The creative business is currently handled by Dig For Fire, while media buying and planning is handled by MediaVest.
The company is in the process of inviting agencies to pitch for the accounts, which include all of the group's subsidiary brands.
These include Budget Car Insurance, Budget Home Insurance and Bennetts, the group's bike insurance brand.
The brief also includes the group's burgeoning online brand .
According to sources close to the situation, the group is planning to significantly raise the profile of the website, which can quickly search more than 300 insurance schemes.
A spokeswoman for Budget confirmed it was talking to agencies and said first round pitches were "imminent".
She said the company hoped to have new marketing communications arrangements in place for planned activity in the spring, but refused to say the value of the accounts in terms of billings.
Budget recently rolled out a seven-figure integrated campaign to raise awareness of Budget's Van Insurance brand.
The group is based in Peterborough, with contact centres around the UK and one in Cape Town, South Africa. It was established as a privately owned underwriter in 1992, but moved to intermediary status in 1997.
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