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The steps to changing your car insurance are to research, purchase the best policy, cancel your previous insurance, obtain proof of insurance and notify your lender.
Can I Change My Car Insurance Anytime
Written by: Daniel Robinson, Written by: Daniel Robinson Writer Daniel is a staff writer for Guides and has written for several automotive news sites and marketing companies in the US, UK and Australia, specializing in car care and financing topics . Daniel is an authority on the Guides team on auto insurance, loans, warranty options, automotive services and more.
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Edited by: Rashawn Mitchner, Edited by: Rashawn Mitchner Editor in Chief Rashawn Mitchner is a Guides staff editor with more than 10 years of experience covering personal finance and insurance topics.
Reviewed by: Mark Friedlander, Reviewed by: Mark Friedlander Advisor Mark Friedlander is Director of Corporate Communications at the Insurance Information Institute (Triple-I), a New York-based nonprofit research and education organization focused on providing consumers with a better understanding of insurance. Mark serves as Triple-I’s national spokesperson, handling a wide range of insurance industry media issues. His responsibilities also include leading the association’s communications strategy for hurricane season and supporting member businesses and media outreach in Florida, where he is based.
You can change your car insurance at any time, regardless of whether you’ve had your current policy for a few weeks or a few years. In this article, we at the Guides Team will cover how to change your car insurance in five steps and talk about the reasons you might want to make a change.
The best car insurer for your neighbor isn’t necessarily the best option for you, so it’s worth comparing car insurance quotes between multiple providers.
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The Guides Team is committed to providing reliable information to help you make the best decision possible about your vehicle insurance. Because consumers trust us to provide objective and accurate information, we created a comprehensive rating system to formulate our rankings of the best car insurance companies. We collect data on dozens of auto insurance companies to rank companies on a wide range of ranking factors. After 800 hours of research, the final result was an overall rating for each provider, with insurers that scored the most at the top of the list.
Changing car insurance companies is easy and people do it all the time. However, it’s a good idea to talk to your current insurer and see if there are any cancellation fees. If you tell your insurance agent that you want to cancel, they may also offer extra discounts or offer a lower rate.
The first step to switching car insurance companies is to shop around to find a better rate. We recommend comparing rates from at least three providers. An easy way to do this is to use a quote comparison tool. This way, you only need to enter your information once to see several options.
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When shopping, consider providers that offer car insurance discounts that apply to you. For example, State Farm has a student discount of up to 25%, which is better than any other major supplier’s student discount. Additionally, consider usage-based insurance or pay-per-mile programs if you want to save money based on your current driving habits.
Once you’ve identified a few favorite providers, research each company to learn more about their customer service and claims experience. We recommend consulting studies like the J.D. Power 2022 U.S. Insurance Shopping Study℠ and the J.D. Power 2022 U.S. Auto Insurance Study℠. You can also check online scores from the Better Business Bureau, the National Association of Insurance Commissioners’ complaint index, and financial ratings from AM Best.
The next step is to purchase the new plan. If your current auto insurance policy expires soon, schedule the new policy to begin at least one day before your current coverage expires.
This will prevent a lapse in coverage. A gap of just one day can increase your car insurance rates in the future, since insurers consider you an uninsured driver for that period. It is much better to have two car insurance policies for a day than none.
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If you’re switching companies in the middle of a policy period, simply schedule your new coverage to start whenever you want.
Remember to list your lender on your new policy if you have an auto loan or lease. The lender is a loss payee, which means they will get paid first when your car is totaled if you still owe money. You will likely need to get full coverage insurance, which includes collision coverage and comprehensive insurance, if you have a car loan.
Once you’ve set up your new insurance coverage, it’s time to begin the process of canceling your old policy. If you have any open complaints, please be aware that your former company will still be responsible for investigating and closing these complaints.
Call your auto insurance company and speak with an agent to cancel your coverage at least one day after your new policy begins. You can also schedule an effective cancellation date in advance so you don’t have to remember to call on that specific day. However, don’t stop paying on your old car insurance policy without officially canceling it.
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If you paid off your policy in full at the start of a period, you should get a refund for the unused portion. You can also get a small refund if you pay monthly.
The next step is to print your insurance ID card or download an app to access it. Most states allow you to show a digital ID card if you are stopped. However, be sure to save it locally for offline access so you can access it whether or not you have cell service.
Lastly, if you have a car loan or lease, you need to immediately inform your lender of your new insurance coverage. Your lender would be listed on your old car insurance, meaning your old company notifies your lender of the cancellation. You should also have listed your lender on your new car insurance policy, but it’s also a good idea to call your lender to make sure they have all the details of your new coverage.
Changing car insurance companies can result in a lower monthly payment. You may want to research and switch if:
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The common thread that unites all of these situations is that something has changed in your driving profile. Car insurance companies look at a variety of factors, and even moving a ZIP code can affect your rates.
Each car insurance company has a formula for calculating rates based on many of these factors. For example, while you may have a cheap provider when it’s just you on the policy, other companies may offer better rates once you get married. Below is a breakdown of the different factors that can affect your car insurance rates.
In addition to price, you may want to consider switching car insurance if you have an unpleasant experience filing an insurance claim with your current provider. Almost all states require drivers to have insurance, but that doesn’t mean you have to put up with bad service. The best car insurance companies will provide excellent service and affordable prices.
You can switch car insurance companies at any time. This includes the day you start coverage and even when you have certain claims open. You also won’t be penalized for moving multiple times in a year. When your car insurance needs change, you may need to change insurers, which can happen at any time. It can be a little tricky to do this many times, but you can make changes whenever you need to.
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We recommend seeking coverage at least once per policy term to ensure you get the best price. Additionally, it’s a good idea to consider a move if your living situation changes in one of the ways described above.
Shop around for rates if you’re also considering changing your coverage amounts. Some providers are cheaper for minimum liability auto insurance, while others offer cheaper full coverage rates.
While you can change your car insurance at any time, that doesn’t mean it’s always the best time. Be aware that some car insurers offer discounts based on how long you’ve had a policy with your carrier. Therefore, if you change companies after a month, you will not be eligible for a loyalty discount.
Check with your car insurance company to see if they charge a cancellation fee within a certain period. Most companies allow you to cancel without a fee, but this is not always the case. You may want to wait until your policy expires to avoid any fees.
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Also, it’s best not to change your car insurance
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