Can you change car insurance companies mid-policy?

Change can be a good thing. Throughout your lifetime, you change everything from your hair color and your wardrobe to your home and your job.

While change is inevitable as you progress in life, some individuals fail to make changes to things like auto insurance even after experiencing some major life events. This is an oversight that can cost you.

If you’ve been with your current carrier for years, you’re putting a lot of trust in your agent. It’d be nice to be correct is assuming that your company is charging you the most competitive rate, but this is a dangerous conclusion to draw when you haven’t done your homework.

Shopping the market regularly is the only way to be confident that you’re paying a fair rate. Use our comparison tool to find the best rate for your needs.

If you find a better deal, here’s what you should know about changing your insurance:

Are there benefits to staying with the same carrier for a long period of time?

You’re going to need insurance for as long as you own a car. Unless you live in one of the few states where insurance is optional, that’s something in life that’s not going to change.

Since insurance is a mandatory requirement almost everywhere, it does make sense for consumers to make maintaining their coverage as easy a task as possible.

A major benefit to buying coverage through a company and keeping the same policy at each renewal is that you don’t have to worry about shopping the marketplace every time your term is set to end.

Another benefit is that you establish insurance experience for keeping coverage for long periods with no lapses. Many companies offer loyalty discounts for clients who stay insured with the company over multiple terms.

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Why do you need to shop around to get the best rate?

Every company charges a different rate. The rate set that the carrier charges has to be approved by the state and meet certain conditions, but as long as they are fair, the company can charge you they rate they see fit.

Since every company charges a different rate to a different client, you need to shop around to find the best rate.

Some insurance providers have much higher rates than others, even when you have a clean driving record and a safe car. That’s why so many people are confused when they start to compare their insurance expenses with their friends.

The reason for the dramatic difference is rated is because of the carrier’s marketing strategy.

If a carrier wants to do business with young drivers, they won’t have the best rates for experienced drivers. If the carrier doesn’t want to be in the high-risk market, having just a single ticket could raise your rate dramatically.

The idea is to price the company out of the market that the company doesn’t want to do dealings in.

Can you shop for insurance before your policy renews?

Insurance policies will either expire, renew, or non-renew at the end of your policy term. If you don’t make a payment or you decide to change companies on the expiration date of your policy, the coverage simply expires.

You don’t owe more money and the insurer doesn’t owe you anything either. The same goes for policies that are non-renewed because of items found on your record.

It’s easiest to change insurance companies at your renewal but that doesn’t mean that you can’t change beforehand. You enjoy the freedom of choice when you’re buying insurance.

You get to decide where you want to buy your coverage and if you want to stay with your company for the entire term. If you want to make a change mid-policy, that’s your right.

Why should you look at more than just price?

Imagine buying a consumer good that you never want to use. Since you don’t want to use it, you want to be sure that you’re not going to pay a fortune for the product when you can find it for a fraction of the price elsewhere.

This is one of the main reasons why pricing is the first thing that insurance shoppers look at.

Obviously, you want to find a low-priced product but you also want to find a product that really protects you.

Quality is important when you’re buying some sort of consumer product that safeguards you and it’s just as to find an insurance policy with quality coverage. The quality of the coverage that you buy is dependent on the reputation of the insurer you buy from.

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What should you look for when you’re shopping around for a change?

You’ll only have quality coverage when you’re doing business with a respectable insurer.

Companies can offer you policies for cheap, but that doesn’t mean the company will pay in a timely manner when you file a claim. Since you need to be able to rely on your company, look past the premiums at first. Here are some of the things to look for:

• A company with a valid insurance license through the state insurance department
• A company with little to no complaint reports through the state department or the National Association of Insurance Commissioners
• A company with a high financial stability ranking through reliable consumer reporting agencies
• A company with a good consumer satisfaction rating for service and claims service
• A company located near you with convenient contact methods and payment methods

Always check with your agent to find out if you’ll be charged a fee for canceling your insurance mid-policy. Since you’re changing companies, there is a chance that the insurer could charge you unless you’re moving to a new state they don’t operate in.

Get some quotes right now by shopping online. After you look at these personal quotes and compare them, you can see if you’ll save more than you’ll be charged to make the change.