Sola policies will renew after the policy period ends. When you purchase a Sola policy, you can choose the policy’s effective date. After one year of the policy’s effective date, your policy period will end and be renewed for another one-year period.Overview
Renewal Methods
There are two ways to renew your policy.- Auto-Renewal
- Manual Renewal
Policies are automatically set to auto-renewal. If your customer wishes to renew their policy manually, you will contact our team, and the policy will be set to “Manual Renewal”.
It’s essential to remind customers of policy renewals, including those with auto-renewal features. Sola will notify your customers when the renewal is approaching, but having their agent communication avoids possible confusion for charges to their bank account or credit card.
When a policy is set to auto-renewal, Sola will charge your customer’s chosen current payment method. If there are no updates to their payment method, we will charge the method set at the time of purchase.Auto-Renewals
In the case of failed payments
When a payment fails, the policy will be set to expire, and the customer will have one month to make a payment for the charge due at renewal.1
Policy Renewal Attempt
When the policy period ends, Sola automatically attempts to renew the policy by charging the customer’s payment method on file.
2
Payment Failure
If the payment fails, the policy is set to expire, and the customer is notified of the failed payment.
3
Grace Period
The customer has one month from the renewal date to make the payment for the charge due on renewal. During this time, they can update their payment method and complete the payment.
4
Policy Expiration
If payment is not made within the one-month grace period, the policy will expire, and coverage will end.
Learn about updating payment methods
In the case of a Manual Renewal, the customer and the agent will be notified of the upcoming renewal 30 days before the end of the policy period. During these 30 days, they will be able to pay for the next policy period and therefore renew their policy.Manual Renewal
1
Renewal Notification
The customer and agent are notified of the upcoming renewal 30 days before the end of the policy period.
2
Payment Window
During the 30-day notification period, the customer can pay for the next policy period to renew their policy.
3
Failed Renewal
If payment is not made during the 30-day notification period, the policy will be treated as a failed renewal.
4
Grace Period
Once the payment window closes, the customer enters a 30-day grace period during which the policy is set to expire. During this time, they can still make the payment to renew the policy.
5
Policy Expiration
If payment is not made within the 30-day grace period, the policy will expire, and coverage will end.
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