Depending on your insurance policy, you might have a very easy time changing your car insurance mid-year. There are plenty of car insurance companies that only offer six-month policies. If you previously had a six-month policy, it is extremely easy for you to switch car insurance companies. Even if you have a year-long policy, you could still switch your car insurance plan mid-year. However, there are some steps that you should probably take before you do this.

Should I Switch Insurance Companies?

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It is entirely up to you if you want to switch insurance companies or not. There are plenty of insurance companies available that would be happy to take you. It certainly never hurts to do some shopping around for a cheaper insurance rate. You will more than likely find one if you look hard enough for one. When you are deciding whether or not to switch insurance companies, you might also want to think about how your insurance company is treating you. If you haven’t had the best customer service from your insurance company this can be a great reason to try elsewhere. However, if you have had good customer service, you could always get some car insurance quotes and then do some negotiating with your current insurance company.

How Do I Switch Insurance Companies?

Switching insurance companies is something that Canadians do all of the time. It is very easy to do, but it is also very easy to mess up. It is extremely important that you get into contact with your new insurance company before canceling your old insurance policy. Make sure your new policy is already set into place before canceling anything you already have. You do not want to be left having any gap in insurance coverage as it does not look good to other insurance companies. Once you are ready to cancel your insurance, you simply call your insurance company and ask them to end your insurance policy. You will then have to pay a cancellation fee and you will be on your way.

Will I Be Issued a Refund from My Current Insurance Company?

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Canceling an insurance policy occasionally results in being able to collect a refund from your insurance company. A refund only occurs when you already paid for coverage that you are no longer going to use. Sometimes, you will not get back the full amount of money that you already paid for coverage. As a protection for themselves, insurance companies often take cancellation fees out of refunds that are issued. That way, they do not have to worry about clients not paying cancellation fees that are owed.

How Long Of A Policy Should I Sign for?

This really depends on why you canceled your insurance policy in the first place. If you canceled because of a cheaper insurance quote that you got, you might want to consider signing up for a longer policy to lock in that cheaper insurance quote. However, it is also important to think about what you want to do in the future. If you want to shop around for insurance again in 6 months and try to get even cheaper insurance, then maybe you should just go for a 6-month policy. On the other hand, if you don’t want to deal with insurance providers for a while and keep your well-priced quote, maybe a longer one or two-year policy is what you should look for.

Can I Add Things To My Current Insurance Policy?

Yes, you sure can. You should have no problem adding extra coverage to your insurance premium, no matter the time of year. If you aren’t looking to switch insurers, you can just ask your current insurance company for a quote. They will let you know how much extra per month it will cost you to be able to add more coverage. If you paid for your insurance premium upfront, you could also pay for this extra cost upfront as well. Generally, the faster an insurance company gets their money, the cheaper your insurance rate will be.

What Kinds Of Coverage Can I Add To My Insurance Policy?

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Generally, there are two basic kinds of coverage that you can get for your vehicle besides increasing your liability coverage. These two basic coverage options are collision insurance as well as comprehensive insurance. Collision insurance is essentially insurance for when your vehicle is damaged in an accident. You can get different amounts of collision insurance for your vehicle according to your tolerance for risk. Comprehensive insurance covers you for things that you cannot control. Things like hitting animals, natural disasters, fire, and theft are all comprehensive coverage. Again, you can get different amounts of comprehensive coverage according to your needs.

How Do I Make Sure That I Do Not Have a Gap in My Insurance Coverage?

There are many different ways that a gap can occur in your auto insurance. Most of the time it happens by accident. Other times it is because your insurance company dropped you. Either way, it is something that you should avoid whenever possible. The only way you can cause a gap on your own is by dropping your coverage too early. Make sure, if you are switching policies, that your new policy is already active before dropping your old one. To avoid having your own insurer drop you, try your best not to make a claim within the “trial period” of 60 days after your policy starts. Also, make sure that you never misrepresent yourself, make fraudulent claims or drive without a valid license. As long as you do these things, you shouldn’t ever have to worry about a gap in coverage.

To Conclude

Changing your auto insurance plan mid-year is easy to do and lots of people do it. Just make sure that you know what you are doing by dropping your insurance company. An insurance company might not want to take you back if you just leave them in the middle of your insurance policy. Always have something set up before you leave. Make sure that the insurance provider you are moving to is worth the cost of cancellation fees and losing your current insurer. Once you do these things, you should be all set to leave and enjoy your new insurance policy.

Resources:

https://www.agentinsure.com/InsuranceTips/QuotesAndComparisons/ChangeInsurancePoliciesMidTerm
https://www.quora.com/Can-I-switch-car-insurance-after-a-car-accident-in-which-I-was-at-fault
https://www.thebalance.com/comprehensive-vs-collision-coverage-527402
http://www.bankrate.com/finance/insurance/switching-car-insurance.aspx