How to Switch Insurance Companies: Everything You Need To Know

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 you compare insurance quotes, be sure you compare the same features on these policies. It is important 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 coverages are 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.

Why should I switch insurance companies?

Reasons to switch insurance companies include saving money on your insurance, needing different insurance coverages, your current insurance company has changed its prices and you want to see if you can get a better price on your insurance, or you are dissatisfied with your current insurance company’s claims service. Every insurance company has different prices, coverages, limits, and claims services. It doesn't hurt to shop around to find the best option that suits your needs.

When can I switch insurance companies?

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

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Can I change insurance companies in the middle of my policy?

You can change insurance companies in the middle of your policy term, however, you may be charged a penalty to do 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. You may find that it is better to continue with the current insurance company until the end of the current policy term and then change insurance companies.

Is it easy to switch insurance companies?

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 making a change, 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 and will 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 traditional mail services.

How do I switch insurance companies?

If you want to switch insurance companies, contact an insurance broker who will help you get several competitive quotes from different insurance companies. With your insurance broker's help, compare the quotes and ensure that you have the proper coverage. Be sure to 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 and make switching insurance companies quick and easy.

What happens if I switch 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.

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 coverages, and consider any mid-term cancellation fees. Professional advice from insurance brokers who know the insurance products, pricing, and services of many insurance companies 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 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.

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Is it bad to switch insurance companies frequently?

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.

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. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.

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