Car Insurance Tip

lucky_12May 18, 2011

If you change car insurance companies, make sure the coverage with the old company and the new company overlap. I stopped coverage with my old carrier on the 14th and started the new carrier on the 15th. Because there were 23 hours and 59 minutes of insurance lapse, Nationwide surcharged me $128.00.

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Keep shopping then. Most preferred companies allow up to 5 days with no prior insurance. Is the surcharge with you for the first term or will it continue and for how long? I always encourage my new business to wait to cancel until they have my policy and are pleased. There is never any reason to jump on a cancellation of a policy until you have proof you are covered elsewhere. Binders are not necessarily what you will want either. A binder shows proof of coverage but the underwriting isn't complete and rates could change. Policy on the other hand is complete for that term. A policy cancellation can be backdated, a good insurance company will generally ask for proof you are covered.

    Bookmark   May 18, 2011 at 11:05AM
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sushipup, you can download and install WOT and when you place your cursor over the URL it will warn you if it is not safe. WOT is web of trust and I use it with FF, but I imagine it is good with any browser.

    Bookmark   June 8, 2011 at 8:28PM
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I'll try that, Vala, thanks.

    Bookmark   June 8, 2011 at 11:24PM
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My brother in law had a commute to work over 60 miles each way. When he was laid off I reminded him to call his insurance man and tell him he was no longer commuting and his rates went down slightly.

    Bookmark   June 14, 2011 at 4:41PM
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