Motor insurance renewal in Israel
Renewing motor insurance in Israel typically involves comparing offers from various insurance companies and purchasing a new policy before the existing one expires. Most policies are valid for one year and must be renewed annually to maintain continuous coverage.
It is advisable for individuals to begin the process of comparing insurance offers and securing a new policy several weeks before their current motor insurance is set to expire. This allows sufficient time to research different providers, obtain quotes, and finalize the purchase without interruption in coverage. Processing times for new policies are generally quick once a decision is made, but comparing options can take time.
Start 30 days ahead
To allow ample time for comparing different insurance providers' offers, reviewing policy terms, and arranging payment before the current policy expires.
The process
- 1Identify the current motor insurance policy's expiration date.
- 2Contact multiple insurance companies or use an insurance comparison website to obtain quotes for a new policy.
- 3Compare the coverage options, terms, and premiums offered by different insurers.
- 4Select the preferred insurance policy and insurer.
- 5Provide necessary vehicle and driver details to the chosen insurance company.
- 6Make the required payment for the new insurance policy.
- 7Receive confirmation and documentation of the renewed motor insurance.
What to bring
- Vehicle registration details (מספר רישוי - Mispar Rishui)
- Driver's license details for all drivers to be insured (רישיון נהיגה - Rishayon Nehigah)
- Previous insurance policy details (פוליסת ביטוח קודמת - Polissat Bituch Kodemet), if available, for reference.
- Personal identification details (תעודת זהות - Te'udat Zehut)
Who handles it
Insurance companies operating in Israel, supervised by the Capital Market, Insurance and Savings Authority (רשות שוק ההון, ביטוח וחיסכון - Rashut Shuk HaHon, Bituch VeHisachon)
The cost of motor insurance in Israel varies widely based on factors such as vehicle type, year of manufacture, driver's age and driving history, and chosen coverage level (e.g., compulsory, third-party, comprehensive). Prices are set by individual insurance companies, so obtaining multiple quotes is recommended to find competitive rates.
What commonly goes wrong
- Ensure continuous coverage by renewing the policy before the existing one expires to avoid driving uninsured.
- Carefully compare not only the price but also the scope of coverage and exclusions offered by different insurance policies.
- Provide accurate and complete information to insurance companies, as inaccuracies could lead to issues with claims.
- Understand the differences between types of motor insurance: compulsory (ביטוח חובה - Bituch Hova), third-party (ביטוח צד ג' - Bituch Tzad Gimmel), and comprehensive (ביטוח מקיף - Bituch Makif).
Sources
Other documents in Israel
Motor insurance renewal in other countries
Often renewed together
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