Here’s what to do when you want to secure a new car insurance policy.
There are many reasons why you may want to switch car insurance providers. For instance, maybe your current insurer doesn’t have high enough coverage limits, or maybe it will be cheaper to secure a policy with a different carrier. Whatever your reason for switching, there are certain things that you should do to make the transition go as smoothly as possible. Here are some of the steps to take.
- Know When to Switch
The easiest time to change insurance carriers is when your current policy is up for renewal. At this point, you will simply inform your carrier that you do not want to renew your policy. Then, all you need to do it ride out your remaining coverage period, and your policy will be officially canceled. However, you also have the option to cancel your auto policy outside of renewal periods. All standard auto insurance policies include a provision that allows you to cancel your policy at any time, so long as you give your carrier proper notice. Cancelation protocols are different for every insurer, but many will prorate your latest premium up to your cancelation date. Additionally, many insurers will charge you a cancelation fee to cover administrative costs associated with canceling your coverage mid-cycle.
- Secure Your New Policy Before Canceling Your Current One
Once you have found your new auto policy, it’s important that you sign off on this coverage before taking steps to cancel your old policy. While your coverage will overlap for a short period, taking this precaution will help you avoid any gaps in your car insurance. Because coverage gaps equate to higher auto insurance premiums, it’s actually more cost-effective to pay for double-coverage temporarily than risk a gap in your insurance record.
These are some of the steps that you should take when switching auto insurance providers. Do you have questions about your car coverage? If so, then contact the experts at Gant Insurance Agency. We are ready to assist you with all your auto insurance needs today.