How does one switch insurance companies? What is the procedure that is involved?
My friend is working for a start up where they are looking at different insurance companies but one of the owners wants to make sure that if they are not satisfied with the insurance company that they can change.
Posted: 03 May 2013 06:35 Post Subject:
Before switching off to a new insurance company, it is important that you obtain multiple quotes on the same coverage that you have on the existing one. Moreover, check out the reputation of the new insurance company regarding their customer service and claim processing.
Now, speaking of your old insurance policy, you'll have to send a written letter to the insurer requesting him to cancel the policy, but it is preferable to do so at the time of policy renewal.
However, you must review the old insurance agreement in order to avoid being penalized. Additionally, your insurer may prorate or short-rate the refund money, depending upon his business policy.
Posted: 03 May 2013 01:13 Post Subject:
You speak to your agent. It's that simple.