Can I switch my car insurance in the middle...?

Question

.....or do I need to wait till it is do to renew?

I live in Ontario by the way.....

Answer 1

You have the right to change your insurance at anytime. What is going to make a big difference though is how you pay it. If you pay every 6 mos. you will have to front the money for the new policy and wait on your refund check from the cancellation of your old policy, although this should only take about 2 weeks to get, however if you pay monthly it is very easy to do, you just get the new policy a few days before your monthly premium is due and then call to cancel your old policy.

Answer 2

Sure you can switch, if you are willing to absorb the short-rate cancellation penalty. If you are half way through a one-year policy, it is probably around 4% of the initial premium, depending on the company policies and state insurance laws. (A few place, such as Alberta, do not allow these penalties.)

Answer 3

You can change your car insurance company anytime. It's best to be with your formal company for about 6 months. That way when you switch you will get a discount.

Answer 4

Yes, but you will be charged an administrative penalty if you cancel a policy in mid-term. Compare the rates on the new policy with the cancellation penalty -- it may or may not be worth switching.

Answer 5

you can change but you have to pay some extra charges to the old insurance co.