Blog & Articles - EasyInsure

Changing Insurance Providers - What You Need to Know

Changing Insurance Providers - What You Need to Know
Everyone wants the best deal in today's economy, and insurance is no exception. If you’re contemplating switching from your current provider, there are several considerations to keep in mind, especially if it means cancelling your policy early. We've compiled some common questions and answers to guide you through the process.

Can I Switch My Insurance Provider?

Yes. The ideal time to switch is just before your policy renews. This timing helps you avoid cancellation penalties and ensures a smooth transition to your new policy.

Research and Compare: With EasyInsure, you can easily compare rates to see if you're overpaying. Be sure to carefully review coverages, limits, deductibles, and other terms. Convenience features like online access and mobile apps should also be considered. Your insurance broker can help you shop the market and ensure you get the best price and the coverage you need.

Can I Switch Insurers Mid-Policy?

Yes, however, many insurance companies charge a fee or penalty for early cancellation. You’ll need to factor in these costs to determine whether switching mid-policy will save you money in the long run. Calculate how much you will save on premiums, then subtract the early cancellation fees. If you come out ahead, it might be worth making the switch.

Important: Never stop paying premiums to your old insurer, as this could result in a cancellation that negatively impacts your record.

I Paid the Year in Advance: Do I Get My Refund if I Switch Insurance Companies Before My Renewal Date?

Auto insurance companies generally process refunds using one of two methods: pro-rating or short-rating. A pro-rated cancellation refunds the entire amount of the unused premium, while short-rating deducts a fee as a penalty for early cancellation.

Before you proceed with cancellation, be sure you know which method your insurer uses and how much you’ll lose to short-rating fees.

How Do I Change Insurers?

Once you’ve identified a new provider, put the new policy in place before cancelling the old one. Your insurance broker will handle the paperwork and inform your old insurer of the cancellation. You must complete a new insurance application and sign a cancellation form for your existing policy.

Important: Ensure there are no gaps in your coverage during the transition, as any uninsured period can lead to higher premiums in the future.

Should I switch my home/tenant/condo insurance as well?

Yes, you may potentially enjoy more savings by bundling home and auto policies. If you make this change, notify your lender or company and send them the new declarations page along with a copy of the old policy's cancellation.

Ready to learn if you could save money on your insurance policies? Start your home or auto quote online and you’ll even be prompted to bundle to save more. If you have any questions, please contact us at 1-800-679-2640 or email us at