Can you Switch Your Car Insurance Mid-Term?
Did you know you aren’t stuck with the same car insurance policy, even after you’ve paid for it? You have the right to switch insurance providers at any time. Just make sure you don’t have a lapse in coverage. Time your new policy’s coverage to start as soon as your old policy ends, otherwise you could be violating the law.
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Reasons to Switch Auto Insurance Policies
There are several reasons to switch your car insurance mid-term. They include:
- You want lower premiums – Your premiums naturally increase as you stay with the same insurancecompany. It’s not a bad idea to shop around and see if you can find cheaper rates elsewhere.
- Your life circumstances changed – If you added or dropped a driver, bought a new car, or got married, you may find a better rate by shopping around rather than staying with the same provider.
- You want better customer service – Insurance is a service and you deserve good customer service when you have a problem. If you are unhappy with the service provided with claims or in general, shop around to see what other options are available.
- You need more options – Some insurance companies offer perks like gap coverage or roadside assistance, but not all do. If these are services you may use, it’s worth finding a company that offers them.
When’s the Best Time to Switch Car Insurance?
As we said above, you can change car insurance at any time. But there are a few times that it just makes sense to do so.
For example, if you are about to buy a new car, it’s a great time to switch car insurance. You can get fresh quotes on your new car and start from scratch. Make sure that you compare the same coverage from each company. Make sure the deductibles, coverage amount, and options are identical so that you can tell which company offers the best premiums.
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Other good times to switch car insurance include:
- When you add a new driver (teenagers especially)
- When you remove a driver from your policy
- When you move
- When your current policy is about to expire
The main concern is that you don’t have a gap in coverage. You need your new policy to start the moment your old policy ends.
Don’t Switch if you Just Got Into an Accident
We all know that insurance rates increase after an accident, but it’s not immediate. Your rates won’t increase until you are about to renew. Since any insurance company will likely give you inflated rates due to the accident (if you were at fault), you can shop around closer to renewal time. Why pay a higher premium before you have to? Your current insurance company won’t increase your rates until your renewal date. At that point, it makes sense to shop around and compare offers.
The bottom line is that you can switch your car insurance whenever you are ready to do so. In certain circumstances, it doesn’t make sense, though. It may be smarter to wait until the renewal period, then get the quotes from other insurance companies.
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