There are a multitude of reasons you may choose to switch insurers:
Policy comparison tools make it easy for consumers to survey the options, which has made the car insurance market a keenly competitive one.
If you're ready to switch, give your current insurer a call. In most cases, they can perform the cancellation for you over the phone, giving you a full refund of any unused premiums less any applicable cancellation fees. Be sure to get written proof of cancellation for your records.
Always plan for a seamless transition. For example, if your old policy will expire on 30 June at midnight, be sure to activate the new policy on or before that date. Otherwise you could find yourself in an insurance void, leaving you financially vulnerable if something goes wrong.
Check with your current policy provider about what they will require in order for you to cancel your policy. Most likely, you will need to confirm your intentions in writing and specify the date you want the policy terminated. You may also have to complete a policy cancellation form.
When switching insurers make your cancellation a clean one and be careful to coordinate the dates between termination of the old policy and activation of the new one. Otherwise you may find yourself in an uninsured black hole. This sort of coverage gap, while temporary, can leave you fully exposed and may also have ramifications with things like vehicle purchase contracts, which often require proof of coverage.
As a consumer in a free market you are well within your rights to shop around and switch policies at your discretion. In fact, a regular review of your car insurance coverage is the best way to maximise your value for money.
Use iSelect’s car insurance comparison tool to find a deal that’s right for you.