Most people, once they have an auto insurance company, simply just let their current policy renew and renew without checking to see if maybe they can get a better deal somewhere else. If that describes you, maybe you would look into exploring your options if you knew how and painless it really is. This article will show you just how easy the process is.
Shopping for a new auto insurance company
The easiest and quickest and as a result the most painless way to shop for auto insurance is to go on the internet. Many companies can give you quotes 24/7 on their websites. You can also get contact information for a particular auto insurance company on their site and call them up on the telephone. When considering switching companies, the first thing to do is to get comparison rate quotes from several
companies.
The easiest and quickest and as a result the most painless way to shop for auto insurance is to go on the internet. Many companies can give you quotes 24/7 on their websites. You can also get contact information for a particular auto insurance company on their site and call them up on the telephone. When considering switching companies, the first thing to do is to get comparison rate quotes from several
companies.
You do want to be very truthful about all your information so that you can get accurate quotes. The company will find out about any accidents, claims or traffic tickets anyway, so don’t try to hide anything. Also, when you get comparison rate quotes, make sure you compare the coverage you have with your current auto insurance company to what is available with any new company so that you can make a comparison that makes sense.
How to switch
Once you have found a new auto insurance company and purchased your new policy you must cancel your old policy. If you don’t cancel your old policy the old auto insurance company could assume you wished to continue your insurance with them. They would be expecting to receive premiums from you. When they don’t receive those premiums they would eventually cancel your policy due to unpaid premiums and report your lack of coverage to the Department of Motor Vehicles of your state. This could affect your credit and your ability to get a new auto insurance policy.
Once you have found a new auto insurance company and purchased your new policy you must cancel your old policy. If you don’t cancel your old policy the old auto insurance company could assume you wished to continue your insurance with them. They would be expecting to receive premiums from you. When they don’t receive those premiums they would eventually cancel your policy due to unpaid premiums and report your lack of coverage to the Department of Motor Vehicles of your state. This could affect your credit and your ability to get a new auto insurance policy.
Canceling your old policy is easy.
Usually, all you need to do is to inform your old auto insurance company in writing, telling them when you would like the policy cancelled. They will then send you a form to sign and return, which in effect will cancel your policy.
Usually, all you need to do is to inform your old auto insurance company in writing, telling them when you would like the policy cancelled. They will then send you a form to sign and return, which in effect will cancel your policy.
One thing to note
Do not cancel your policy from your old auto insurance company until the insurance is actually in effect with the new insurer. This way you avoid any lapse in coverage. However, nowadays there is little chance of that happening. Most states require all drivers to carry a minimum amount of
insurance and your old auto insurance company will probably require you to show proof of insurance before they will cancel an active policy.
Do not cancel your policy from your old auto insurance company until the insurance is actually in effect with the new insurer. This way you avoid any lapse in coverage. However, nowadays there is little chance of that happening. Most states require all drivers to carry a minimum amount of
insurance and your old auto insurance company will probably require you to show proof of insurance before they will cancel an active policy.
When you switch is very important
The best time to switch to a new auto insurance company is when the current policy is about to expire. When you receive your policy renewal notice from your current auto insurance company is the best time to switch. This is usually about a month before the current policy is actually going to expire. It is during this period when you can switch insurers without incurring any fees or penalties.
The best time to switch to a new auto insurance company is when the current policy is about to expire. When you receive your policy renewal notice from your current auto insurance company is the best time to switch. This is usually about a month before the current policy is actually going to expire. It is during this period when you can switch insurers without incurring any fees or penalties.
Also, because it is so close to the end of the policy term you would avoid trying to figure out the amount of unused premium that you are due from your old auto insurance company. You also avoid arguing with your insurance agent about exactly when you cancelled and how much the auto
insurance company owes you.
insurance company owes you.
But yes, you can cancel outside of the 30 day period
If after taking into account the fee or penalty you may have to pay you may find that you still would get appreciable savings. So, while it is best you switch within that 30 day renewal period, you can actually cancel at any time.
If after taking into account the fee or penalty you may have to pay you may find that you still would get appreciable savings. So, while it is best you switch within that 30 day renewal period, you can actually cancel at any time.
Are you ready?
That’s all there is to it. Just think of all that extra money that could be coming your way if you follow these simple guidelines.
That’s all there is to it. Just think of all that extra money that could be coming your way if you follow these simple guidelines.
Your Auto Accident Insurance Loss – Dealing With Your Company On A Disputed Loss
#1. If your agent is unable to solve your problem, get the name and phone number of your insurance companies Claims Department. Its usually an 800 number. Call and ask if they have a Consumer Complaint Department? Most do. If so, talk to them because they may be able to help you. Dont hang up until you get the specific name of the person with whom you spoke. (Make a note of the person you talked with and hold onto that until youve finished with your dispute).
#2. Be ready to support your case by sending a covering letter (to that individual whom you spoke with) which contains all the documents you have to back up your position.
#3. All insurance companies have either an Appraisal Service or Arbitration Service to help settle differences and/or disputes. Your policy should explain these options.(If you cant find either of these ask your agent to find them for you)!
#4. If youve followed their rules for resolving your dispute, and youre still not satisfied, your own states insurance department should be able to help you.
#5. If, after hearing from your own insurance companys people (your confident that youve not been handled properly) you should call 1 800 942-4242 ( a toll-free Consumer Information Service) sponsored by the insurance industry.
Trained personnel are available to assist consumers who have complaints. THIS HELP LINE OPERATES ON EASTERN TIME, MONDAY THRU FRIDAY, 8:00 AM – 8:00 PM.
#6. ALSO: An Independent Arbitrator, who allegedly has experience in insurance problems, can decide if what youve been told (or offered to settle your claim) is fair. You can get to them by calling THE AMERICAN ARBITRATION ASSOCIATION 1 212 484-4000 or they can be contacted (via the internet) at .
#7. MEDIATION: More often than not the Mediator does not have the authority to make a binding decision or issue an award to either party. The mediator only recommends a solution.
Mediation is a solid first step because it can negate the need for further expense on both sides. The first thing you should do is check the language in your auto insurance policy where it will spell out who will mediate (and/or arbitrate) a claim. You should submit a DEMAND FOR ARBITRATION FORM to whoever is listed in your policy. On that Demand for Arbitration Form you can specify whether you want MEDIATION or ARBITRATION.
DEMAND FOR ARBITRATION FORMS are available from your states Department Of Insurance, or you can print a copy of a Demand Form from the American Arbitration Associations web site – – which can be found (as Ive listed above in Number #6) at .
AS YOU MOVE ALONG WITH THE ABOVE YOU MUST NEVER FORGET THESE TWO FOLLOWING (A & B = Below) CRUCIAL FACTS:
A. Mediation is much less expensive than Arbitration.
B. The Mediation Decisions are only considered to be advisory. However, The Arbitration Rulings are absolutely binding!
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