How to Switch Insurance Companies: Everything You Need To Know

Everything You Need To Know About Switching Insurance Companies

If you're considering switching insurance companies, you likely have questions about how the whole process works and whether it's right for your particular insurance needs. With the help of a qualified Morison Insurance broker, switching insurance companies is relatively easy and hassle-free—but there are some situations where it may be better to remain with your current insurance provider temporarily or on a more long-term basis.

Here are the answers to the most commonly asked questions about how to change insurance companies, including the best time to make the switch, how it could affect your insurance coverage, and other need-to-know information that will help you get a clear idea of what to expect during the process of switching insurance companies. If you've decided and are ready to switch insurance companies, speak to your experienced broker at Morison Insurance to get started.

Can I Switch Insurance Companies?

Yes. You can switch insurance companies. It is quite common for customers to shop at different insurance companies to find better coverages and pricing for their home insurance, car insurance, condo insurance and more. That's where using a reputable insurance broker can be beneficial. They will help you get multiple quotes from different insurance companies.

When comparing insurance quotes, be sure to compare the same features on these policies. It is essential to compare policies with similar coverages, limits, deductibles, and other terms. No one wants to change insurance companies only to find out later that you got a great price, but the coverage is not what you needed or had on your previous policy. An insurance broker can help you compare quotes to ensure you have the right coverage.

What Are the Main Reasons for Switching Insurance Companies?

There are a variety of reasons why policyholders may be interested in switching insurance companies. One of the most common reasons is that the policyholder feels they're paying too much for the coverage they're getting, and they believe there's a better deal to be had with another insurance carrier. It could also be that they were initially satisfied with the cost of their premiums. Then, their insurance company raised the prices, prompting the policyholder to look elsewhere for a price closer to what they originally paid.

Another big reason for switching insurance companies is that the policyholder may need or want a type of coverage that their current insurance provider does not offer. In that case, it makes sense to switch all of their coverage to another company offering everything they need and can bundle it together in a package deal. The third reason to switch insurance companies is that the policyholder may not be satisfied with the insurance claims experience with their current insurance company or may feel that their insurance provider needs more communication. Insurance companies have different prices, coverages, limits, and claims services. Shopping around to find the best option that suits your needs doesn't hurt.

When Can I Switch Insurance Companies?

You can switch insurance companies whenever you want. However, waiting until your policy renewal date is recommended to avoid paying mid-term cancellation penalties. Speak with an insurance broker who will help you determine the best time to switch insurance companies.

Is Switching Insurance Companies In The Middle Of My Policy Possible?

You can change insurance companies during your policy term; however, you may be penalized for doing so. When you buy insurance, you sign a contract. When you terminate the contract mid-term, penalties may be applied. Find out what the penalty will be before you cancel. It is better to continue with the current insurance company until the end of the current policy term and then switch insurance companies.

Is Switching Insurance Companies Easy?

Switching insurance companies is easy and can be done quickly with the help of an insurance broker. An insurance broker will compare several insurance quotes against your current insurance policy to understand the pros and cons of changing, such as mid-term cancellation costs, policy prices, coverages, home insurance discounts or auto insurance discounts, and claims services. If you decide to change companies, your insurance broker will do the paperwork, get the new policy in place, and let your old insurer know about the cancellation. You will need to sign a new insurance application with the new company and sign a cancellation with the previous insurance company. This can be done quickly by phone, email, in person, or by

How Do I Switch Insurance Companies?

If you want to switch insurance companies:

  1. Contact an insurance broker who will help you get several competitive quotes from different insurance companies.
  2. With your insurance broker's help, compare the quotes and ensure that you have the proper coverage.
  3. Ask your broker if there is a mid-term cancellation penalty. Once you are equipped with the quotes and details of several policies, you can accurately determine which insurance product best meets your needs and budget.

When you choose to change insurers, the insurance broker will do the paperwork, making switching insurance companies quick and easy.

Will I Have the Same Coverage as My Previous Policy?

You may be considering switching insurance companies because you want a different coverage than you currently have. In that case, your insurance broker will search for a company that provides exactly the insurance coverage you need and want. But if you plan to switch insurance companies for other reasons, you may want the same range at a different price or from a different insurance provider.

All insurance companies have their own unique offerings for coverage, so it's unlikely that your new policy will be identical to your old one in every way—but that could be a good thing as you may be able to get a policy that is more applicable to your unique risk exposures. You can rely on your Morison Insurance broker to find the right insurance coverage for you, whether it's the same as your previous policy or a bit different.

What Happens When Switching Insurance Companies?

When you switch insurance companies, you end a policy with one insurer and start a new policy with another one. An insurance broker will help you to move from one insurance company to another. There will be some paperwork, but your broker will help every step of the way

Who Will Cancel My Current Policy?

You don't have to worry about calling up your current insurance provider when you're switching insurance companies, as your insurance broker will take care of the cancellation process for you while you're making the change. You may have some paperwork to sign, and your insurance broker will guide you through it so you don't have to navigate it alone.

How Often Can I Change Insurance Companies?

You can change insurance companies as many times as you want. When you plan to move to another company, you should get several insurance quotes, compare the quotes to ensure you have the proper coverage, and consider any mid-term cancellation fees. Professional advice from insurance brokers who know many insurance companies' insurance products, pricing, and services can be beneficial.

Do I Need To Change Insurance Brokers When I Change Insurance Companies?

No. You do not need to change insurance brokers when you change insurance companies. Insurance brokers represent many insurance companies. When you are considering switching insurance companies, your insurance broker can get several quotes for your car, home, and other insurance. They will discuss the pros and cons of switching insurance companies and help you make the switch if you decide to change companies.

Is It Better to Work With an Insurance Broker or a Direct Writer?

When asking yourself this question, it's important to understand the difference between an insurance broker and a direct writer. In essence, a direct writer works with one insurance company as that company's employee. As a result, they naturally look after the interests of their employer first and foremost. An insurance broker, on the other hand, works with many different insurance companies on behalf of their clients, the policyholders. That means brokers prioritize the interests of policyholders rather than the insurance companies.

When it comes to something like switching insurance companies, you'll have a much easier time working with a single insurance broker who will shop around among a wide variety of insurance providers to find you, the policyholder, the best possible coverage for your insurance needs. Conversely, a direct writer will remain focused on selling you coverage from their insurance company because that's the only insurance provider they work with.

Is Switching Insurance Companies Frequently a Bad Thing?

By switching insurance companies frequently, you may miss out on some discounts, such as accident forgiveness on your car insurance, loyalty discounts, bundling discounts, and claims forgiveness discounts on your home insurance. We advise that you get guidance and advice from an insurance broker before switching insurance companies.

Is Switching Insurance Companies More Difficult With Some Types of Policies?

Switching insurance companies with certain types of policies, such as your standard home or personal auto insurance policies, is simpler. Umbrella policies and policies for high-value vehicles or homes are more complicated because they require more underwriting. Still, you can rely on your insurance brokers to make switching insurance companies as quick and simple as possible, regardless of the type of policy.

Where Can I Change Insurance Companies?

You can change insurance companies by contacting an insurance broker. Insurance brokers regularly help customers change insurance companies. Brokers work for their customers and help them get insurance from a company that provides the best insurance value and coverages to meet each customer’s needs. An insurance broker can quickly get several companies competing for your insurance policy. The broker will get you several competitive quotes for your insurance and will discuss details and provide you with recommendations. You will be given the option to choose which company you want to be insured with.

Our Morison Insurance brokers will get you several quotes very quickly. We represent dozens of companies to accommodate all of your insurance needs and our knowledgeable staff will provide you with all the details of their insurance products. Contact us today by calling 1-800-463-8074 or by filling out the form on our website.

 

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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