A lot of people assume that switching insurers is a huge hassle. If all that is holding you back from making the switch, is making the actual switch – then we have some good news! Switching is simple, and most insurers don’t charge cancellation fees.
Ready to make the switch, but don’t know where to start?
What You NEED to Know Before Switching Insurers:
- You can switch at any time during your policy term
- If you do decide to cancel your policy in the middle of your term, any unused premium must be refunded to you
- Most insurers don’t charge cancellation fees – call your insurer to check with them beforehand
How to Cancel Your Policy & Make The Switch:
1. Do your research. Make sure that making the switch will be worth it to you. Consider the overall cost, coverages, any discounts, and your lifestyle.
2. Consult your insurance policy contract. Your policy contract will contain cancelation instructions. Many insurance companies will accept cancellation over the phone, by email, or by a letter notice. This does vary by insurance carrier.
3. Check for penalties. As we mentioned above, most companies don’t charge cancellation fees. Be sure to check the fine print of your policy contract to see if there are any fees associated with cancelling.
4. Decide which day is best to cancel. Keep in mind you don’t want a lapse in coverage, so when cancelling your policy make sure that you start your new policy on time.
- * Expert tip: Most companies won’t let you cancel midday and can only do an effective cancellation of midnight, so plan accordingly.*
5. Process your new policy and sign all necessary documents. Choose an effective start date of your policy, before you cancel your current policy. Get familiar with all their policies and processes.
6. Confirm the cancellation. Usually insurance carriers will send a cancellation confirmation. So keep your eyeballs peeled for it. If you don’t get confirmation then follow-up and make sure your old policy was cancelled correctly. Make sure that your leasing or financing company is updated on the switch you made. Most insurance companies will inform your lien holder on your behalf, but double check that this is taken care of.
That wasn’t so bad right? Easy and painless.
Making the switch to a new insurance company is easy and can save you a lot of money in the long run. If you are a low-mileage driver then you should stop overpaying for auto insurance and sign up for per-mile insurance today. Don’t delay, make the switch to Metromile today!
Kelsey Glynn is a contributing blog writer for East Valley Moms Blog, social media content creator, an avid photo taker. She is Metromile’s Senior Social Media Advocate and helps to maintain our online communities. You can catch her adventuring around AZ and living the mom life on Instagram.