Automotive

Auto Insurance question

  • Last Updated:
  • Feb 17th, 2020 11:15 am
[OP]
Deal Addict
Dec 20, 2015
2873 posts
1373 upvotes
Toronto, ON

Auto Insurance question

My renewal was in November of last year, but recently doing an online quote through another insurance provider I've gotten a better quote. Question is, am I able to swap insurance company while I am with another?
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14 replies
Deal Addict
Apr 26, 2013
1819 posts
1035 upvotes
Toronto
AlicW93740 wrote: No. Unless your insurance is month-to-month.
This is false.

Of course you can cancel your policy but there maybe an early termination fee so you would have to see what that is and weigh it against your savings.
[OP]
Deal Addict
Dec 20, 2015
2873 posts
1373 upvotes
Toronto, ON
WMPCOT wrote: This is false.

Of course you can cancel your policy but there maybe an early termination fee so you would have to see what that is and weigh it against your savings.
Thanks for the response, yea I will contact my broker to find out.
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Deal Expert
Aug 22, 2011
31022 posts
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Ottawa
lamboman wrote: Thanks for the response, yea I will contact my broker to find out.
Usually it's a percentage of remaining months.
Deal Addict
Jun 18, 2018
1013 posts
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Toronto
Side question - how long in advance do you get your renewal rate, and determine whether you want to cancel or look elsewhere for better?
Deal Expert
Aug 22, 2011
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Ottawa
Electrah wrote: Side question - how long in advance do you get your renewal rate, and determine whether you want to cancel or look elsewhere for better?
IIRC, 2 months in advance.
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User avatar
Aug 11, 2008
8487 posts
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Ontario
usually renewals are mailed out around 45 days prior to the renewal date.. some sooner, some later for what ever reason
Electrah wrote: Side question - how long in advance do you get your renewal rate, and determine whether you want to cancel or look elsewhere for better?
RIBO LICENCED INSURANCE BROKER, over 35 years experience
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Aug 11, 2008
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Ontario
you can cancel the policy anytime you wish; however, you may be subject to a cancellation fee via short rate calculation...premiums are charged for time on risk.
lamboman wrote: My renewal was in November of last year, but recently doing an online quote through another insurance provider I've gotten a better quote. Question is, am I able to swap insurance company while I am with another?
RIBO LICENCED INSURANCE BROKER, over 35 years experience
Deal Addict
Jun 18, 2018
1013 posts
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Toronto
COSMIC5 wrote: usually renewals are mailed out around 45 days prior to the renewal date.. some sooner, some later for what ever reason
And so I assume you also have 45 days to cancel/not take it?
Member
Feb 25, 2004
499 posts
192 upvotes
yes you have until the renewal date, which is why they provide it in advance of the renewal
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Aug 11, 2008
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as long as you sign a cancellation form or the policy off before the renewal date
Electrah wrote: And so I assume you also have 45 days to cancel/not take it?
RIBO LICENCED INSURANCE BROKER, over 35 years experience
Newbie
Sep 18, 2018
13 posts
2 upvotes
What happens if I will be changing my address after my renewal date? I called asking for a quote based on the potential new address and my insurance almost doubles per year. If I do end up moving after my renewal does renegotiating based on the change in address allow me to switch companies without a penalty?

Hope this makes sense!
Deal Expert
Aug 22, 2011
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Defender219 wrote: What happens if I will be changing my address after my renewal date? I called asking for a quote based on the potential new address and my insurance almost doubles per year. If I do end up moving after my renewal does renegotiating based on the change in address allow me to switch companies without a penalty?

Hope this makes sense!
Considering a new policy will have to be written, yes, you can chose not to renew.
Newbie
Sep 18, 2018
13 posts
2 upvotes
vkizzle wrote: Considering a new policy will have to be written, yes, you can chose not to renew.
Thanks!
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Aug 11, 2008
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If you change your address after the renewal date, the insurer will amend your address on the date you have advised and adjust the policy to reflect such change ... you cannot negotiate premiums on new business nor a renewal. Rates are rates. If you are already into the renewal term, you'll have to sign a cancellation form to cancel the policy mid term (and face cancellation fees) if you choose to go elsewhere. (same as you would if you did not renew; however no fees if you cancel on the renewal date)
vkizzle wrote: Considering a new policy will have to be written, yes, you can chose not to renew.
RIBO LICENCED INSURANCE BROKER, over 35 years experience

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