How To Change Car Insurance Companies
There are four reasons drivers change car insurance companies. They need more than their current insurance provider can offer, they’ve gotten bad service, they’ve found a better rate elsewhere, or they’re moving to a place their current provider doesn’t cover. If this is your first time switching, this simple guide will help you through the process.
Step 1: Shop
If you haven’t done so already, shop around to find the best rate. Insurance rates can vary wildly, depending on the company’s experience with drivers that match your profile.
It should be noted that the best time to shop around is when you get your renewal notice. This will generally give you enough time to make the switch coincide with your current policy’s expiration and help you avoid penalties for cancellation. However, you are allowed to cancel at any time, as long as you give your insurer enough notice.
Step 2: Secure Your New Insurance
Before you cancel your current insurance policy, be sure to have your new policy in place. You can’t drive during a gap in coverage.
Step 3: Cancel Your Old Policy
Now that your new policy is established, it’s time to cancel the old one. You’ll need to inform your former insurer of the cancellation. Depending on your insurance company and state, you might also have to send proof of your new insurance, a copy of your old policy, or even have your new insurer contact them.
Be sure to follow up and make sure the old policy has been canceled. If you’re canceling in the middle of a payment cycle, your previous insurer will owe you for the remainder of your premium, minus any early cancellation fees.
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