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Switching Motorcycle Insurance Companies: How To Change Your Provider

Switching Motorcycle Insurance Companies: How To Change Your Provider

Are you thinking about switching motorcycle insurance providers? It’s a pretty common occurrence these days for people to start with one insurer and switch to another company. Let’s face it, sometimes companies are just offering better rates than your current provider. There are a variety of reasons that people decide to switch companies. One company may be offering a better total package deal than your current insurer – in this case, you may be intrigued to switch.

Switching Motorcycle Insurance Companies

Sometimes people switch providers after experiencing poor service from one company. Yet another reason for switching could be because your claim wasn’t handled in a timely manner. Included in this article are some reasons why people end up switching from one insurer to another. Also included is a little step by step guide that you can follow if you are planning on changing to a different insurer.

It is always recommended to compare motorcycle insurance quotes at least twice per year. If you haven’t compared quotes in awhile, you could be missing out on a lower-priced policy. Use the free Zip Code box’s around this website to enter your location and compare free quotes. You can use this quote box to compare quotes as many times as you need – it is 100% free.

Why People Switch Providers

Included below are some factors that you may want to consider among the companies that provide coverage in your area.

  • Lower Rates: Another provider may be offering rates that are significantly lower than your current provider. Since most people like to save themselves money, they end up switching to the company that is offering the best deal.
  • More Discounts: Obviously better discounts equals more savings. If a company is offering you more ways to save than your current provider, you may want to switch insurers for financial reasons.
  • Enhanced Coverage: It is always important to be satisfied with your current coverage. If the company you are with doesn’t offer all of the coverage features that you need to best protect yourself and your motorcycle, you may end up switching.
  • Better Customer Service: Although price and coverage are usually bigger reasons for switching than customer service, some companies are seriously lacking in this department. If you call for support and don’t receive helpful advice or feedback, you may be tempted to switch insurers.
  • Claims Processing Speed:  Handling of claims in a timely manner is absolutely crucial. If you file a claim for your motorcycle, but it takes forever to process, you may become irritated. Some companies do not do a very good job at handling claims. If you have had poor claims service from your company, you may want to look elsewhere for coverage.

How to Switch Motorcycle Insurance Companies

After you have taken the time to comparison shop for a new policy, you should have a good idea of the company that you want for your coverage. If you are still not sure who you are going to select as your carrier, you still need to do some research. Use the free toolbox’s around this website simply by entering your living location (Zip Code) and comparing companies.

Gather quotes from each of these companies and determine the provider that you think is best for you. If you need help, read some company reviews throughout this website. When you have settled on a provider, read the following set of “step by step” instructions to switch companies.

1. Select A New Insurance Company

The first step in switching companies is to have your new coverage ready. You should already have applied at your new insurer. Once your application has been approved and you’ve paid your first premium, you can move on to cancelling business with your existing carrier. Keep in mind that you should never cancel your current coverage unless you have already been approved and obtained coverage through a new provider.

2. Set an Effective Date for the Policy

Discuss the date in which you would like your new motorcycle insurance policy to take effect. Ideally, you will want your new coverage to be implemented immediately when your old policy ends. Never risk driving without insurance – even for one day – because you could end up in serious legal trouble if you are caught. You want to make sure to not overlap your old coverage with the start date of your new coverage. If you overlap coverage and have to file a claim, you will frustrate both insurers. Carefully plan out your coverage dates to make sure they don’t interfere.

3. Notify Your Current Insurer of the Cancellation

The next step in this process is to notify your current insurance company that you are cancelling your policy. They may want to know why you are cancelling and reasons for the cancellation – you can tell them if you’d like. This is a necessary step that needs to be taken or you will continue to get billed by your old insurer. Even if you have a new policy, you must make sure that your old coverage is completely cancelled or you will be held financially responsible.

4. Follow Cancellation Instructions

Once you have contacted your insurer, they may have a specific set of instructions that you need to follow to cancel. It may be something as simple as making a phone call to your agent and making sure they are set to clear your coverage by a certain date. You may also need to sign documentation that confirms your wishes to cancel. Make sure to follow all the necessary steps as outlined by your provider so that everything is successfully cancelled.

5. Collect Refunds for Your Premium

Depending on the type of coverage that you purchased with your provider, you may be able to collect a refund. For example, if you purchased coverage towards your motorcycle for a full year and paid in full, you will likely have a refund that needs to be collected. Anytime you voluntarily cancel your policy, you will be entitled to a full refund for the remainder of your policy’s premium. You should only be responsible for paying up until the date in which your coverage is cancelled. Work with your existing provider and clarify the cancellation date, discuss the refunds, etc.

6. Terminate Old Coverage & Resolve Issues

If there are any other issues related to your existing policy, take the time to resolve them. Talk to your agent or customer service at your current carrier and make sure your coverage will be cancelled on the appropriate date. Make sure you will be receiving a refund check for the amount that you are entitled to collect.  Once you have taken these steps, you should receive some sort of confirmation that your policy has been fully terminated and will no longer be active.

7. Notify the State (DMV)

In some cases you may need to notify your state’s Department of Motor Vehicles about your insurance change. Many states have electronic insurance records and will be notified by your old insurer when you cancel coverage. If you do not alert them of the fact that you are switching providers, they may assume that your coverage is going to lapse – which could lead to penalization. Always make sure you take the time to get things squared away with the state as you transition from one provider to another.

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