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Finding Enough Insurance Coverage

When it comes to making sure that your home and family are safe and sound, few things are as important as choosing the right insurance plan. About six months ago, my home burned to the ground, and without the right insurance plan, we would have been toast financially. Fortunately, because we had prepared properly, we didn't have any problems when it came to making sure that we could rebuild our place. This website is here to help anyone who might be struggling with which insurance policy to choose. Check out this blog for great information on finding the perfect policy.


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Finding Enough Insurance Coverage

Don't Forget To Do These Four Things When Switching Auto Insurance Companies

by Jason Prescott

Changes in your personal circumstances, such as getting married or buying a house, may mean that you can enjoy lower auto insurance rates by switching carriers. However, you need to be careful and follow due process to avoid complications. For example, you shouldn't forget to do any of these four things while switching coverage:

Notifying Your Financier or Leasing Company

When you buy a car via finance, you don't own it until you have cleared the loan. This means the finance company has a say on the kind and amount of coverage you have on the car. A leased car isn't yours either; the leasing company also has an insurable interest in the car.  Therefore, you should only switch car insurance carriers after notifying the leasing or finance company and getting their approval.

Getting a New Insurance ID Card

The insurance identification (ID) card is one of the most convenient documents for proving auto insurance coverage. Most motorists don't walk around with other forms of proofs, such as a copy of the policy declarations page or insurance binder; it's much easier to carry the ID.

Most insurance companies instruct their clients to print their IDs online. It is relatively easy to forget to do this and continue carrying your old ID when you switch coverage. Unfortunately, pulling that old ID won't cut it when you are asked for proof of coverage. Therefore, don't forget to print your new insurance ID after switching coverage.

Avoiding a Gap in Coverage

Everybody knows that they should never drive without auto insurance coverage, even if it's for a couple of days. Yet some people find themselves in this situation when switching insurance companies. This happens when you cancel your existing coverage before the new one takes effect. Remember that you should not cancel your coverage just because you have started processing the new one; wait till the new coverage is actually in place before canceling the old one.

Actually Canceling Your Coverage

Lastly, you must remember to cancel your old policy when switching companies. Some people forget to do this and assume the insurer will just cancel their policy for them. Unfortunately, that is not how it works; the insurance company will treat you as a defaulter if you just stop paying your premiums. The default will go on your insurance history and impact your future premiums. Therefore, remember to follow your insurance company's instructions concerning cancellation of policy.