UPDATED: Mar 19, 2020
It’s all about you. We want to help you make the right coverage choices.
Advertiser Disclosure: We strive to help you make confident insurance decisions. Comparison shopping should be easy. We partner with top insurance providers. This doesn't influence our content. Our opinions are our own.
Editorial Guidelines: We are a free online resource for anyone interested in learning more about insurance. Our goal is to be an objective, third-party resource for everything insurance related. We update our site regularly, and all content is reviewed by insurance experts.
You have the right to switch insurance companies any time you want. Even if you have an open claim with another insurance company, you can elect to switch your coverage. Keep in mind that your current claim will not transfer to the new insurance company, though, and your old insurer will still be the one that handles the claim until it is either settled or completely denied coverage.
A good example of why you might switch companies with an open claim would be if your current insurer is delaying settlement on the claim. If you feel as though you are not getting the treatment you deserve from your insurance company, especially if you feel as though a delayed settlement is holding you back, then it is within your rights to get free insurance quotes from other companies and then notify the company you intend to get insurance elsewhere.
Even if the switch goes into effect while the old claim is still open, that insurance company is responsible for handling the claim until it has been resolved. They cannot default on a settlement just because you are no longer insured by them, unless there is some reason the claim would have been denied anyway, such as fraudulent information in the claim. You have already paid the insurance premiums for all claims that are in progress, but you will still be responsible for any deductibles or other predetermined out of pocket expenses.
Switching companies can save you money. If you find a company which offers you more or larger discounts, switching companies could make immediate financial sense. Shop online to compare prices
between leading competitors, and then research the financial reliability of the insurer in our insurance company ratings section to make sir that the long term outlook for your chosen insurer is favorable.
You do not have to be afraid that switching companies will cause unwanted repercussions. For the insurance companies, a customer switching to another company is a regular occurrence, and they have no reason to try to force you to stay with their company against your will. There are no added fees or penalties for changing companies, and the only role your old insurer will have to play is to cancel the overage when your new policy goes into effect.