When are premium renewals usually done?

Premium renewals are typically done on your policy anniversary date. If you took out cover in March last year, your renewal will usually happen in March this year. The first renewal is generally 12 months after you bought your policy. Some insurers may also adjust premiums after a claim, depending on how their pricing model works. But the standard, expected adjustment happens at annual renewal.

What affects your premium at renewal?

Your renewal premium reflects your insurer’s latest view of:

• Your level of risk (for example, your claims history or where you live)
• The cost of repairing or replacing what you’ve insured

External factors like inflation, exchange rates, and rising repair costs can also play a role – especially for car insurance, where parts are often imported.

How much notice does my insurer need to give me for a premium renewal?

In South Africa, insurers must give you at least 31 days’ notice before a renewal premium takes effect. This gives you time to review your updated premium and make any changes to your cover if needed.