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What To Think About Before Switching Auto Insurance Companies

Before switching car insurance companies, it can be important to think through the ramifications of leaving behind the old and comfortable in favor of trying something new and, perhaps, less familiar. There are always pros and cons to any decision to switch out an old auto insurance policy for a policy provided by a new carrier, and weighing those pros and cons can go a long way towards reducing or eliminating buyer's remorse and ensuring that the switch is actually in the best interests of the insured. Following certain simple research tips can facilitate the choice of the best new car insurance, whether it means staying with an existing policy or selecting a new carrier instead.

The first consideration to take into account before switching car insurance companies is the length of time the insured has been with the existing carrier. Often, an existing carrier may have a customer loyalty program as an incentive to customers to continue with the same coverage. As the marketplace gets more competitive with companies constantly vying for new car insurance business from formerly satisfied customers, it can be all too easy to jump at a good sounding deal without thinking through the potential consequences. For instance, some car insurance companies will reward longstanding customers by not raising rates after an accident, also called accident forgiveness. There can be a waiting period for new customers before this benefit is received, and not all insurance companies offer it at all. Asking your current insurance company what you stand to lose by switching can be an important facet of researching the best choice to make.

The next consideration to think about is the optimal time to switch car insurance companies. Some insurers may charge a cancellation penalty for early cancellation of a policy. Additionally, it is important to decide about switching before the date falls due for renewal of an existing policy in order to avoid being without car insurance during the search process. This can also be a good time to alert an existing carrier to the possibility that a switch is about to occur, giving the existing carrier an opportunity to offer you incentives to stay. Because switching auto insurance companies is about getting the best deal with the best carrier, the goal is to identify which company meets all of your requirements. This may ultimately be with your existing carrier if it is motivated to retain your business and loyalty. Thinking through these considerations in a timely manner and at the proper moment can yield a choice that is satisfactory and provides for all of your new car insurance needs now and in the future.

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