Insurance Question

[Chrispy]

Hi All....this question might be really stupid but....if i'm currently insured with an insurance provider and my policy is good until June of 2008 - can I change providers between now and then? Or must I wait until my policy expires....

If it is possible to change before the coverage expires - does this create any negative impact(s)?

Thanx...

[Pete_Coach]

Sure you can change, but don't expect too much money back. The companies say that most of the cost is upfront admin costs and you will pay for that without refund.
All companies are linked electronically, if you change companies a lot, they all know. None will want to insure you because none wish to potentially have to pay a claim to someone who will not be with them long.

[Chrispy]

Sure you can change, but don't expect too much money back. The companies say that most of the cost is upfront admin costs and you will pay for that without refund.
All companies are linked electronically, if you change companies a lot, they all know. None will want to insure you because none wish to potentially have to pay a claim to someone who will not be with them long.

Thanks for your feedback.

I have zero claims on my record, so i'm not concerned about that.
I'm currently insured by TD, but i'm considering switching EVERYTHING, like bank accounts, line of credit, credit cards, etc...to RBC, and so I was therefore considering getting insurance through RBC too as they had provided me with a good quote before.

Just wanted to be sure I wasn't going to be penalized for it or anything. As for the payments i've made to my insurance company so far, i'm not concerned about getting anything back, I pay monthly, so I don't think it will be that much of an issue for me.

[iluvmikeharris]

Sure you can change, but don't expect too much money back. The companies say that most of the cost is upfront admin costs and you will pay for that without refund.
All companies are linked electronically, if you change companies a lot, they all know. None will want to insure you because none wish to potentially have to pay a claim to someone who will not be with them long.

You get the unused premium back. Some companies charge an admin fee to cancel a policy mid term, but not all of them do.