Terms / Definitions - Superquote.com - Renewal

When an insurance contract reaches the end of its term, usually a quote is offered.  this process is called a renewal of the policy.

Under FSA guidelines, a insurance provider is required to present the terms of a renewal (premium / cover / exclusions etc) to their client a minimum of 21 days before the renewal date.  This is so that the client has adequate time to read and understand the insurance contract and are not rushed into renewing a policy without proper consideration.

an auto renewal is a renewal that takes place automtically and is commonplace for policyholders who are paying by direct debit on a monthly basis for their cover.  Permission to auto renew a policy needs to be sought by your insurance provider when they first sell you the insurance contract. 

Following a renewal, you are still entitles to your 14 day cooling off period.  While there is a misconception around being able to cancel free of charge in this period of time (as an administration fee can be applpicable), the cooling off period is mandatory and does mean you can avoid the main cancellation terms of the policy (normally harsher) when cancelling.