10 Myths about Auto Insurance

Your Auto Insurance Company For Extra Money

The majority of people let their existing policy renew and renew without checking if there may be a better deal somewhere else, once they have an auto insurance company. Perhaps you would consider exploring your options if you knew how easy it is to do. This is an easy process that you will be surprised at.

Shopping for a new auto insurance company

Shopping for auto insurance online is the quickest, easiest, and most painless way to do so. Many insurance companies offer online quotes 24 hours a day. On their website, you can also find contact information for specific auto insurance companies. The first step in switching companies is to compare rates from several different companies.
To get accurate quotes, you must be very truthful about all your information. Any accidents, claims, or traffic tickets will be found out by the company in any case, so don't try to hide anything. You should also compare the coverage you have with your current insurance company to what you will be offered with any new company when you get comparison quotes so that you can make an informed comparison.

How to switch

You must cancel your old policy after you have found and purchased a new policy with a new insurer. Your old auto insurance provider may assume you want to keep your insurance with them if you do not cancel your old policy. The company would expect to receive payments from you. Your policy would eventually lapse due to unpaid premiums, and the Department of Motor Vehicles of your state would be notified of your lack of coverage. Your credit score may be affected and you may be unable to get a new auto insurance policy.

Canceling your old policy is easy.

In most cases, all you need to do is inform your old auto insurance provider in writing when you wish to cancel the coverage. They will then send you a form that you must sign and return, which in effect cancels your policy.

One thing to note

The old auto insurance policy should not be canceled until the new policy is actually in effect. By doing so, you prevent any lapse in coverage. However, that is not likely to happen these days. A minimum level of insurance coverage is required for every driver
Before they can cancel an active policy, your old auto insurance company will probably require proof of coverage.

When you switch is very important

If you are about to expire with your current auto insurance policy, it is time to switch companies. Switching auto insurance companies is best done when you receive your renewal notice from your current company. A month or so before the current policy expires, this usually takes place. A switch to the new insurers can be made during this period without incurring any fees or penalties.

It would also be a waste of time to figure out the unused premium due from your old auto insurance company because it is so close to the end of the policy term. As a result, your insurance agent will not have to argue with you about exactly when you canceled and how much the auto policy was supposed to cost you.

If you want to cancel before the 30 days are up, you can

Taking into account the fees and penalties you may have to pay, you might still be able to save a substantial amount of money. It is best to switch within 30 days of your renewal, but you can cancel at any time.

Are you ready?

There's nothing else to it. Think of all the extra cash you would be able to earn if you follow these simple guidelines.