GUIDES & RESOURCES

Switch Car Insurance Companies

When it comes to car insurance, it’s all about choice. If you’ve reviewed your policy and found it no longer suits your needs or budget, or if you’ve found a better deal elsewhere, it might be time to switch car insurers. Here’s what you need
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Compare Car Insurance Policies

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How to change my Car Insurance Company?

There are a multitude of reasons you may choose to switch insurers:

  • Your circumstances have changed. You've moved, bought a new car, added a driver, or just turned 50.
  • You're eligible for other discounts. Based on your age and driving history, you may qualify for significant discounts with a new policy.
  • You want better value. Perhaps your current policy worked for you in the past, but no longer provides the coverage you need.
  • Your circumstances qualify you for other benefits offered by another policy
  • You're paying more than you should. You've been claim-free for a year or more but your rates haven't budged.
  • You want better customer service. You're experiencing poor communication with your insurer and/or difficulties when making a claim.

Policy comparison tools make it easy for consumers to survey the options, which has made the car insurance market a keenly competitive one.

Cancelling Your Old Policy and Breaking Up With Your Insurer

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.

Making the Transition

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.

Your Money, Your Choice

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.

Quick Tips For Switching Car Insurance:

  • Always compare policies to find the highest value coverage for your budget
  • Regularly review your car insurance coverage and what the competitors are offering
  • Be sure the switch is worth it
  • Check the terms and conditions of your current policy to see if cancellation penalties apply
  • Make sure you comply with the formal cancellation procedures of your policy
  • Check how long it will take to have the new policy activated
  • Avoid coverage gaps; validate your new policy before your old one is cancelled

Use iSelect’s car insurance comparison tool to find a deal that’s right for you.

Information provided on this page is of a general nature and has been prepared without taking into account your particular objectives, financial situation or needs. Before making a decision regarding purchase of a car insurance product, we recommend you consider the relevant Product Disclosure Statement and assess whether the selected car insurance product is appropriate to your circumstances.

 

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