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How To Change Motorcycle Insurance Providers
If you own a motorcycle, you should be aware of the importance of motorcycle insurance. Not only will a strong policy that includes optional coverages such as comprehensive and collision help financially protect your bike, most states require you to have liability insurance, which helps pay for any property damage or bodily injury suffered by other in a crash that you cause.
Because your motorcycle insurance policy is so important, it is also necessary for you to be happy with the insurance company that provides you with that policy. If, however, you find that for one reason or another you are unhappy with your provider, you do not have to stick with that company. You are free to switch to a motorcycle insurance company that you feel will provide you with a policy that fits your needs.
Our guide will help you understand why you might need to switch motorcycle insurance providers, and how you can make that switch smoothly.
Why Switch Motorcycle Insurance Companies
Perhaps the most common reason people switch providers is to get better motorcycle insurance rates.
If you have been with the same company for several years, you should consider shopping for motorcycle insurance. You may find that other motorcycle insurance carriers will offer you rates that are lower than what you currently pay. If you find cheaper motorcycle insurance rates and you feel comfortable with the company offering them, consider making the switch.
Also consider switching if you experience:
- Dissatisfaction with the company's customer service.
- Slowness of the company in dealing with claims.
- Cancellation of your policy.
- Depending on the state, motorcycle insurance companies have the right to cancel your policy for various reasons.
Remember, when shopping for coverage, compare at least 3 motorcycle insurance quotes. This will help ensure you get the best policy at the best price.
Switching Motorcycle Insurance Providers
Once you have finished your comparison shopping and have found a new motorcycle insurance company, you are ready to switch providers.
Before you contact your current insurer to cancel your motorcycle insurance policy, make sure your new provider has approved your application and received your initial premium payment. Then, set the date for your new policy to begin.
You should coordinate coverages so your new policy begins just as your current policy stops. A lapse in coverage can be considered a violation of law, and you could see your registration and/or license suspended because of it.
Once your new policy is in place:
- Call your current provider.
- Let them know that you are canceling your policy.
- Provide the date you want your coverage to stop.
NOTE: The carrier may ask you to put your request in writing, or perhaps send you a form to complete. If so, just cooperate and finish this task as soon as possible.
The Best Time to Change Insurance Providers
You may cancel a motorcycle insurance policy at any point, but it's simplest to do so near the end of your premium period. This will help ensure you don't have to deal with getting a refund on your unused premiums. Some companies charge a minor fee if you cancel early within the premium period.
However, if this isn't possible, remind the carrier to send you a check for the unused premiums.