What You Need To Know About Changing Insurance Brokers

Can I Change Insurance Brokers?

Yes. You can change insurance brokers. Changing insurance brokers is often done when customers are looking for more competitive prices, improved service, or different coverages for home insurance, car insurance or other insurance. A reputable insurance broker can help you change insurance brokers and avoid pitfalls, such as paying penalty charges.

Why Would I Switch Insurance Brokers?

There are many grounds for changing brokers which is why it is not uncommon to do so. Canadian insurance brokerages are here to provide a service, and in times when that service does not fulfill your wants or needs, a switch may be necessary. Reasons to change insurance brokerages can include saving money, changing insurance needs, and dissatisfaction with your current insurance brokerage.

Competitive Pricing

Changing insurance brokers may save you money when you purchase a new insurance policy. A new insurance broker will compare rates at different companies to see if you can save on your insurance. They will also make sure you get all the auto insurance discounts and property insurance discounts you are eligible for.

Improved Service

A common reason to switch insurance brokers is to get improved service. Maybe your current insurance broker just isn't a good fit. Does the service feel impersonal, robotic, and/or uncaring? Do you get the help you need quickly? Select an insurance broker who is committed to providing personal and prompt service. Brokers know insurance, they care, and they will provide top-notch service.

Changing Insurance Needs

As your life changes, so do your insurance requirements. Perhaps you are buying a home. If you already have car insurance, you now will need both home and auto insurance. The policies that worked for you last year may no longer be a good fit this year. A new insurance broker will shop at several insurance companies to get you a variety of quotes to meet your new insurance requirements. They will help you compare these quotes and find you the policy that suits you and your budget best.

How To Change Insurance Brokers - Morison Insurance - Ontario

Can I Change Insurance Brokers At Any Time?

Yes. You can change insurance brokers anytime you want.

If you are moving to another insurance broker and keep your policy with the same insurance company, this is typically done at the time of your renewal without a cancellation penalty.

If you are changing insurance brokers when your current policy expires, the process of switching insurance brokers is quick and easy, and you will not be charged a cancellation fee. This is when many people choose to get competitive quotes and change insurance brokerages.

If you decide to change insurance brokers before renewal time and get a new insurance policy before your current policy term expires, you could be charged a cancellation fee by your current insurance company. Speak with your current broker to determine the financial cost of cancelling. In some cases, the savings on your new policy can outweigh the cancellation fee on your current policy.

Your new broker will help you to determine which option is best for you. You can also ask the new broker to contact you just before your current policy ends and start getting insurance quotes for you.

How Do I Change My Insurance Broker?

You can change your insurance broker in 3 simple steps:

  • Contact a well-respected insurance broker to get several quotes and professional advice.
  • Compare the quotes to find the right coverage.
  • Select the policy that best meets your insurance needs.

Your new insurance broker will guide you through the entire process, including cancelling your old policy.

Changing Insurance Brokerages - Morison Insurance - Ontario

How Do I Keep My Insurance But Change Brokers?

An insurance broker can make sure you keep your insurance when you change brokers without switching insurance companies. The new insurance broker can help you move your policy to their brokerage and keep your current insurance. Simply tell your new insurance broker you want to keep your insurance coverage but change brokers. You will need to appoint the new broker as your broker of record. Switching insurance brokers can be done smoothly and promptly.

What Should I Consider When Looking For A New Insurance Broker?

Finding a new insurance broker can be intimidating if you don’t know what to look for. To make this a more simple process, some of the aspects you can consider while looking is to choose a full-service insurance broker, read customer reviews, review the brokerage's website, and ensure the brokerage has excellent customer service. 

Choose A Full-Service Insurance Broker

Your insurance needs will change over time. The best broker will meet your changing needs and look for ways to help you save along the way. Let's say you are getting married, and you need to insure two cars, a new house, your jewelry, your bikes, and some other items. Ensure the broker can look after all these things and look for ways to help you save through discounts.

Customer Reviews Are An Excellent Way To Determine Satisfaction

These are personal experiences. Are most customers saying positive things? Are they pleased with the service and prices? Would they recommend this brokerage to others? Does the brokerage have a substantial number of reviews? A sizable number of reviews will indicate you are getting authentic feedback.

Review A Brokerage's Website

This will answer all sorts of questions: What kind of company is this? Is it family-owned? Is it big, corporate, or impersonal? Does it offer all types of insurance and represent a variety of Canadian insurance companies? Are there helpful articles on the website? Is the brokerage committed to helping you save money? Does the brokerage provide convenient service options: personal service, digital service, or in-office service? Does it have an after-hours claims service? Has the company won awards? Reviewing the website provides good insight into the insurance brokerage.

Choose An Insurance Broker That Has Excellent Customer Service

Let's say you have a claim. You want a broker with dedicated customer care who will help from the minute a loss occurs until the claim is looked after. You certainly don't want to find out there are slow response times or service is lacking at the time of a claim!

Switching Insurance Brokers - Morison Insurance - Ontario

Do I Need To Inform My Old Insurance Broker About The Switch?

No, the client does not need to advise their prior broker if they are changing insurance brokers. Once the letter of transfer is signed and submitted to the insurance carrier – the insurance provider will advise the prior broker. Although, if you feel the need to be courteous or want to take the opportunity to provide honest feedback, you can speak directly to your old broker as well. 

Can I Change Insurance Brokers But Keep The Same Insurance Policy?

Yes, you can change insurance brokers and keep the same insurance policy. This is typically done at the time of your policy renewal. If the new broker represents the insurance company that is providing your current insurance, you can appoint the new broker to take over the policy. This process is quick and easy. The change is done through a broker of record letter that your new insurance broker can arrange and submit on your behalf. A broker of record letter is used to legally establish the new relationship between the broker, the insurance company, and the policyholder.

Where Can I Find A New Insurance Broker?

You can find a new insurance broker by contacting Morison Insurance. We are an award-winning, full-service brokerage that is committed to helping you find the best coverage for all of your insurance needs. Feel the Morison Difference by calling 1-800-463-8074 or by filling out the form on this web page. You will be happy you did.

This content is written by our Morison Insurance team. All information posted is merely for educational and informational purposes. It is not intended as a substitute for professional advice. Should you decide to act upon any information in this article, you do so at your own risk. While the information on this website has been verified to the best of our abilities, we cannot guarantee that there are no mistakes or errors.

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