Insurance Question

[Krazy]

If i want to switch to another insurance company because they are cheaper, when can I do this without penalty?

A year has passed and they "re-newed" my policy automatically but i didn't sign anything. Does this mean I can switch anytime I want now?

Thanks,

[PearlM3]

No. By not cancelling the policy before renewal you have chosen to continue with that company. Therefore u will be subject to whatever cancellation fees your company has. Call them to findout

[mazdabetty]

Depending on how much you'll be saving with the new company, it's probably worth it to just pay the fee. I switched pretty early and it worked out to quite a bit less for the year.

[Krazy]

Cause with Statefarm... I'll be saving a lot cause of that excellent student thing.

So I was wondering. But my re-newed term just started so I guess I'll have to find out.

I heard from a friend that if I cancel now... it counts as a cancellation and it goes on my record as cancellation.

Is this true?

[mazdabetty]

Who cares? lol... i mean not to sound so blunt but, why would a cancellation be a bad thing? People shop around and go with new and cheaper insurance companies all the time! It's not unheard of... you'll be fine ;)

[mazdabetty]

PS you're not actually "canceling" your insurance per se... it's just a swap, you can arrange for your new insurance policy to start the day your current one is scheduled to cancel.

[m_bisson]

I've switched a few times and I'm only 23. Go for it dude!