You had researched and bought your car insurance about five years back, and that has been suiting you pretty well all these years. So, why should you even bother switching your auto insurance company? Why go through all that hassle one more time?
Well, experts suggest that paying car insurance premiums to the same company for a long time is an expensive mistake. As such, most industry observers suggest switching auto insurance providers after two to three years. The prevailing market rates and auto insurance features change periodically. Thus, simply by switching insurance companies, you get to save five percent and more each year.
Want to make that switch a smart decision? Read on!
The Right Time to Make the Switch
It is up to you whether you want to switch your insurer and when you want to do it. However, the best thing you can do in this regard is to keep a close eye on the car insurance market. You are sure to find better facilities than at present every three years.
Keeping everything in mind, there are three main reasons to make the switch to a different insurance company:
Better Insurance Premium Rates:
Premium rates of the same insurance company differ from one person to another based on factors like car model, age, driving experience, etc. So, all things remain constant, and if you notice a company offering you a better premium rate, you should go for it.
Lack of Added Insurance Coverage:
If your policy does not offer attractive additional coverage, it is time to make that switch. The add-ons that come with your basic car insurance policy enhance it further. So, if the add-ons fail to fulfill your expectations, switch to a better company with better policy options.
Lack of Good Customer Support:
If you have any queries or doubts, it is the responsibility of your insurance company to get them cleared up soon enough. Thus, if you find anything lacking in the insurer’s customer service, make the switch unhesitatingly.
Steps for Switching Your Auto Insurance
Keep these seven steps in mind when you make up your mind about switching your auto insurance.
1. Shop Around And Look For The Best Rates:
Some best car insurance companies offer a cover of six months and others for a year before the renewal. You should compare different options with potential insurance companies and receive a free quote for each one. Make sure to check out the deductibles, benefits, limits, discounts, and coverage for comparing each insurance company. Comparing between multiple options would give you a rational perspective about how various plans are going to impact you during the policy tenure.
2. Evaluate And Research Your Insurance Coverage Needs:
Several life-altering situations such as relocation, conceiving children, getting married, and so on can impact your insurance coverage requirements. The good thing is that there are multiple options, limits, and deductibles found in the market. Naturally, you would want to receive the best insurance coverage that you can comfortably afford. This makes it absolutely necessary for you to do thorough research and map your requirements to various choices available in the market.
The process of research and mapping will offer you all the necessary plans as per your needs. So, you only need to evaluate the coverage and features available in every plan. You only need to choose the plan that suits you the most.
3. Get In Touch With Your Present Insurer About Switching Penalties:
Each insurer wants to have their business alive with you, and they will be eager to fight hard. Most insurance companies quickly provide competitive discounts when you strongly hint at leaving. Thus, make sure to keep a close check if you’re missing out on the discounts that your present insurer is providing you. You can visit here to learn more about insurance rates: https://www.surex.com/Insurance/auto-car/ottawa.
4. Carefully Examine About Your New Insurance Company:
Check out the insurance company’s financial strength, experience, and performance through your friends, neighbors, and websites. You can visit their social media pages to have an idea about the company’s community involvement and its eco-friendly policies.
5. Look For Convenience And Added Benefits:
You need to look for 24/7 customer service as a reassuring aspect because one can never know when there is a need to question something.
Several insurance companies offer online services for managing the track repairs, claims, and policy. To manage your policies on the go, you need to check if the company has any easy-to-use mobile website or a mobile application. As far as convenience is concerned, you should look for the payment option for every insurer.
6. Cancel The Earlier Policy And Do The Switch:
You need to make the switch after you’re done with all the groundwork mentioned before. The new car insurance needs to begin before or on almost the same day when the previous insurance ends. The lapse for even a day can lead to high coverage rates in the future.
Rather than stopping all payments for your previous policy’s premiums, it is better to cancel that policy altogether. To that end, you need to inform the previous insurance company that you’re ending your insurance policy with them. Also, make sure to confirm this termination of the policy, from your end, in writing. Think of this as a safe step that ensures the insurance company does not keep on billing you and also protects the credit.
7. Get New Insurance Identity Cards Printed:
Swap the old car insurance identity cards for new ones when the new insurance policy gets active. Also, do not forget to have a soft copy of your earlier insurance card and any other associated documents in case of any emergency.
The Final Words
You are all set and prepped up to make the switch to a new auto insurance company. It is time now for you to consider all your options in the market, remember the ideas given above, and finally, come to a sound decision.
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