Docstoc

How To Change Auto Insurance Companies (PDF download)

Document Sample
How To Change Auto Insurance Companies (PDF download) Powered By Docstoc
					Title:
How To Change Auto Insurance Companies


Word Count:
849


Summary:
Changing Auto Insurance Companies May be Easier Than you Think!



Keywords:
Car Inurance, Car, Inusrance, Finance, Business



Article Body:
There are many reasons why you may choose to change your auto insurance coverage to another company.
Perhaps you’ve found another company that offers you the same amount of coverage for considerably less
money. You might have changed jobs and are eligible for a group discount through another insurer, or
maybe you’re unhappy with the service that your present company provides. With the growth of the internet
and quote comparison sites, investigating your options has never been easier!


Why change to a new Auto insurance carrier?


You need to regularly review your auto insurance coverage to make sure that you are receiving the best
insurance value for your money. You will discover that it pays to shop around. In some states, premiums for
identical policies vary widely among different auto insurance companies. The reasons for this price variation
can be very complicated, but they boil down to a company's claims experience with policyholders in a
coverage group (e.g. people of similar age, number of accidents, type of vehicle). For example, if a large
number of people in a coverage group files claims during a given year, their rates will likely rise. When this
happens, better discounts and lower overall premiums may be available at other insurance companies. When
you decide to switch your auto insurance to another company, you’ll find that it's fairly easy to do so.


How to cancel your old Auto Insurance policy


Generally, all you need to do to cancel your auto insurance policy is to inform your insurance company in
writing, specifying the date you want the policy canceled. In some states, the new agent must notify the
previous agent of the policy change. Some auto insurance companies ask the policyholder send back the
actual printed policy. The insurance company will send a cancellation request form that will need to be
signed and returned. Examine the form carefully to make sure that all information regarding the policy is
correct. If the form is not received within two weeks of sending the letter, call the agent or company
immediately to check on the status of the cancellation. Don't just walk away from the old policy without
formally canceling it. Each state requires that auto Insurance policies be cancelled with notice, thus the
insurance company might assume one wished to continue the coverage, and it might eventually terminate
the policy for failure to pay premiums and report the lack of coverage to the state Department of Motor
Vehicles. This can hurt your credit rating and ability to get a new policy.


Be sure to get a new Auto Insurance policy first


Always have a new policy in place before canceling the old auto insurance coverage. Otherwise you might
have a gap in protection for a day or more! Most states require all drivers to carry a minimum level of auto
insurance and most insurance companies require policyholders to present proof of new coverage before they
will cancel an active policy. The new company will be able to time the beginning of the new policy to
coincide with the cancellation of the prior coverage.


When to Change Auto Insurance policies


At Renewal


Renewal is a convenient time to change auto insurance policies, as you don’t have to wait for a refund from
your current carrier. A renewal notice will be sent to you approximately 30 days before a new policy begins,
depending on the regulations in your state. Should you decide to switch companies, you’ll need to have a
new policy by the time the current policy renews. Though a company might say there is 10-30 days to get
your payment in before a policy terminates, you do not have coverage until the carrier receives the payment.
If you have an accident during this time period you most likely will have no coverage since the premium
wasn’t paid!


Anytime:


All Auto insurance policies contain a provision allowing you to cancel your policy with proper notice at any
time. In a few states auto insurance companies “short rate” the policy that means one pays a penalty for
canceling before the policy renews. Most insurance companies pro-rate their policies so there is no penalty.
The advantage of switching before the renewal date can save you a lot of money. For example if you have a
policy that runs from Jan 15th to Aug 15th and you have an accident or ticket that will be over 36 months on
March 15th. By switching Auto insurance companies on March 16th, you get a discount for having a clean
driving record. Your current carrier won’t apply this discount until the policy renews on August 15th! This
can save you Hundreds of dollars immediately!


How long does it take to change Auto insurance?


When you change auto insurance companies, the new agent or insurer can generally change carriers while
you wait! Generally they’ll just need a copy of your current declaration page, driver’s license and down
payment to get the policy issued.
So why not get started today and Get Free Auto Insurance Quotes from Top Companies?




stem cell research pros and cons

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:1
posted:9/12/2011
language:English
pages:3