See How Easy it is to Switch Insurance in the Middle of Your Policy Term
March 3, 2020
Are you hesitant to switch insurance because you are in the middle of your policy term? You are not alone. Many people have this same worry when someone approaches them about changing their insurance carrier. See below for the steps (especially step 5) you can take to switch your insurance while you are in the middle of your policy term.
Step 1 - Understand your coverage needs
Before you think about switching, be sure you understand your coverages on your current policies. Look your policy over and be sure you have everything you need and note areas on your policy where you might be over insured. See our auto insurance page, home insurance page, or any of our other product pages if you are unsure what some of the terms mean. You can always call your agent to have them explain it as well.
Step 2 - Know the important rating variables
If you are getting older, working on building your credit, have big life changes happening like buying a car or house or getting engaged or married, or have old accidents or violations falling off your record, this would be an excellent time to shop your insurance. See our auto insurance page, home insurance page, or any of our other product pages to learn more about what affects your rate.
Step 3 - Get a comparable quote
Contact a local agent like us and be sure to give them all the necessary info like specific coverage levels on your auto and home policies to get you a comparable quote. Send them a copy of your current policy if you're okay with doing that and the agent will be able to make sure everything matches and fill any gaps that they notice.
Step 4 - Make sure the timing is right
Know when your policy expires, and no matter what you do...avoid lapses in coverages as that can affect you in a number of ways. If you have a lapse in coverage, you may get in some serious financial troubles if you were to file a claim while uninsured, and your rates will increase whenever you do end up getting insured.
Step 5 - Get refunded
If you switch to a different carrier and cancel your other policy before the end of its term and have payments made into the future, you will get refunded for any unearned premium!
Step 6 - Cancel old policies
If you do end up making the switch, you'll want to call your previous insurance company and have them cancel your policy. Make sure the day they cancel it is on the same day or after your new policy starts with the new insurance company. When you have a mortgage on your house, you'll want to get on a three-way phone call with your mortgage company and new insurance agent explaining that you are switching homeowners insurance, and make sure the agent gets all the info needed for the new policy.
It couldn't be easier. Switching insurance in the middle of your policy term is a piece of cake.
Want a more reliable or trustworthy agent? Want to potentially save money? GIVE US A CALL
We're here to help in any way we can!