The business is currently with Starcom, but the financial services company has opened talks with other agencies ahead of a pitch.
Paula Jones, the media manager at Admiral, said: "We are conducting a review later this year and the incumbent agency will be part of that review."
Admiral, which targets an audience of young drivers, focuses its spend on TV, while Diamond, a car insurance product for female drivers, has a significant press spend. Elephant promotes its range of cut-price insurance products with TV advertising featuring an actor wearing a fake elephant head.
The agency review follows a strong 2006 for Admiral, which saw it increase its first-half profits by 24 per cent on the back of a strong performance by Elephant. Profits from its Confused.com website also surged.
Admiral last reviewed its media account in late 2002, when it consolidated its business into Starcom. It previously used agencies including the independent TCS North.
Creative for the Admiral brands is handled in-house.