Choosing the right car insurance is crucial for safeguarding your vehicle and providing peace of mind on the road. If your circumstances change, you may feel you need to switch your car insurance to ensure you continue to receive the cover you need.
In this comprehensive guide, Savvy takes you through the process of choosing a new provider, examining why you might want to switch and factors to consider.
Changing car insurance is generally a straightforward process. You should be able to switch insurance provider in just a few simple steps:
It’s crucial to ensure there is no gap in coverage during the transition from your old policy to the new one. You should make sure the new policy becomes effective on the same day the old policy expires so that you stay protected on the road.
Yes, you can change car insurance at any time, even if you are in the middle of your policy term.
However, if you decide to switch providers before your policy renewal date, it’s important to check if your current policy has any conditions or penalties for changing before the term expires.
If you decide to change car insurance provider, you may be required to pay fees depending on when you cancel your policy and the specific terms of your policy.
If your car insurance policy is up for renewal, you can typically switch providers without incurring any cancellation fees. It’s a good opportunity to evaluate your options and explore new insurance providers that better suit your needs.
During the cooling-off period at the start of your car insurance policy, which typically lasts between 14 to 30 days, you have the opportunity to cancel your policy and generally receive a full refund of any premiums paid, provided you have not made any claims.
If you decide to change car insurance providers mid-policy, the terms and conditions of your existing policy will come into play. While you may be able to get a partial refund for unused premiums, you may also face cancellation fees, administration costs or other costs. This can vary, so it's crucial to carefully review your policy documents or contact your insurance provider directly to understand any penalties or requirements associated with cancelling mid-policy.
There are several reasons why you might consider changing your car insurance policy:
In Australia, there are three types of insurance cover you can choose, each offering different levels of cover: third party property damage (TPPD), third party fire and theft (TPFT) and comprehensive insurance.
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Savvy’s comparison service includes selected products from a panel of trusted insurers and does not compare all products in the market. Any advice presented above or on other pages is general in nature and doesn’t consider your personal or business objectives, needs or finances. It’s always important to consider whether advice is suitable for you before purchasing an insurance policy. We always recommend readers to consult the Product Disclosure Statement (PDS) of different policies before purchasing your car insurance.