy periods.

What should you compare before renewal?

Keep your existing policy document

Keeping a copy of the current insurance policy can make future comparisons significantly easier.

Useful documents may include:

• Current insurance policy.
• Policy schedule.
• Coverage summary.
• Renewal notice.
• Previous premium information.

For Motor and Property insurance, The Meta Insurance can also collect an existing policy document as part of an insurance request where the upload option is available.