Save Money by Changing Your Auto Insurance

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Insurance Articles by A-1 Auto Insurance

Save Money by Changing Your Auto Insurance

Your auto insurance policy may end up costing you several thousands of dollars annually. This depends on many factors such as your driving record, location, type of vehicle, credit rating and age. Each car insurance company offers different premiums for the insurance they sell. You need to remember that auto insurance companies are competing for your business, so it may be time to switch to a new insurance provider.

Here are some of the common reasons you may want to consider switching insurance companies:

Receiving a group discount offered by a new employer
Obtaining discounts or special offers from a certain insurer
Finding a more convenient location for your insurance company
Receiving lower premiums for the same insurance coverage
Avoiding expensive charges for insurance policy renewals
Looking for better customer service than current insurance provider offers

As you can see, there are many good reasons to switch your current car insurance provider. However, you need to be aware of some important issues before doing so.

Shop Around & Compare

As with any important purchase, you should shop around for the best deal when you are looking for a new insurance provider. Review the rates, type of coverage, customer satisfaction policies, background and reputation of various insurers before making your choice. Fortunately, it is now easier than ever to compare insurance companies. Thanks to the Internet, you can quickly and easily review many companies by visiting their website – without even leaving your home!

Conduct Due Diligence

Before you decide to change auto insurance providers, be sure you have thoroughly read every relevant document issued by your current and prospective insurer. These include recent bills, available discounts, renewal notices, details of insurance coverage and all policy papers.

Best Time to Change

The optimal time to change auto insurance providers is approximately one month before your current insurance policy needs to be renewed. By doing so, you won’t have to pay for the start-up and printing expenses charged by a company for renewing your policy. You can also avoid having to determine the amount of any unused premium that you are owed.

Canceling an Existing Policy

If you decide to cancel your existing insurance policy, you must notify you auto insurance provider in writing and include the exact date you wish your current policy to be canceled. Never cancel your current policy before ensuring you have obtained a new insurance policy. Otherwise, you may find yourself uninsured for a short period of time and without coverage in the case of an accident.

You may also be reported to the Department of Motor Vehicles for driving without insurance coverage. This may affect your ability to obtain new insurance coverage and it may ruin your credit rating. Certain states may require you to show proof that you have obtained a new auto insurance policy before they will accept your new policy.
If you are able to find better coverage or a lower rate, it makes sense to switch to a new auto insurance provider. Conduct some research to ensure you are changing to a reliable insurance company. You may be able to complete the entire process in as little as one day if you provide your new insurance agent with the name of your previous insurer, name of your former insurance agent, cancellation date and details of your previous insurance policy.

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