February 2019 - InsureYourCompany

People cancel and change insurance providers for several reasons. One of the main reasons that an insurance policy is canceled is due to poor customer service, such as an agent is hard to contact. Often, customers switch companies because they’re looking for cheaper premiums, while others have encountered negative experiences in filing claims. Regardless of the reasons for canceling or switching providers, it’s important to do it the right way. Here are four factors to consider before making a final decision.

Whether or Not to Tell Your Insurance Agent

When you cancel and change insurance providers, you can either contact your agent or simply stop making monthly premium payments. However, it’s highly recommended to officially call him or her and set up an appointment. Of course, your agent will ask the reasons why, so be prepared to answer questions. Agents also tell their customers the correct way to cancel a policy, which is another reason to meet with them.

On the other hand, if you decide to not inform your agent and want to just stop making monthly payments, your policy will terminate automatically or lapse. If you choose this option, be forewarned this is not the wise way to cancel a policy. Think about how it can negatively affect your record by making it difficult when applying for new insurance.

Potential Penalties

Before you cancel an old insurance policy, check to see if you have any penalties, which is another reason for talking with your insurance agent before canceling a policy. If you do have penalties, you certainly don’t want to have to worry about paying more for your new policy because of penalties from your old one.

The Gap Between Your Old and New Insurance

Be sure your new policy is effective before canceling the old one, so you don’t have a gap in coverage. A gap in auto insurance coverage is especially risky. Besides the possibility of getting into an accident and not having coverage, insurance companies tend to give lower rates to drivers with continuous insurance.

A “Free Look” Period

Ask if an insurance company offers a “free look” period. This is a period of time that allows customers to have full coverage while reviewing a policy. After studying the conditions and terms of a policy, sometimes people decide it doesn’t fit their needs. When this is the case, the contract is canceled, and they are fully refunded for paid premiums without having to pay penalties.

Other Considerations and Warnings

If you’re canceling a health or life insurance policy, consider that you’ve aged since buying your initial policy. What’s more, your health condition has also probably changed. Therefore, expect the premiums on your next insurance policy to be higher.
Don’t just assume your old policy has been canceled. That’s why you need to contact the agent at your old insurance company to confirm the cancellation. If it hasn’t been canceled, you could still be billed. Don’t depend on word-of-mouth. Instead, ask for a confirmation letter.
Even if your insurance company does not require you to cancel your old policy in writing, it’s still best to give a written cancellation to avoid confusion.
Get quotes from a wide range of insurance companies, making sure they’re based on the same coverage as your old policy.
If you’ve paid for your old auto insurance policy upfront, you’re entitled to a refund for unused coverage.

The Bottom Line

Before deciding to cancel a policy, be sure it’s necessary, or that you can replace your old one with a better policy. Instead of rushing out to get a new policy, take time to list the pros and cons for changing providers. Additionally, do your “homework” by comparing what different providers offer. Unfortunately, often people change insurance companies only to discover later that the new policy provides the very same coverage as their old one.

Are you shopping for high-quality commercial insurance? Then, contact us at InsureYourCompany.com. Our insurance specialists work with a wide range of businesses, although we mainly focus on single-person LLC’s in tech and small businesses in New Jersey

This is the pinnacle of the Laws of Success!

The Golden Rule is your standard for any and all human interaction. As you were growing up, I am sure time and time again you had your guardian constantly reminding you to “treat others how you want to be treated.” Well, this is actually the basis for The Golden Rule. In your career, whether you are in a senior role or just getting your start, you have to always ensure that you are giving your colleagues (and customers) the same courtesy and respect you would expect to be shown by others.

The Golden Rule means being genuine in your actions, not just doing something to be seen doing it. The true seeds of The Golden Rule and success come from being honest, trustworthy, generous, confidence, loyalty and self-confidence. Being able to embody all of these characteristics (or “seeds”) will enable you to truly be able to not just SAY, but also ACTION The Golden Rule.

The true measure of success is helping others.

Your big day is coming up before you know it. You’ve already decided that you’re going to join your life to the person you love most. What comes next? Hopefully, your wedding will go off without a hitch: no accidents, no injuries, and nothing unexpected.

Unfortunately, things might not go as smoothly as you had hoped.

As you’re preparing for your wedding, consider how the potential for the accident could impact your family–not to mention how it could impact your finances just as you’re joining your life to your spouse. Wedding insurance is an incredibly smart move that can help ensure that you’re able to get your new life off to the best possible start.

Why Wedding Insurance?

In the middle of the ceremony, the unity candle topples over, catching the carpet on fire–or worse, landing right on your mother-in-law’s new dress. Minutes after you cut the cake, there’s a disaster: someone fell out on the dance floor and broke an ankle. No one likes to imagine that those things will be part of their wedding, but for all too many couples, disasters do strike in spite of their best efforts to plan a safe, beautiful ceremony. Wedding insurance might not be able to prevent the disasters, but it can help prevent you from being held financially liable for them. There are plenty of excuses for not choosing wedding insurance, but going forward with your insurance is a smart move.

Doesn’t the venue have insurance?
Most venues do carry insurance, though you’ll find some locations where insurance is unrealistic–a public beach, for example. Venue insurance, however, doesn’t cover the items you bring into the venue yourself. Whether you’re making your own directions or a drunken groomsman accidentally causes an accident for another guest, you don’t want to find yourself held liable. Not only that, venue insurance won’t protect you financially, regardless of what happens. The venue’s insurance policy is designed to protect the company and its employees. Wedding insurance, on the other hand, is designed to protect you.

My friends and family would never sue me for an accident.
Most people don’t want to imagine that the ones closest to them would sue over an accident, but it can happen! Consider your guest list: does it include that uncle who’s always starting trouble? That aunt who always has to make a scene about everything? Sometimes, even the people you love most will react badly in the aftermath of an accident. Not only that, your wedding insurance can help offer financial protection to your loved ones: if they’re hurt during your ceremony, you’ll be able to help provide for their care without taking the money out of your own pocket.

Why Now?

Whether your big day is just a few weeks away or you’re still in the basic planning stages of your wedding, now is the perfect time to make sure that you have wedding insurance. If you create your policy now, you’ll be able to save $100 on your wedding insurance. Whether you’re looking for a one-day policy just to cover your big day or a three-day policy that will help cover the whole wedding weekend, those savings will make it easier to secure insurance while celebrating the day of your dreams.

Are you ready to take out your wedding insurance policy? Is protecting your friends and family members a top priority as they gather to celebrate you and your new spouse? If so, contact us today to learn more about the wedding insurance policies we offer. From small ceremonies to the biggest wedding of the season, we offer policies that will help protect your loved ones financially if an accident does occur during your wedding.