Comparing quotes and policies should not stop when you buy the best insurance policy. The rates and coverage terms differ with providers and with time. You might have got the best rate when you bought the policy, but things would have changed over the period and now there might be better rates in the market. You can compare the rates and change providers if that would be beneficial for you. Here is a guide on how to change motorcycle insurance providers.
Not just for getting a better rate on the current coverage, but also to accommodate many other things, people look to change providers. You might want to cover a new bike, add a rider, accommodate the modifications to your bike, count in a new license, get the best rate in a new location or get some other benefits, which are not possible with your current provider. In any case, you must follow the right steps to get the best out of this migration.
Understand the cancellation terms of your current policy and make sure you will truly benefit from changing providers.
Shop around, compare quotes and select the best policy.
Get your application approved by the new provider and pay the first premium.
Set the new policy’s start date. Coordinate it in such a way that there is no gap between the two coverage dates (old and new). It is okay if they overlap.
Confirm the new policy and inform your current provider that you wish to cancel your policy along with the date on which to stop the coverage.
Follow the cancellation procedures as required by the provider and ensure you receive an official cancellation notification.
Check with your new insurer whether they will inform the department of motor vehicles about your coverage. If they do not, you have to do it, as your old provider will report to the DMV that you are no longer covered by them anymore.
If you are just trying out policies, the best time to change is before the end of the trial period of a policy. That way, you will not lose your premium, but there might be a small administration fee. If you are well in to the policy, the best time to change is when your policy has run its validity and is up for renewal. This is easy to do, without facing any penalty, except for some cancellation fee.