Compare auto insurance

Keith Baxter: Hi again. If I compare auto insurance quote online and find that the rates given by an insurance company are very cheap, can I cancel my present auto insurance policy and get refund in full? 

Response: Keith, when you compare auto insurance quote online and find that the rate of auto insurance is very cheap as per the offer, before you cancel your present auto insurance policy please do the following:

1) Go to the General Conditions section of the policy and read the specific condition on the “Cancellation of your policy” . Please see if there is any penalty specified for cancellation of the policy and any time-line given there. The reason for asking you to do this is because at times insurance companies do keep a penalty for cancellation of the policy. Now, if the cost of cancellation of the policy is going to be higher than the savings you are presently getting on the new auto insurance quote, if would be advisable to continue with your present insurer.

2) Ring up your insurance agent or the present insurance company with whom you are insured and ask them the condition and the penalty for cancellation. When you speak to them, note down the customer service live agent name for future reference.

Once you are sure that the cancellation of the policy can be done without any loss of money, first insurer yourself with the other insurance company, connfirm your insurance policy and than cancel your policy. Here is an important tip, in case the cancellation of the policy is done and for some reason the other insurance company does not accept your risk, you will have to pay the penalty of driving a car without insurance. Secondly, your other insurer will consider that you are uninsured and your insurance is not in continuity and might charge you more for this.

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